Is the pet market promising?

Investing in the pet market has become a trend in the world and in our country, because in recent years the pet industry has increased significantly, this in turn opens the doors to new business ideas to meet the needs of this sector.

A study carried out by the firm Euromonitor International shows that within the household budget the expenses of pets are increasingly present, it is calculated that on average a Colombian family spends around 318 thousand pesos per month, to cover the needs of their animals.

Despite the pandemic, the sector proved to be resilient and managed to move around 3.7 trillion pesos during 2020 and it is expected that by 2025 this market will reach 4.3 trillion pesos, according to the study.

Given the growth of the industry, several entrepreneurs have bet on this market, with particularly good results, is the case of Fluffy Pawscol, a company specialized in 100% Colombian pet fashion design and production, which began operations in 2019.

Amid the pandemic, business has continued to grow, "2020 was a year of high production, the brand has been positioning itself and sales grew close to 60% compared to 2019," said Andrea Ramírez, general manager of Fluffy Pawscol.

She added that technology has played an essential role in the growth of her business, "everything is online, we have a communication channel in networks, but there are also petshops that buy our products and sell them in their physical stores, of which we have 4 or 5 in Bogota”.

The population census carried out in 2018 by DANE, shows that the size of Colombian households has been reduced, which stimulates the possession of pets, it is estimated that, out of every 10 families, six have a feline or canine.

This potential has led the industry to diversify its products, even offering alternative medicines, "Sumimascotas is a distribution center for naturopathic products, here we make our own medicines to improve the lives of pets", explained Daniela Bermúdez, administrative assistant and company imports.

For both businesswomen the pet market has great potential because "the population is having fewer children and adopting more animals”.
 

Courtesy of: