III. Industry Analysis
With revenue doubling over the past decade the Pet Grooming industry has proven to be one of the few established industries to post consistently strong gains over the past decade.
Demand for pet grooming is at an all-time high due to rising pet ownership, improved disposable income and changing consumer preferences regarding pet care. Industry revenue has grown at an annualized rate of 4.3% over the next five years. Pet parents have been purchasing a greater range of high-value services for their pets, contributing to industry revenue growth. Furthermore, industry operators have expanded their services to capture additional revenue. Pet groomers are increasingly providing luxuries, such as pet cologne. Pet boarders have also introduced deluxe hotel suites equipped with TVs, webcams for owners and training services, among other amenities.
Industry revenue is forecast to grow at an annualized rate over the next five years. Increasing pet ownership will likely increase demand for services and rising per capita income will likely enable more owners to be able to afford luxury services.
