Research by Mintel has revealed that Brits will spend over £2 billion on pet care products and services by 2023.
Brits’ love for their furry friends is expected to see the value to the pet care products and services (including toys and health check-ups) market reach £2.1 billion by 2023, a 25% increase from an estimated £1.7 billion in 2018.
The research from Mintel, which was carried out among 2,000 internet users aged 16+ in May 2018, revealed that just under six in ten (57%) pet owners bought pet products in 2017, with toys (37%) being the number one pet care product purchased.
However, when it comes to play, it seems the nation’s pups are being the most indulged as 41% of dog owners say they have bought their pups toys compared to 35% of cat owners.
When it comes to pet services, research found that, pet health check-ups (17%) and pet grooming (16%) lead the way.
The study also found that owners are keen to keep their pooches in good shape with 10% of dog owners having paid for dog walkers, rising to almost one in five (18%) of dog owners aged 16-24 years.
Chana Baram, Retail Analyst at Mintel, said: “The pet food and pet care industry is growing well, underpinned by stable pet ownership and an increasing desire to treat pets with premium food, products and services as they become a more integral part of the family. Additionally, with pet ownership peaking among full-time workers, there is an opportunity to provide practical services such as dog walking and day care.”
The study also looked at pet insurance and found that as many as 45% of pet owners don’t have pet insurance, with more than a third (36%) of owners uninsured pets believe pet insurance does not offer good value for money.
The research found that 21% of pet owners don’t trust insurers to pay out if a claim is made, highlighting rising cost issues, with 13% saying they used to have cover, but it became unaffordable.
Despite pet insurance being far from universal, just 21% of respondents said that they could afford to pay the vet bills if anything went wrong.
Chana added: “Brits are clearly passionate about animals, but our research shows that just under half of pet owners still don’t have insurance, highlighting the scope for further growth in the future. Communicating the real expenses involved in taking a pet to the vet for serious treatment, compared to the monthly cost of insurance, is a compelling case in favour of getting cover. Convincing reluctant consumers that policies are comprehensive and pay out most of the time is key to increasing take-up of pet insurance.”