Is the pet industry growing or shrinking? (2024)

FAQs

Is the pet industry growing or shrinking? ›

The pet industry is doing fantastic in 2024 so far. According to Michigan State University, the pet industry had an overall economic contribution in 2023 of $303 billion, an increase of 16% from 2022.

Growing Demand – According to the American Pet Products Association, the pet industry has grown consistently over the past few years. In 2020 alone, it had a market size of $99 billion. This growth is expected to continue. Estimates project the industry to be worth over $275 billion by 2030.

The pet industry is becoming more competitive and diversified, as pet owners have more choices and preferences than ever before. Pet owners are looking for more than just companionship from their pets; they are also seeking novelty, entertainment, and education.

Some of the major challenges include rising costs, labor shortages, supply chain disruptions, increasing competition, and changing consumer preferences. Despite these challenges, the pet care industry is expected to continue to grow in the coming years.

The global pet care market size was valued at USD 295 billion in 2022 and is expected to reach USD 400.40 billion by 2028. What is the growth rate of the global pet care market? The global pet care market is expected to grow at a CAGR of 5.22% from 2022 to 2028.

New York, March 24, 2023 — The pet industry is poised to swell from $320 billion today to almost $500 billion by 2030, according to a new report from Bloomberg Intelligence (BI).

The total revenue generated from pet stores across the United States is projected to grow from around 23.5 billion U.S. dollars in 2022 to roughly 24.5 billion U.S. dollars by 2028.

People are going to extra lengths to care for their beloved pets, and with this, the industry is booming across North America and Europe. We speak to Sonia Morgan, the CEO of Pet Travel EU, who focuses on the transportation of our furry friends.

The pet market forecast is expected to continue its growth trajectory in the coming years, fueled by factors such as increasing pet humanization, rising pet ownership rates in emerging markets, and technological advancements in pet care products and services.

The pet industry is a billion-dollar industry that is constantly growing. However, with the increase in demand for pets, comes the problem of overbreeding. The breeding of pets often involves inbreeding and genetic manipulation, which can result in health problems and deformities in animals.

How big is pet industry in USA? ›

Total U.S. Pet Industry Expenditures

In 2021, $123.6 billion was spent on our pets in the U.S.

Revenue in the Pet Food market amounts to US$149.90bn in 2024. The market is expected to grow annually by 5.56% (CAGR 2024-2028).

The Pet Industry is a Recession-Resistant Category for Investors Seeking Long Term Gains – Here's Why. The pet industry is one of the most attractive and rapidly growing sectors in today's market, projected to reach $277 billion and expected to experience 8% compound annual growth by 2030.

One area of the pet industry which is seeing significant growth is pet food. Jeff Hamilton, the CEO of Nestle Purina Petcare Europe, explained that as humans become more conscious about the food we consume, we are doing the same for our pets.

As of 2024, 66% of U.S. households (86.9 million homes) own a pet. Pet ownership has increased significantly over the past three decades. In 1988, only 56% of U.S. households owned a pet.

From 2013 to 2021, average pet spending per household in the U.S. increased 67%, from $460 per year in 2013 to $770 per year in 2021. However, in 2022 pet spending dipped back down to an average of $741, thanks to older generations cutting back on spending.