Edited by Christian Thompson
Welcome back to the second pulse. We hope you enjoyed our first article covering cosmetics. For this edition of the inflection point, we will be looking at emerging trends in the pet industry. So, get ready for all things Pet Tech, Organic Pet Food, and more.
I. Out with the old and in with the new: Pet Tech
Over the past year, the signal for “Pet Tech” has increased by 602%. The future estimate predicts continued growth throughout the rest of the year for the signal. Pet Tech represents the merge between pet products and technology. As a result, the Pet Tech industry is primed for significant growth in the coming year. Global Market Insights estimates a CAGR of 20% from 2022 to 2028 for the Pet Tech market. During the pandemic, 23 million American households acquired a pet. This could be one of the driving forces behind Pet Tech's growth.
Pet humanization may be another driving force for Pet Tech’s growth. Over the past six months, the impact score for “Pet Humanization” has increased by 701%. Pet humanization is the natural expression of "pets as family," whereby pet owners treat their pets in the same manner as family members.
Here is a comparison of some trending Pet Tech products over the past year. “Smart Pet Feeder” is leading the pack, increasing by 108%. “Smart Collar” and “Smart Pet Door” follow closely behind, with both signals rising by at least 120%. The future estimate for all of the signals is relatively steady. As we continue to see the rise of pet humanization coupled with technological advancements, we surmise that Pet Tech will continue to grow.
II. Only the best for your pet: Organic Pet Food
Over the past year, the impact score for “Organic Pet Food” has increased by 539%. The future estimate forecasts considerable growth in the summer months. The main benefit of organic pet food is the lack of preservatives, additives, and chemical colorings. As we discussed earlier, pet humanization is on the rise, which may be another reason for the growth of organic pet food. Pet owners want the best for their pets, and organic pet food allows owners to know that their pet is getting the highest quality food.
The Farmer’s Dog is an organic pet food subscription service. Over the past year, the signal for “The Farmers Dog” grew by 160%. During that same period, the signal for “Pet Food Subscription” increased by 166%. Both signals’ future estimates predict exponential growth in the coming months, indicating that both trends may be here to stay.
Here is the link if you want to check out The Farmer’s Dog.
III. Your dog's next treat may be infused with CBD
CBD dog treats may be the new wave of snacks for your furry friends. Over the past year, the impact score for “CBD Dog Treats” has increased by 224%. CBD dog treats have been on the rise due to CBD's health benefits for dogs. These benefits include pain relief, inflammation reduction, and anxiety relief.
Honest Paws is a pet products company that offers CBD-infused treats. Over the past year, the impact score for “Honest Paws” has increased by 1132%. Our platform forecasts immense growth in the summer months and continuing growth throughout the year. CBD dog treats possess growing positive sentiment amongst consumers, and companies are looking to capitalize.
Here is the link if you want to check out Honest Paws.
Thanks for tuning into this week’s bonus pulse. We hope you learned a thing or two about the pet industry, and we look forward to seeing you next week. As always, have a great weekend.
NWO.ai's predictive platform enables leading Fortune 500 companies and government agencies to anticipate and track global cultural shifts by aggregating, analyzing, and producing actionable reports on human-generated data. We are leveraging petabytes of external, noisy, and unstructured data from various sources –including search, social media, blogs, news, patent databases, SEC filings and we are continuously adding more sources. Our mission is to answer the what, when, and most importantly, 'why' behind a consumer trend and enable our customers to detect these shifts as early as possible.
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