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The Pet Industry: Exploring Market Size, Trends, and Ownership Statistics
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Discover the latest insights on the petindustry, including its market size, emerging trends, and ownership statistics. From sustainable pet products to telemedicine for pets, learn how this rapidly growing industry is evolving to meet the needs of pet owners worldwide. [1]
Pets have been beloved companions for centuries, bringing joy and love to countless individuals and families worldwide. The pet industry is constantly evolving, with new trends and innovations emerging to cater to the needs of pets and their owners. In this comprehensive analysis, we delve into the market size, current trends, and ownership statistics of the pet industry, shedding light on its current state and what the future holds.
The Pet Industry's Market Size
[edit]Driven by an increase in pet ownership and a growing demand for pet products and services, the pet industry is experiencing rapid growth. In 2022, the pet industry expenditures in the United States alone reached an astounding $136.8 billion. The projected sales for 2023 are estimated to reach $143.6 billion. This encompasses all aspects of pet care, including food and treats, supplies, live animals, over-the-counter medicine, veterinary care, and various services.
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 (expected) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Market size | 48.35 | 50.96 | 55.33 | 55.72 | 58.04 | 60.28 | 66.75 | 69.51 | 72.56 | 97.1 | $108.9 | $123.6 | $136.8 | $143.6 |
Pet food and treats hold the largest share of sales in the U.S. pet industry. In 2022, $58.1 billion was spent on pet food, with a projected increase to $62.7 billion in 2023. This data is collected by Nielsen Scan, which covers 52 weeks ending 12/31/2022 for xAOC and Total Pet Retail. E-commerce pet food sales data is powered by Rakuten Intelligence. Estimates for pet food sales in vet clinics, farm and feed, direct-to-consumer, and Costco are based on industry/financial reports and available data.
Supplies, Live Animals, and Over-the-Counter Medicine
| 2022 | 2023 (expected) | |
|---|---|---|
| Expenditure | $11.4 | $11.8 |
Sales of supplies, live animals, and over-the-counter medicine accounted for $31.5 billion in 2022, projected to reach $32.1 billion in 2023. Data for this segment is provided by Nielsen Scan, Rakutan Intelligence, and Packaged Facts. Estimates for live animals are based on data provided by leading retailers and industry suppliers, as well as APPA estimates. This includes various animals like fish, birds, small animals, and reptiles.
Veterinary Care and Product Sales
[edit]Veterinary care and product sales encompass routine veterinary care, surgical procedures, and sales of pharmaceuticals and other products through veterinary clinics. In 2022, this segment accounted for $35.9 billion in sales, with a projected increase to $37.0 billion in 2023. Data for this segment is provided by the American Veterinary Medical Association (AVMA), Packaged Facts, and industry sources. Note that food and treat sales are excluded from this segment.
Other Services
[edit]Other services outside of veterinary care, such as grooming, training, boarding, insurance, and pet sitting/walking, contributed $11.4 billion to the industry in 2022. This is expected to reach $11.8 billion in 2023. Data for this segment is provided by Packaged Facts and leading industry retailers.
Pet Ownership Statistics
[edit]According to the 2022-2023 APPA National Pet Owners Survey, 66% of households in the United States own a pet, which translates to approximately 86.9 million households.
| 2022 | 2023 (expected) | |
|---|---|---|
| Expenditure | $35.9 | $37.0 |
| 2022 | 2023 (expected) | |
|---|---|---|
| Expenditure | $11.4 | $11.8 |
Types of Pets Owned
[edit]Dogs are the most popular pets in the United States, with 65.1 million households owning at least one dog. Cats follow closely behind, with 46.5 million households owning at least one cat. Other popular pets include freshwater fish, small animals, birds, reptiles, and saltwater fish.
Pet Ownership by Generation
[edit][2] Pet ownership is prevalent across all generations, with millennials leading the pack. The breakdown of pet ownership by generation is as follows:
| Generation Z | Millennial | Generation X | Baby Boomer | Builder | |
|---|---|---|---|---|---|
| Percentage | 16% | 33% | 25% | 24% | 2% |
Pet Ownership and COVID-19
[edit]The COVID-19 pandemic has had a significant impact on pet ownership trends. According to a survey by Rover.com, 49% of respondents acquired a new pet during the pandemic. Dogs were the most popular choice, with 42% of respondents adopting a new dog. Additionally, one in four respondents reported that their pet has helped them cope with stress and anxiety during these challenging times.
Pet Industry Trends
[edit]The pet industry is constantly evolving, with new trends and innovations emerging to meet the changing needs of pet owners. Here are some of the latest pet industry trends to keep an eye on:
Sustainable Pet Products
[edit]- With a growing focus on sustainability, many pet owners are seeking eco-friendly alternatives to traditional pet products, including biodegradable poop bags and organic pet food.
CBD Products for Pets
[edit]- CBD products for pets are gaining popularity as pet owners discover their potential benefits in managing anxiety, pain, and other health issues. These products come in various forms, such as treats, oils, and topicals.
Telemedicine for Pets
[edit]- Telemedicine is revolutionizing the pet industry, with veterinary clinics offering virtual consultations and appointments. This convenient and accessible approach allows pet owners to receive veterinary care without leaving their homes.
Customized Pet Products
[edit]- Personalization is becoming increasingly important in the pet industry. Many companies now offer customized pet products, including food, treats, and toys, tailored to each pet's unique needs and preferences.
The pet industry is experiencing rapid growth, fueled by increasing pet ownership and the demand for pet products and services. (The American Pet Products Association) APPA is at the forefront of promoting responsible pet ownership and raising industry standards. As the pet industry continues to evolve, it offers abundant opportunities for growth and innovation, catering to the ever-changing needs of pets and their devoted owners.
Refrence
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- ^ {{|url=https://www.americanpetproducts.org/press_industrytrends.asp%7Ctitle=Pet Industry Market Size, Trends & Ownership Statistics|}}