Here are some statistics about the pet franchise industry:
·
Growth
According to Issuu, pet stores have experienced a 4% annual
growth rate over the past five years, with an estimated 0.3% growth in 2023.
·
Revenue
According to Vetted Biz, the pet franchise industry brings
in $8.4 billion in revenue annually.
·
Profit
According to Issuu, the pet franchise industry is projected
to generate $29.4 billion in revenue by the end of 2023, with a profit margin
of 1.9%.
·
Growth rate
According to Grandviewresearch, the global pet care market
is expected to grow at a compound annual growth rate of 5.1% from 2022 to 2030
to reach USD 236.16 billion by 2030.
·
Spending
According to a 2023 study, around 86% of pet owners shop
for their pets online.
·
Market share
According to Vetted Biz, none of the companies in the pet
franchise market own more than 5% of the market share.