Are you currently in Singapore looking for a business with less competition but possibly higher returns and demand? Here’s an excellent suggestion for you: open a dog daycare center.
The pet care market is one of the fastest-growing demographics globally today. According to GM Insights, this sector could achieve a compound annual growth rate (CAGR) of at least 6 percent between 2021 and 2027. By then, the revenue would have reached over $350 billion—about a billion more from the start of the forecast period.
And while North America and Europe will remain the biggest markets, the growth is likely to be the fastest in the Asia-Pacific region. There’s no better time to take advantage of a flourishing industry than today.
However, if you want more reasons to invest in a dog daycare center in the city-state, then these may finally convince you:
1. Dogs Have Better Access to Food and Other Essentials
For many pet owners, dogs are a part of the family, so they expect only the best when it comes to their essentials. On average, dog moms and dads spend over $1,300 on food annually. Meanwhile, the prices of dog food can vary according to type. The better quality it is, the more expensive it gets.
Those who like to run a dog daycare facility should expect fur parents to ask and even scrutinize the business’s services and products. Fortunately, one already has easier access to quality pet food and other essentials.
Food, for example, may include freeze-dried or frozen-raw products with ingredients grown and developed in countries like New Zealand. They don’t contain fillers or preservatives, so they are ideal for sensitive dogs, like those prone to allergies.
These days, the bottom line is that dog daycare facilities will find it easier to please pet parents and find suitable partners to build and maintain the business.
2. Dog Ownership in Singapore Is Increasing
To be clear, dog ownership in Singapore still lags behind that of its neighboring countries, according to Rakuten Insight. Over 60 percent of households in the Asia Pacific have a pet, but when it comes to whose people own the most dogs, that recognition belongs to the Philippines.
The good news is the percentage of pet ownership is rising in the Little Red Dog. Data from the Euromonitor showed that, in 2019, the rate grew by almost 20 percent within five years. Around 200,000 dogs and cats were living in Singaporean homes.
There are also more dogs than other pets in Singapore. In 2019, they numbered at least 110,000, while cats accounted for only 85,000. One of the probable explanations for the big difference is pet regulations. Although Singapore restricts homeowners from owning certain breeds, cat rules are often stricter.
3. Pet Owners Still Need to Work
Why is Singapore one of the competitive countries in the world? One of the reasons is its people. They work hard—really hard.
In a 2019 study about work-life balance in some of the most popular cities, Singapore made it to the top five most hardworking metros and Tokyo, Washington DC, Kuala Lumpur, and Houston in Texas. Employees spend at least 45 hours a week doing their jobs. They also take fewer holidays compared to other Asians.
Currently, many Singaporeans are working from home because of the COVID-19 pandemic, but restrictions can ease. This means that they may have to return to the office at some point, leaving behind their pets alone. Many prefer to leave their dogs in daycare centers, where they can be taken care of.
4. Dogs Can Benefit from More Space and Interaction
Unlike other pets, including cats, exercise is often non-negotiable for dogs, particularly for medium and large breeds. This activity helps keep them in shape, minimize injuries and diseases affecting their joints, and improve their flexibility. It also expels any pent-up energy, so the pet doesn’t end up chewing on couches or scratching on furniture.
A walk, for instance, can expose them to their surroundings. This way, they become less stressed or anxious when seeing new people, hearing new sounds, and even meeting new pets.
Many houses in Singapore are small, which is understandable as land is a premium resource in the country. But this also means dogs don’t have enough space to move around, let alone play.
A dog daycare facility can provide a bigger space for these animals to get engaged, exercise, and even interact with other dogs. Overall, a time, no matter how short, spent here can boost their physical and mental health.
Running a dog daycare center isn’t easy, but it is rewarding in many ways. It can be profitable, and the business can help promote healthier dogs, which, in turn, contributes to healthier and happier pet owners.