The Latest Global Pet Industry Statistics Explained
The United States is the largest pet care market in the world, accounting for over 40% of the overall market in 2020.
The statistic indicates that the United States held the largest share of the global pet care market in 2020, with a significant portion accounting for over 40% of the total market. This means that the United States spent more on pet care products and services compared to any other country worldwide. The high percentage reflects a strong culture of pet ownership and a robust industry that includes pet food, accessories, veterinary services, grooming, and other pet-related expenditures. It suggests that Americans are willing to invest significantly in the well-being and maintenance of their pets, highlighting the importance and value placed on companion animals within US society.
Global pet food sales reached $91 billion in 2020.
The statistic that global pet food sales reached $91 billion in 2020 indicates the total revenue generated from the sale of pet food products worldwide during that year. This figure encompasses sales from various pet food manufacturers, retailers, and online platforms across different countries and regions. The substantial size of the global pet food market, as reflected in the $91 billion sales figure, highlights the significant demand for pet food products and the strong relationship between pet owners and their pets. The data suggests that pet food is a major industry with considerable economic impact, driven by the growing number of pet owners and their willingness to invest in the health and well-being of their animal companions.
The global pet grooming market was valued at USD 9.15 billion in 2020.
The statistic that the global pet grooming market was valued at USD 9.15 billion in 2020 indicates the total economic worth of the industry worldwide during that year. This valuation includes all revenues generated from various pet grooming services and products, such as grooming salons, pet grooming tools, grooming products, and mobile grooming services. The size of the market suggests a significant demand for pet grooming services and products globally, reflecting the growing trend of pet owners investing in the grooming and well-being of their pets. Additionally, this figure can also provide insights into the overall health and growth potential of the pet care industry as a whole.
Pet insurance is expected to register a CAGR of around 14.99% during the forecast period (2021-2026).
The statistic stating that pet insurance is expected to register a compound annual growth rate (CAGR) of around 14.99% during the forecast period (2021-2026) indicates a strong projected growth trend in the pet insurance industry over the specified time frame. This forecast suggests that the demand for pet insurance is anticipated to increase significantly, with a CAGR of 14.99% reflecting the average annual growth rate. Factors such as rising pet ownership, increasing awareness of the benefits of pet insurance, and advancements in veterinary care contributing to the growth of the industry. This statistic serves as a valuable insight for stakeholders, businesses, and investors interested in the pet insurance market, highlighting a potentially lucrative opportunity for investment and expansion in the industry.
In 2020, the number of pet dogs in the world was estimated to be approximately 470 million.
The statistic stating that in 2020, the estimated number of pet dogs in the world was approximately 470 million reflects the widespread popularity and ownership of dogs as companion animals across various cultures and countries. This figure indicates the significant impact that dogs have on society, as they provide companionship, emotional support, and even assistance in various roles such as service animals. Understanding the global population of pet dogs can also inform policy decisions related to animal welfare, veterinary care, and public health initiatives aimed at promoting responsible pet ownership and ensuring the well-being of these beloved animals worldwide.
The global pet adoption rate surged by 27.8% in 2020.
The statistic highlights a substantial increase in the global pet adoption rate in the year 2020, indicating a surge of 27.8% compared to previous years. This significant rise suggests an increased interest and willingness among individuals to adopt pets as companions during the challenging circumstances of the COVID-19 pandemic. Factors such as people spending more time at home, seeking companionship, and wanting to help animals in need could have contributed to this surge in pet adoptions worldwide. The statistic reflects a positive trend in promoting animal welfare and the human-animal bond despite the disruptions caused by the pandemic.
The pet supplement market was worth over USD 707 million globally in 2020.
The statistic indicates that the pet supplement market, referring to the industry of products aimed at improving the health and well-being of pets, had a global value of more than USD 707 million in the year 2020. This suggests a significant level of consumer spending on items such as vitamins, minerals, and other nutritional supplements for pets worldwide. The robust market value reflects a growing trend in pet owners prioritizing the health and quality of life of their companions, leading to increased demand and sales of such products in various regions around the world.
The pet industry is expected to reach $350 billion by 2025.
The statistic ‘The pet industry is expected to reach $350 billion by 2025’ indicates the projected total value of the pet industry by the specified year. This statistic likely comes from market research or industry analysis that forecasts the growth trajectory of the pet industry based on various factors such as increasing pet ownership rates, rising demand for pet products and services, advancements in pet care technology, and changing consumer preferences. The $350 billion figure suggests a substantial increase in the industry’s economic value over the coming years, reflecting the sector’s importance and potential for continued growth and investment opportunities.
Revenues for pet training services have grown on an average of 5.9% per year over the past five years.
The statistic indicates that revenues for pet training services have increased steadily at an average annual growth rate of 5.9% over the past five years. This suggests a strong and consistent demand for pet training services among pet owners, leading to an overall upward trend in revenue generation for businesses in this industry. The growth rate of 5.9% per year reflects a healthy expansion in market size and potential profitability for pet training service providers. This statistic highlights a positive outlook for the pet training industry, indicating a favorable environment for businesses operating in this sector.
Approximately 10% of pet owners globally use pet care apps for various services.
The statistic ‘Approximately 10% of pet owners globally use pet care apps for various services’ indicates that around 10% of individuals who own pets utilize mobile applications specifically designed for providing services related to pet care. This suggests a notable portion of pet owners are embracing technology to assist in managing and attending to the needs of their animals. These pet care apps likely offer functionalities such as scheduling vet appointments, tracking medication schedules, monitoring pet activity, or even connecting with pet care professionals. The statistic highlights a growing trend in the pet care industry where digital solutions are increasingly integrated into daily pet care practices, reflecting the evolving relationship between technology and pet ownership on a global scale.
In the Asia Pacific region, dog ownership increased by 86% from 2018 to 2020.
The statistic “In the Asia Pacific region, dog ownership increased by 86% from 2018 to 2020” indicates a substantial and rapid rise in the number of households owning dogs in the specified region over a two-year period. An 86% increase highlights a significant shift in pet ownership trends, suggesting a growing preference for dogs as companions or pets among individuals and families in the Asia Pacific region during this time frame. This statistic may reflect changing societal norms, increased urbanization, rising disposable incomes, or other factors influencing the decision to bring a dog into one’s home. The substantial increase in dog ownership from 2018 to 2020 illustrates a notable trend towards the incorporation of dogs into households across the region.
Millennials constitute the majority segment of pet owners, accounting for around 32%.
The statistic that millennials constitute the majority segment of pet owners, accounting for around 32%, indicates that individuals born between 1981 and 1996 hold a significant share in the ownership of pets. This suggests that millennials are actively engaging in pet ownership more than any other generational group. The high percentage of millennial pet ownership could be attributed to factors such as delaying traditional life milestones like marriage and children, seeking companionship and emotional support, and shifting towards a focus on experiences and relationships rather than material possessions. As a result, this statistic highlights the importance of understanding the preferences and behaviors of millennials in the pet industry and tailoring products and services to meet their needs.
Conclusion
After analyzing the global pet industry statistics, it is evident that the sector continues to experience significant growth and plays a vital role in economies around the world. With increasing pet ownership rates and a growing focus on pet health and wellness, the industry shows promising prospects for the future. Businesses and individuals involved in the pet industry should stay informed about these trends to capitalize on the opportunities available in this dynamic market.
References
0. – https://www.www.mordorintelligence.com
1. – https://www.www.americanpetproducts.org
2. – https://www.www.gminsights.com
3. – https://www.www.transparencymarketresearch.com
4. – https://www.www.ibisworld.com
5. – https://www.www.statista.com
6. – https://www.www.researchandmarkets.com
7. – https://www.dribbble.com
8. – https://www.www.prnewswire.com
9. – https://www.www.globenewswire.com
10. – https://www.www.cnbc.com
