III. Industry Analysis
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Pets have long been ideal companions for humans. This is exemplified in pet ownership rates, which have remained consistent for several decades. According to Forbes, about 66% of households own a pet.
However, many of these pets become strays or are abandoned. About six million animals are taken to shelters every year after being abandoned by their previous owners. This puts a great deal of strain on shelters, which often operate beyond capacity.
As such, the Animal Rescue industry is in high demand. Animal rescues take in pets that shelters do not have room for and give them a second chance. This means fewer animals are euthanized and that shelters have less strain on their resources. Animal rescues are often nonprofits and only earn enough money to keep their organizations running. However, high demand for these centers ensures they receive the funding they need to continue operations.
There are several other factors affecting the Animal Rescue industry. First, increased awareness of animal abandonment and euthanization rates has prompted thousands of people to adopt pets from rescue centers rather than breeders or regular shelters. The industry also benefits from increased annual per capita income increases since many people will not adopt pets until they can afford to do so. Finally, the rise in single-person households may continue to benefit animal rescues since people who live alone often adopt pets as a primary source of companionship. If these trends continue, the pet rescue industry is likely to remain strong.
