Consumer Industries
German Pet Sector Riding High Amidst Global Growth
Almost 50 percent of German households have at least one pet, and the market is booming as Germans spend more and more on their non-human loved ones.
Dec 05, 2023
The global pet market is worth USD 320 billion, and Bloomberg Intelligence predicts that figure could rise to USD 500 billion by 2030. The upward trend can be seen all over Germany.
The Central Association of Zoological Specialty Companies (ZZF) puts 2022 German turnover in the house pet sector at nearly EUR 6.5 billion, including some EUR 4.0 billion in food, EUR 1.1 billion in accessories and EUR 158 million for seed for wild birds. The pet food market grew 9.5 percent over the previous year.
Businesses see great potential in other pet-related sectors as well. German company JAP Holding has recently invested billions in animal clinics and pet insurance.
“Pet health was one of the absolute best investments of the past few years,” CEO Joachim Creus told business newspaper Handelsblatt. “We now do six billion dollars in business and make almost a billion in operative profits.”
International companies are joining and succeeding in the German market. Swedish pet insurance start-up Lassie, for example, expanded to Europe’s largest economy with help from Germany Trade & Invest at the start of 2023, and now roughly half of its 60,000 users are from Germany. The company has raised EUR 23 million in Series B funding and has taken in a total of EUR 35.5 million in venture capital.
