New Study Says Pet Care Franchises Are Booming as the Pet Care Industry Explodes
A recently published study by Franchise Grade indicates pet care franchises like Hounds Town USA are becoming enormously popular, as the pet care industry continues to grow by the billions each year. In 2016, people spent close to $65 billion on their pets–nearly $7 billion of this was spent on doggie daycare and dog boarding services. This is more than 225% of what people spent on their pets just one decade ago. By 2020, the number is expected to be upwards of $100 billion.
The study analyzed 42 various pet care franchises to determine the best value and best investment options for potential franchisees. “The amount of money spent on pet care in the U.S. continues to increase year after year,” says the study. “According to research firm Mintel, 75% of millennials have dogs compared to only 50% of the overall population. Millennials use technology to buy services for their pets, providing additional opportunities for service based franchises to grow,” according to the study.
Research such as this indicates that pet care franchises are a solid investment in a rapidly growing and expanding industry. To read the full article, click here.