by Kim Souza (ksouza@talkbusiness.net)
The pet business is a competitive one. And the $65 billion pet services market is drawing the attention of more non-pet retailers as a way to increase revenue streams as traditional retail margins are pressured.
About 90.5 million U.S. families own a pet, or about 70% of U.S. households, according to the American Pet Producers Association (APPA). There are 48 million households with a dog generating a cumulative $44.5 billion in veterinarian services each year, including routine visits, immunizations, surgical procedures and grooming. Another 46.5 million households own a cat and annually spend $21.25 billion on veterinary services, APPA reports.
After pet ownership soared during the pandemic, more retailers are expanding services intending to become one-stop shops for pet owners. The American Society for the Prevention of Cruelty to Animals (ASPCA) reports that more than 23 million U.S. households adopted a pet during the pandemic triggering a flood of new patients at veterinary hospitals.
