Pets are an essential part of many households, and pet ownership is on the rise globally. As pet ownership increases, so does the demand for pet products, such as food, toys, grooming supplies, and veterinary care.
How much does the average household spend on pet products?
According to the American Pet Products Association (APPA), in 2020, Americans spent a total of $103.6 billion on their pets. This represents an increase of 6.7% compared to the previous year. Of this amount, approximately $38.4 billion was spent on pet food, $31.4 billion on veterinary care, and $19.2 billion on supplies and over-the-counter medicines.
The average American household spends around $1,700 per year on pet products. This figure varies depending on the type of pet and the level of care required. For example, dog owners spend more on pet products than cat owners, and the costs of caring for a large breed dog are higher than those for a smaller breed. Additionally, the cost of pet products can vary depending on the quality and brand of the product.
Is the trend for pet product spending on the rise in the market?
The trend for pet product spending is undoubtedly on the rise, both in the United States and globally. According to a report by Grand View Research, the global pet care market size was valued at USD 232.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2021 to 2028. The increase in pet ownership, particularly in developing countries, is a significant factor driving this growth.
Another factor contributing to the rise in pet product spending is the increasing humanization of pets. As people consider their pets as members of their family, they are willing to spend more on high-quality products that meet their pets' specific needs. This trend has led to a rise in demand for premium and organic pet products, which tend to be more expensive than traditional pet products.
The growth of e-commerce has also contributed to the rise in pet product spending. Online retailers offer a wider range of products at competitive prices, making it easier for pet owners to find what they need. Additionally, the COVID-19 pandemic has accelerated the trend of online shopping for pet products as more people stay home and avoid physical stores.
Conclusion
Pet ownership is on the rise globally, and so is the demand for pet products. The average household spends around $1,700 per year on pet products, with the majority of the spending going toward pet food, veterinary care, and supplies.
The trend for pet product spending is on the rise due to increasing pet ownership, the humanization of pets, and the growth of e-commerce. As the pet care market continues to grow, we can expect to see more innovation and new products designed to meet the evolving needs of pet owners and their furry friends.
