The Pet Industry Is Doing Great. And Getting Worse. (2024)

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FAQs

The Pet Industry Is Doing Great. And Getting Worse.? ›

According to Statista, 70% of U.S. households had a pet in 2020, an all-time high. According to The Bolen Group, pet industry revenue more than doubled from 2018 to 2024 (forecast). But the end of the pandemic hasn't been as good for the industry.

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Is the pet industry declining? ›

Not Raining Cats and Dogs

The 2023 numbers aren't in yet but results from 2022 suggest that the downturn is already in process. MarketWatch reported in January of this year that average pet spending per household in the U.S. was $770 per year in 2021 but that in 2022 it dropped a few ticks to $741.

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What is the future of the pet industry? ›

Per the latest survey results, annual household spending on pets is predicted to reach $1,445 per animal by 2026 and $1,733 by 2030. That translates into a 113% increase in total industry spending to $261 billion by 2030, compared with $122 billion in 2019.

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What is the outlook for the pet industry in 2024? ›

Taking a cautiously optimistic approach, Packaged Facts predicts 2024 US pet market growth approaching 5%, with some categories, such as durable products having a harder time. Longer term, through 2028, the market will see a 6% compound annual growth rate (CAGR).

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Is the pet care industry growing? ›

The global pet care market size was valued at USD 246.66 billion in 2023 and is projected to grow from USD 259.37 billion in 2024 to USD 427.75 billion by 2032, exhibiting a CAGR of 6.45% during the forecast period.

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Is pet ownership going down? ›

Post-pandemic, many pet owners gave up their pets. Statista says pet ownership dropped to 66% of households in 2023.

Are less people owning pets? ›

As of 2024, 66% of U.S. households (86.9 million homes) own a pet. Pet ownership has increased significantly over the past three decades. In 1988, only 56% of U.S. households owned a pet. More than half of pet owners (51%) consider their pets to be as much a part of their family as a human family member.

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What do pet owners buy most? ›

40.5% of all pet product spending goes towards pet food and treats (APPA) Any pet owner will confess that feeding and rewarding their companions are the most expensive aspects of pet ownership.

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What are the threats to the pet industry? ›

Factors such as recessions, inflation, and fluctuations in currency exchange rates can have a significant impact on the pet industry. During economic downturns, consumers may cut back on discretionary spending, including pet-related expenses. This can lead to a decline in sales of pet products and services.

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Is the pet industry a good investment? ›

As the pandemic hit and more people spent time at home, investors have recognized a new opportunity with pets. As Kenneth Giuriceo, a Partner at Clayton, Dubilier & Rice has explained, “The market for pet care is large and growing with attractive long-term secular tailwinds and demonstrated recession-resilience.”

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Why are dog sales down? ›

Retailwire.com states, “In 2023, pet adoptions have declined and the pet category has proven to be less resistant to macroeconomic pressures than predicted.” Not only that, but inflation has greatly impacted dog retail sales and veterinary treatment.

Is pet ownership booming across the world? ›

Why is pet ownership on the rise? Demographic changes, rising income levels and the Covid-19 pandemic have driven more people to adopt pets. More than two million people adopted a pet during the UK's pandemic lockdowns, while in Australia over a million pets were adopted during the height of the pandemic.

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What is lacking in the pet industry in America? ›

The pet care industry is a growing industry, but it also faces a number of challenges. Some of the major challenges include rising costs, labor shortages, supply chain disruptions, increasing competition, and changing consumer preferences.

Is the pet industry recession proof? ›

The pet industry is unique in its resilience to economic recessions and downturns. In comparison to other consumer goods and services, the pet industry has held up remarkably well during recent market declines. Despite the financial crisis of 2008, the pet industry experienced a 5.1% growth in sales.

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What is the largest pet care company in the world? ›

Top 10 Pet Food Companies in the World 2022

Rank	Pet Food Brand	Annual Revenue (USD billions)
1	Mars Petcare, Inc.	37
2	General Mills	17.63
3	Nestlé Purina PetCare	15.42
4	The J.M. Smucker Company	8.17

6 more rows

Sep 1, 2022

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What is the outlook for the veterinary industry? ›

The U.S. veterinarians market size was valued at USD 11.92 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2030.

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What is the demand for the pet industry? ›

THE GLOBAL PET CARE MARKET WAS VALUED AT USD 226.92 BILLION IN 2023 AND IS PROJECTED TO REACH USD 340.71 BILLION BY 2029, GROWING AT A CAGR OF 7.01% DURING THE FORECAST PERIOD.

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Is the dog population decreasing? ›

Both dog and cat populations have increased in recent years, as well as the percentages of households owning dogs or cats, but there are fewer pets per household. Animal shelters are a key source of new pet acquisition—accounting for 40% of cats and 38% of dogs in 2020.

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