Global Pet Hotels Market Outlook
Pet owners have today turned into pet parents as pets are now considered as a family member. This transition and increasing love for pets have subsequently raised the spending on pets.
Today, pet owners demand the same luxurious life for their pets as they would want for their family members. With rising spending on pets by pet owners, vacations for pets like dogs, cats, and other exotic animals is gaining popularity. This is why the prominence of pet hotels has increased.
Pet boarding and daycare terms are synonymously used for pet hotels. Pet hotels provide a varied range of pet services such as pet boarding, daycare services, grooming services, pet training, spas, entertainment services and other services. Pet owners are now showing keen interest in vacations for their pets as they consider pets as four-legged children. This factor has played a significant role in driving the growth of pet hotels in the market.
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Drivers for Pet Hotels Market
The rising number of pets is one of the major factors that is driving the growth of the pet hotels market. According to the statistics of the American Pet Products Association 85 million households in America have pets and in the last 30 years, pet ownership has risen by 12% of all households.
This rise in the number of pets is expected to further fuel market growth. The rising luxury pet obsession in different regions is further likely to facilitate market growth.
Trends for Pet Hotels Market
Few of the popular industry trends like personalization and customization highly prevail in this market. Pet owners can customize or personalize the pet hotels experience for their pets. The pet hotels in the market are providing customized packages to attract a large customer base.
The pet owner can design a customized experience for their pets in a pet hotels that can include a range of activities ranging from pet entertainment, grooming, and other services.
Opportunities for Pet Hotels Market
The concept of pet hotels is newly gaining prominence in the market. The market is currently in the growth stage and a lot of potentials is yet untapped. With a little more awareness about the concept in the market will open new doors of opportunities for the players.
Besides this, internet penetration is expected to fuel market growth through increasing online booking of pet hotels in the coming futures. The increasing awareness of furry guests in developing regions is likely to create more opportunities.
Challenges for Pet Hotels Market
As pet parents are today more concerned about their pets, the concept of home boarding is gaining prominence that is indirectly affecting the pet hotels market.
Amid the covid-19 outbreak, the risk of spreading the virus among animals is also high. The current fear and panic caused by the spread of covid-19 have impacted the market temporarily as the pet parents would restrain from sending their pets out. In such time, pet hotels need to assure maximum hygiene.
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Global Pet Hotels Market: Key Players
Some of the key players operating in the global pet hotels market are
- D Pet Hotels
- Pacific Pet Resort
- Camp Bow Wow
- Posh Pet Hotel
- The Barkley
- Best Friend Pet Care
- Old Towne Pet Resort
- The Ings Luxury Cat Hotels
- Wag Hotels
These players are expected to positively influence the growth of the pet hotels market through adoption of innovative strategies.
Pet Hotels Market: Regional Outlook
North America followed by Europe are the dominant regions in the pet hotels market as on one side the pet adoption rate is high and on the other side, the spending on pet care is rising in these regions. The pet hotels market is likely to register growth in East Asia, South Asia, and Oceania as the awareness of pet care is increasing in these regions.
The rising penetration of social media in these regions is further likely to boost market potential. Moreover, the players in the market are also seeking franchise opportunities, which in turn is expected to boost the sales of pet hostels market during the forecast period.
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