If you think more people than ever share their lives with a dog or cat (or both!), you’re not wrong. In the US alone, over 65% of households include a companion animal. So, it’s no surprise the pet industry is booming. Here’s a look at some pet industry growth statistics that show where our money goes when it come to our beloved four-legged friends.
- According to Michigan State University, the pet industry made an overall economic contribution in 2023 of $303 billion, an increase of 16% from 2022.
- A Forbes Advisor analysis found essential dog expenses come to an average of $1,533 annually. Consumers spend around $340 on food, with the rest going to veterinary care, toys, grooming, etc.
- The pet food market in the US sees double-digit growth every year. In 2023, sales of pet food totaled around $51 billion, up from roughly $44.8 billion in 2022.” However, Packaged Facts’ 17th edition of Pet Food in the US notes that higher prices due to inflation drive the increase in dog and cat food sales “rather than the market’s historical growth driver, premiumization.”
- People spend more than $30 billion a year on alternative treatments, and dogs and cats are included in that expenditure, according to Dr. Tricia Stimac, a veterinarian on the board of the American Holistic Veterinary Medical Association.
- Despite higher spending figures, many people feel the pinch of inflation. The American Pet Products Association (APPA) conducted a survey of over 10,000 dog and cat parents. In this survey,19% reported spending less on their animals than they did last year. In 2020, that figure was 9%.
- In addition, according to The Bolen Group, dog and cat parents looking to spend less are turning to private label rather than branded products.
Many consumers are feeling the pinch of inflation these days. However, these pet industry growth statistics indicate the market won’t be slowing down any time soon.
