Source: Today’s Veterinary Business
According to the American Pet Products Association (APPA), the Pet industry in the United States remains robust despite economic uncertainty. In 2022, pet spending increased by nearly 11% compared to the previous year, reaching a total of $136.8 billion, setting an all-time record. This growth outpaced the national inflation rate of 8%. The highest spending category was pet food and treats, with consumers spending $58.1 billion, a 16.2% increase from 2021. Veterinary care and product sales, the second-highest category, reached $35.9 billion, marking a 4.7% increase. Other services, including pet grooming, dog walking, and boarding, saw spending rise to $11.4 billion, a 20% increase.
Bloomberg Intelligence’s Pet Economy Report also supports these findings, projecting global pet industry growth from $320 billion to nearly $500 billion by 2030. Factors contributing to this growth include a growing pet population, pet humanization, and consumer willingness to pay premium prices for pet-related products and services. Increased pet nutrition and healthcare spending for aging pets are expected to fuel further growth in the coming decade.
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