Trusted insights for your toughest business questions.

The company making the biggest strides in the online pet product space is Chewy. The midpoint of Chewy's 2020 guidance suggests it will grow its revenues by $2 billion in 2020—allowing it to capture over half of the total growth of the US online pet product market forecast by Packaged Facts.

Targeting a niche industry is your company’s opportunity to reach new growth strategies and success. At the same time, niche industries will allow you to assess consumer market research that will engage your audience and strengthen your brand.

Over the past decade, the Baby Boomer generation is the only age group to have seen an increase in their pet ownership rate, rising from 50% to 54% between 2008 and 2018, according to Packaged Facts.

A May consumer survey from the Freedonia Group — a subsidiary of Market Research — found 79% of adults believe the coronavirus is a health threat to them. That demonstrates the importance of people perceiving elevators as safe to their health, said Jennifer Christ, Freedonia’s consumer and commercial research manager.

The use of functional ingredients in beverages is one of the major health-focused beverage trends reported by Packaged Facts. Such products have been “jumping off the shelves as people look to stay healthy amid the coronavirus pandemic,” Packaged Facts says.