Entering the 100 billion yuan pet market, Poshmark in the United States overtakes its competitors

The COVID-19 pandemic in 2020 has ushered in explosive growth in the already hot pet industry. According to incomplete statistics, Americans' spending on pet supplies hit a record high of $99 billion. In fact, the pandemic has brought unexpected development opportunities to the pet industry and prompted multiple platforms to want to share this lucrative market of $218 billion.

Multiple platforms launch pet categories

Recently, Poshmark, a second-hand goods resale platform in the United States , announced the launch of a pet category, which will sell pet accessories and necessities, such as pet clothes, cages, collars, toys, water bowls and other pet supplies. It is worth noting that Poshmark's classification is based on animal attributes, mainly divided into birds, cats, dogs, fish and reptiles.

(Picture from Poshmark official website)

In addition, Shein, which started out with women's clothing products, has also extended its reach into the pet products market. To be more precise, Shein's pet products are mainly pet clothing accessories, supplemented by cat and dog toys, supplies and furniture. Most of Shein's pet products are clothing, as if it is creating a pet fashion brand.

(Picture from Shein official website)

Relevant people predict that in 2023, the global pet industry will reach 281 billion US dollars, and North America accounts for the largest share of the global pet industry output value at 37% , followed by Asia at 24% and Europe at 23%. Although North America occupies a large share of the pet market, data shows that pet food is not selling well in the United States due to the double standards faced by domestic and foreign food exports . On the contrary, pet supplies are showing a rapid growth trend.

Pet supplies are the best sellers in the US

The United States is currently the country with the most developed pet industry, with more than 60% of households having pets. Survey data shows that 80% of Americans said that pets accompanied them through the difficult period of the COVID-19 pandemic, and they are their emotional sustenance and important family members. This has indirectly led to the hot sales of pet-related products and the explosive growth of the pet industry.

During the COVID-19 pandemic, pet products have been very popular, and pet masks, pet toys, pet clothing, and pet hair care products have been hot topics of discussion. The pet market has become a new track with huge growth potential, and sales have been rising.

In addition, according to data from Amazon US, pet supplies are very popular among consumers. Pet supplies such as pet urine pads, educational toys, cat litter, chest harnesses, dog cages, dog chains, and cleaning tools have always sold well on the Amazon platform.

(Picture from Amazon's official website)

However, sellers need to note that the epidemic has caused a decline in residents' real disposable income, and pet owners prefer cheap and affordable pet products . Sellers need to adjust their products or services to adapt to changes in market demand. In addition, if sellers want to get a bigger share of the pet market, they can pay more attention to the living habits of different pets and sell a variety of high-quality pet products.

pet

Poshmark

USA