[Monthly hot topic] What were the petconomy trends in the first half of 2024?

What were the petconomy trends in the first half of 2024?

Interest and affection for pets continue to grow without showing any signs of slowing down. Consequently, the size of the 'petconomy' market, targeting 'pet family' households who consider their pets as family members, is also expanding. 'Petconomy' is a portmanteau of 'pet' and 'economy,' referring to the pet-related industry. So, what were the petconomy trends in the first half of 2024? We analyzed the data to find out.

Let's take a look at people's interest in pets first. Looking at the trend from July 2023 to June 2024, the number of buzzes centered on "pets" remained steadily high, with more than 8,000 to 9,000 mentioned. However, since March this year, the number of buzzes has soared, exceeding 10,000. This means that interest in pets, which had already been strong, has increased noticeably this year.

By specific characteristics, the interest in pets was higher in women than in men, and it was evenly distributed across all age groups

As a result, the pet economy industry is broadly divided into four sectors. In August last year, the Ministry of Agriculture, Food and Rural Affairs announced the 'Pet-Related Industry Development Plan,' categorizing the four main sectors of the pet economy as 'Pet Food,' 'Pet Healthcare,' 'Pet Services,' and 'Pet Tech.

So, which of the four main sectors has been receiving the most attention recently? According to a time-series analysis, mentions of the 'Service' and 'Health' sectors were the highest throughout the first half of 2024. Interest in the pet services sector, which includes a wide range of areas such as grooming, lodging, education, funerary services, and travel, was particularly high.

The most noticeable change occurred in the 'Health' sector. In June, mentions of pet healthcare surged to the point where it surpassed the pet services sector, which had held the top spot for mentions throughout the first half of 2024. This suggests a significant increase in pet owners' interest in pet health management.

As the analysis has shown, interest in pets and the pet economy is skyrocketing. In particular, during the first half of this year, we observed that the 'Pet Healthcare' sector has emerged as a major industry, driven by pet owners' increasing concern for their pets' health.

Since pets have already become an integral part of our daily lives, the pet economy boom is expected to continue into the second half of 2024. What new and unique pet industries will emerge to capture the hearts of pet owners? It will be interesting to see what the future holds.