Why Big retailers are venturing into the pet space
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GUEST - Finance Ghost – Retail Analyst AND Brandon de Kock, director of storytelling for WhyFive Insights,
According to a 2023 Bloomberg report, the global pet industry is worth around $320 billion right now and will reach $500 billion by 2030, about the same as the GDP of Nigeria. Recently we have seen a few more big retailers venturing into the pets business or acquiring small pets stores. Woolworths with Absolute Pets, Checkers with Petshop Science and now Food Lover’s Market entering the pet food market space with VetsMart.
According to a 2023 Bloomberg report, the global pet industry is worth around $320 billion right now and will reach $500 billion by 2030, about the same as the GDP of Nigeria. Recently we have seen a few more big retailers venturing into the pets business or acquiring small pets stores. Woolworths with Absolute Pets, Checkers with Petshop Science and now Food Lover’s Market entering the pet food market space with VetsMart.