The Russia-Ukraine war has worsened pandemic-induced global logistic disruptions, contributing to record-high inflation. The pet care industry has not been exempted from the impact of rising prices; pet parenthood is now more expensive than ever. However, demand for pet care goods and services remains stable despite the rising costs.
Furthermore, pet adoption soared during the pandemic, and the trend is continuing. Lifestyle changes have led to a continuing increase in pet adoption. According to a Forbes report, 66% of pet owners now spend more on their pets than themselves. In addition, according to Grand View Research, the pet care services segment is predicted to grow at a 5.2% CAGR until 2030.
