Wellness has moved beyond humans, creating the billion-dollar pet wellness industry.
For context: According to the American Pet Products Association, as of 2018, 68% of all US households own a pet. That same year, pet owners in the US spent $72.6B on their pets.
Initially, investors and entrepreneurs saw healthy pet food, like The Farmer’s Dog, Ollie, and Wild Earth, as a market ripe for disruption. But healthier food is only the start.
- Between 2012 and 2016, pet startups saw funding jump by 334%, from $67.2M to $291.6M.
- By June of 2018, investment in the sector had already reached $519.3M.
- 2019 saws more of the same, with DTC dog food dominating the headlines.
Pet Wellness 2.0: Now, the entire pet category is up for grabs. And new-age veterinarians and pet supplements are among the hottest segments.
- Recently, Modern Animal ($13.5M), FirstVet ($27M), and Small Door ($3.5M) each closed new funding to disrupt traditional vet clinics.
- In 2018, consumers spent $636M on pet supplements. Following the DTC vitamin blueprint from Ritual or Care/of, pet-focused brands like Goodboy, Dandy, and Jinx are moving in.
Takeaway. The rise of wellness knows no bounds. Whether it’s doggie CBD or pet-focused DNA tests, direct-to-consumer pet wellness is just getting started.