Mars CEO reveals how millennials' growing tendency to treat pets like children is transforming the $35 billion company's business
, especially among Gen Z and millennials who increasingly see their pets as more than just animals.
In 2018, pet care was a $225 billion business in North America, according to data from market-research firm Edge by Ascential. The firm expects that figure to rise to $281 billion byMars CEO Grant Reid told Business Insider that the tendency for millennials to see pets as children is helpful to his $35 billion company, a large part of which is concerned with pet care.
"They're using their funds to, you know, take care of pets and are prepared to invest in them, whether it's food or healthcare," Reid said, adding that he has had pets since he was a child.is the world's largest veterinary health provider and has a network of over 2,000 pet hospitals including Banfield, Blue Pearl, Pet Partners, and VCA.
"They can take even better care of their animal to increase its longevity and quality of life," Reid said. "If you do that, you have happier people, happier animals, and, I truly believe, a happier society."The pet-care category is fascinating to me because, as you said, there are so many different things that people are thinking about for their pets now that maybe they didn't 20 years ago. Why is that evolving so much?True. I think it's ...
Dr. Lindsey Bullen pets Benko, a golden retriever with weight issues, during a visit at the Veterinary Specialty Hospital in Cary, North Carolina.It seems like, as you're saying, millennials, Gen Z, they're willing to invest in pets in a different way than maybe older generations were. How is that showing up?It's absolutely true.
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