III. Industry Analysis
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For millennia, dogs have been man’s closest companion, and this is not likely to change. Despite the growing popularity of other pets, dogs remain the most popular pet in American homes. With such a strong affection for our canine companions, it is clear that there is a high demand for dog breeders across the nation.
According to IBIS World, the Dog & Pet Breeders industry revenue has grown at a CAGR of 3.4% over the past five years, to reach an estimated $3.1bn in 2023. This trend is expected to continue as annual per capita income increases and unemployment decreases. Dogs can be expensive to care for, so demand is stronger when the economy is booming.
The rise in single-person households is another trend that could increase the demand for dog breeding. More people than ever are living alone and are looking for pets for companionship. Additionally, the loneliness epidemic that has been caused by modern technology and social media has led many people to adopt pets as a way to combat their loneliness. If these trends continue, the dog breeding industry is likely to remain strong.
