Cat Nutrition
Pet industry growth statistics: how inflation and expense trends shape figures | Animal Welfare Magazine
If you think more people share their lives with a dog or cat (or both!), You are not wrong. In the United States alone, more than 65% of households include a company animal. Therefore, it is not surprising that the pet industry is booming. Here is a look at some growth statistics from the pet industry that show where our money is going when it comes to our beloved four -legged friends.
- According to Michigan State University, the pet industry made a general economic contribution in 2023 of $ 303 billion, an increase of 16% since 2022.
- An analysis of Forbes advisors found that the dog’s essential expenses reach an average of $ 1,533 annually. Consumers spend around $ 340 in food, with the rest going to veterinary attention, toys, toilet, etc.
- The pet food market in the United States sees a two -digit growth every year. In 2023, pet food sales totaled around $ 51 billion, compared to approximately $ 44.8 billion in 2022. ”However, the 17th edition of Pet Food packaged events in the United States indicates that the highest prices due to inflation boost the increase in food sales for dogs and cats” instead of the driver of historical growth of the market, the premium. “
- People spend more than $ 30 billion a year on alternative treatments, and dogs and cats are included in that expense, according to Dr. Tricia Stimac, veterinarian at the Board of the American Veterinary Medical Association.
- Despite the highest expense figures, many people feel the hint of inflation. The American Pet Products Association (APPA) conducted a survey of more than 10,000 parents of dogs and cats. In this survey, 19% reported to spend less on their animals than last year. In 2020, that figure was 9%.
- In addition, according to the Bolen Group, parents of dogs and cats seeking to spend less are resorting to the private label instead of brand products.
Many consumers feel the hint of inflation these days. However, these PET industry growth statistics indicate that the market will not slow down in the short term.
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Brian Marshall has won numerous writing awards during his career of more than 30 years in journalism. The Detroit native and the Graduate of the University of Western Michigan have owned two Dachshunds and currently work with a mixed hound that needs training in obedience.
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