The pet industry remains strong despite the nation’s economic uncertainty, according to the latest data from the American Pet Products Association.
“Pet spending in 2022 was up nearly 11% from the previous year,” said Peter Scott, the APPA’s president and CEO. “We are excited to report all signs continue to point to the strength of the industry.”
Data for 2022 demonstrated hikes in every spending category. Details included:
- Overall: Total sales equaled $136.8 billion, an all-time record and a 10.8% increase from 2021. The spike was higher than the 2022 national inflation rate of 8%.
- Pet food and treats: Consumers spent $58.1 billion, the highest spending category and a 16.2% jump over 2021.
- Veterinary care and product sales: The second highest category totaled $35.9 billion, a 4.7% increase.
- Other services: Spending on pet grooming, dog walking and boarding reached $11.4 billion, a 20% increase.
Bloomberg Intelligence’s Pet Economy Report detailed similar findings globally, suggesting the worldwide industry is poised to jump from today’s $320 billion value to almost $500 billion by 2030.
Contributing factors include the growing pet population and pet humanization, resulting in consumer openness to pay premium prices for pet food and services, according to Bloomberg.
“We’re seeing a profound increase in consumer spending on pets and expect to see this continue through 2030,” said Diana Rosero-Pena, a Bloomberg Intelligence consumer staples analyst and a report co-author. “Consumers are willing to pay more for items for their pets, with the pet food market having the potential to grow more than 50% from current levels by the end of the decade.”
Another co-author, Bloomberg Intelligence senior biopharmaceutical analyst Ann-Hunter Van Kirk, forecast heightened pet spending, mostly on health care, in the next 10 years.
“Increased pet nutrition is leading to longer pet lives around the world. With this comes an increased need for spending relating to expensive health care for aging pets, and we project that this spending on lasting health for pets will continue to swell over the next decade,” Van Kirk said.