The pet industry is one of the fastest growing industries in the world. In 2023, it is estimated that the global pet market will be worth $261 billion. This growth has been driven by an increase in pet ownership, as well as a shift in consumer preferences towards higher quality products and services for their pets.
In the United States alone, there are over 86.9 million households that own a pet, according to the 2023-2024 APPA National Pet Owners Survey. This number is expected to continue to grow in the coming years, as more people choose to adopt pets or purchase them from breeders. The US pet industry reached $99 billion in 2020 and is projected to reach $109.6 billion by 2022.
When it comes to pet care products and services, 61% of US pet owners are willing to pay more for foods that target their pets’ dietary needs. Additionally, 75% of US households spend money on veterinary care each year, with an average expenditure of around $500 per household annually.
The most popular type of pet among US households is dogs, with 38.4% owning at least one dog and 25.4% owning at least one cat. On average, each household owns 1.6 dogs and 1.8 cats respectively. Other popular types of pets include birds (7%), small animals (5%), reptiles (3%) and horses (2%).
In terms of spending habits, Americans spent an estimated $36 billion on food for their pets in 2020 alone – this figure is expected to rise significantly over the next few years as more people become aware of the benefits associated with providing high-quality nutrition for their furry friends. Additionally, Americans spent around $19 billion on supplies such as beds and toys for their pets last year – this figure is also expected to increase over time as more people become aware of how important these items are for their pets’ wellbeing and comfort levels at home.
Overall, it’s clear that the global pet industry is booming – with no signs of slowing down anytime soon! As more people become aware of how important it is to provide quality care for their beloved furry friends, they will continue to invest in products and services that make life easier and better for them both physically and emotionally – leading to even greater growth within this sector over time!