Pet Industry Growth

The pet industry has skyrocketed over the last few years. Most pet owners consider their pets part of the family, and thus, they are spending more money on their pets, which is reflected in the growing pet industry. You might want to know more about this evolving industry.

Hence, we’ve gathered some latest stats and trends on pet industry growth to be aware of.

Let’s take a look at the general stats below.

Pet Industry Growth Stats Highlights

1. 86% of pet owners shop for their pets online.
2. During the pandemic, revenue from pet products grew 63%.
3. 13% of pet supply sales happen via e-commerce channels.
4. The global pet market is worth $261 billion.
5. People in the USA will spend close to $109.6 billion on their pets in 2022.

Pet Industry Growth - Key Stats

Now let’s dive into the stats a bit deeper.

86% of pet owners shop for their pets online.

(Explodingtopics)

Online shopping has seen a significant increase due to COVID-19. Customers can personalize their purchases because of the vast number of choices on sites like Chewy or Amazon. Pet owners shopping online increased by 20%, up to 86%. Before the pandemic, 60% of pet owners purchased pet products at brick-and-mortar stores. Online sales are projected to continue to increase due to convenience and selection.

During the pandemic, revenue from pet products grew 63%.

(Commonthreadco)

Pets have grown to be more than just fluffy companions, with over 67% of U.S. households reporting owning at least one pet. Pet products are a leading industry category, with sales of approximately 4.54 billion U.S. dollars and positive sales growth of 2.7%, and during the pandemic, revenue from pet products grew 63%. A key driver for this industry has been the wide range of availability of fashionable and multifunctional pet accessories.

13% of pet supply sales happen via e-commerce channels.

(Commonthreadco)

The anticipated increase in e-commerce purchases for pet supplies is large because of convenience and value. However, shoppers also appreciate finding a larger selection and comparing prices more easily than in brick-and-mortar stores. Also, customer preference for shopping for pet products on e-commerce sites is estimated to grow at 9.4%, a sizable increase over its already 13% market share.

The global pet market is worth $261 billion.

(Petkeen)

The pet industry is growing not only in the United States but also on an international scale. The COVID-19 pandemic forced more people to stay indoors or work from home, which led to a higher demand for pets as companions, driving up adoption rates. This increase in pet adoptions assisted with the financial growth of different pet industry branches: food, veterinary care, toys, and grooming needs. With the global market worth currently close to $261 billion, it is projected to reach roughly $350 billion by 2027.

People in the USA will spend close to $109.6 billion on their pets in 2022.

(Petkeen)

The amount people spend on their pets has remained steady over the past several years. COVID-19 was one of the main reasons there was an increase in pet adoption over the year 2020. People are projected to spend money on their pets in the various branches of the growing pet industry, even as social distancing from the pandemic diminishes.

About 42% of dog and cat owners choose to spend more on premium pet food.

(PetFoodProcessing)

More and more pet owners are looking to focus not just on keeping their pets fed, but healthy as well. They are starting to rethink their pets’ diets. While there are many budget pet food options, more than 42% of dog and cat owners stretch their wallets a bit for higher-quality food. Stores and online retailers have seen a shift in purchasing patterns among people, showing that they want to get premium dry food, wet food, and treats.

Additional Pet Industry Stats

• Millennials and Gen Z are predicted to sustain the growth of pet ownership by up to 14% by 2030.
• Pet ownership rose from 67% to 70% in 2020 due to the COVID-19 pandemic.
• Organic and plant-based dog foods are estimated to hit $81 billion by 2031 worldwide.
• U.S. dog owners, on average, spend between $60 to $90 per grooming session.
• 12% of adults with kids under 18 adopted pets due to the Covid-19 pandemic.
• Over 50% of cat and dog owners give their pets a Christmas gift or treat.
• More than 50% of pet owners are willing to pay more for eco-friendly pet care products.

Wrapping Up

The increasing pet spending trends are not limited to food and treats; the growing number of pet industry trends has branched out to pet health and wellness, grooming, and accessories.

As pet owners consider pets a part of the family, they flock to stores to buy items for their beloved pet babies, both in-person and online. Whether it be subscribing to a fresh dog food delivery service, buying supplements, or purchasing pet insurance, there’s no doubt the pet industry has exploded exceptionally.

Sources

https://explodingtopics.com/blog/pet-industry-stats

https://commonthreadco.com/blogs/coachs-corner/pet-industry-trends-growth-ecommerce-marketing

https://petkeen.com/pet-industry-statistics-trends/

https://www.americanpetproducts.org/press_industrytrends.asp

https://petpedia.co/pet-industry-statistics/