U.S. Veterinary Market Totaled $31.4 Billion in 2020
The American Pet Products Association expects spending on pets in all categories to reach nearly $110 billion this year.
The veterinary profession in 2020 captured a 30% slice of the record-setting $103.6 billion U.S. pet industry, according to a new report.
The American Pet Products Association is forecasting even higher numbers in 2021, with expenditures in the overall pet market reaching an estimated $109.6 billion.
“We are bullish for the coming year, projecting growth of 5.8%, well above the historical average of 3% to 4%,” said Steve King, president and CEO of the APPA. “This past year presented a host of challenges that resulted in consumers across the country turning to their pets for comfort and companionship.
“Interestingly, the product trends we are seeing in the pet care community mirror those of consumers: a desire for a healthier lifestyle, increased focus on fitness, turning to supplements for improved well-being, and technology playing a larger role in everyday life.”
Revenue tied to veterinary care and veterinary products totaled $31.4 billion in 2020, a jump of 7.2% from the previous year, the AAPA stated. The category includes routine veterinary care, surgical procedures and pharmaceuticals sold by clinics. Excluded is pet food, pet treats and over-the-counter medications.
Veterinary revenue is projected to rise by 2.7% in 2021, to $32.3 billion. The APPA did not explain why the growth would be slower in 2021 compared with these categories:
- Pet food and treats: $42.0 billion in 2020 and $44.1 billion in 2021.
- Supplies, live animals and over-the-counter medications: $22.1 billion in 2020 and $23.4 billion in 2021.
- Other services, such as boarding, grooming, insurance, training, and pet sitting and walking: $8.1 billion in 2020 and $9.7 billion in 2021.
The veterinary data was provided by the American Veterinary Medical Association and the market-research firm Packaged Facts.
The APPA also broke down the number of pet-owning households as:
- Dog: 63.4 million
- Cat: 42.7 million
- Freshwater fish: 11.5 million
- Bird: 5.7 million
- Small animal: 5.4 million
- Reptile: 4.5 million
- Saltwater fish: 1.6 million
- Horse: 1.6 million
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