PETCO recently held the 3rd Annual National Chihuahua Race in which 15 regional winners competed. The 4-1/2 pound, 2-year-old pup named Maddy came out victorious. What does Maddy get? She gets bragging rights, a trophy, a one-year supply of Royal Canin Chihuahua dog food and a $300 PETCO Gift Card.
Implications - though owning a pet once meant that a person simply had constant companionship, it now means so much more. There is an array of pet personifying products that a pet owner can purchase, along with gourmet dog food and chihuahua sports as seen here. This signifies the beginning of a possibly lucrative, persistent market of specialty pet products.
What's Driving This Trend
- Specialty Pet Products
- The trend towards personifying pets and purchasing specialty products for them opens up opportunities for disruptive innovation.
- Pet Sport Competitions
- The rise of pet sport competitions like chihuahua racing creates a new avenue for innovation in the pet industry.
- Gourmet Pet Food
- The availability and popularity of gourmet pet food encourages innovation in the pet food industry.
Who This Affects Most
- Pet Products Industry
- The growth of specialty pet products presents opportunities for innovation for businesses in this industry.
- Pet Sports Industry
- The rise of pet sport competitions creates new opportunities for businesses in this industry to innovate and provide exciting experiences for pet owners.
- Pet Food Industry
- The trend towards gourmet pet food presents opportunities for innovation in this industry.
