The 3 Hottest Pet Industry Trends for 2016

There are approximately 79.7 million families who own a pet in the United States and those pet parents spent approximately $60 billion on their pets in 2015. The pet industry is not just hot, it's also changing. Gone are the days when consumers bought store brand food and a leash and called it good. Pet parents are much more concerned about their dog or cat's health, quality of life and happiness than they were just a few years ago. Businesses have a huge opportunity to capitalize on the industry's exponential growth. Here are the three hottest pet industry trends and ways in which businesses can take advantage of America's love of pets.

Healthy and Happy

Probably the biggest change in the industry is the upswing in pet health products and services. A variety of over-the-counter and prescription medications that include treatment for everything from flea and tick prevention to cancer drugs and pain medications are available to treat pets in much the same way humans are treated. Advanced veterinary technologies make treating a pet for cancer or other life- threatening illnesses a viable alternative to euthanasia. Dog, cat and horse owners today are much more likely to spend money on treating illnesses, which means that medications and rehabilitation equipment are in high demand.

Services related to pet health care are also burgeoning. Health-related services such as pet insurance are seen by more and more pet parents as a necessity rather than a luxury. Advanced medical treatments are not cheap and insurance policies help cover the cost in case of an accident or illness. A comparison of pet insurance plans reveals a myriad of coverage types and add-ons that include specialty treatments such as stem cell therapy and acupuncture.

Purchases of healthy and natural pet food have sharply increased and that trend is expected to continue. Pet parents are moving away from foods that have filler ingredients toward more natural and healthy choices that better meet their dog or cat's nutritional needs. The market for healthier treats is also growing at an aggressive rate.

Other expanding pet service avenues include pet behavior therapy, massage, mobile grooming and luxury boarding.

Custom Accessories

Custom leashes, collars and glamorous pet beds are just a few of the accessories in the growing custom pet product line for 2016. Jeweled and decorated collars and color-matched leashes coupled with charming outfits gives consumers a way to show off their pet's personality and style.

The Rise of Technology and Apps

Another area of pet-related services that's rapidly increasing is technology and app development. Technological advances that simplify the pet parent's life include collars that track food intake and activity, collars that send working pet parents updates about their pet's activity via Twitter and devices that play the parent's voice to soothe pets while they are away are already available. Additional technological advances and a variety of new apps are currently being developed.

Pets are considered members of the family. The rise in popularity of pet health care products and services, custom accessories and the use of technology and apps is a golden opportunity for businesses to take advantage of one of the economy's strongest sectors.