Key Highlights
- The global pet care industry was valued at approximately $232 billion in 2023
- The U.S. pet industry expenditures reached over $123 billion in 2023
- Approximately 70% of U.S. households own a pet
- The number of pet owners in Europe increased by 12% from 2018 to 2022
- Pet food sales account for nearly 60% of the total pet care market revenue globally
- Over $23 billion was spent on pet food in the U.S. in 2023
- The Asian Pacific pet care market is expected to grow at a CAGR of 7.2% from 2023 to 2028
- Approximately 38% of pet owners buy organic or natural pet food
- The pet grooming segment of the industry is projected to grow at a CAGR of 4.5% from 2023 to 2028
- Veterinary services account for about 20% of total pet care revenue globally
- Nearly 45% of pet owners consider their pets as family members
- The number of pet insurance policies in force worldwide increased by 8% in 2023
- The average annual spending per dog owner in the U.S. is approximately $1,300
The booming pet care industry is hitting unprecedented heights in 2023, with a valuation surpassing $232 billion worldwide and a growing number of households treating pets as family members, fueling innovative services, premium products, and market expansions across the globe.
Digital and Innovative Pet Care Technologies
- 35% of pet owners have used mobile apps to track their pet’s health and activities in 2023
- 20% of U.S. pet owners have used technology-enabled pet cameras or trackers in 2023
Digital and Innovative Pet Care Technologies Interpretation
Market Size and Expenditure Trends
- The global pet care industry was valued at approximately $232 billion in 2023
- The U.S. pet industry expenditures reached over $123 billion in 2023
- Pet food sales account for nearly 60% of the total pet care market revenue globally
- Over $23 billion was spent on pet food in the U.S. in 2023
- The Asian Pacific pet care market is expected to grow at a CAGR of 7.2% from 2023 to 2028
- The pet grooming segment of the industry is projected to grow at a CAGR of 4.5% from 2023 to 2028
- The number of pet insurance policies in force worldwide increased by 8% in 2023
- The average annual spending per dog owner in the U.S. is approximately $1,300
- The pet health supplements segment is projected to grow at a CAGR of 6.2% between 2023 and 2028
- The U.S. veterinary care market is projected to reach $45 billion by 2028
- The wellness pet food segment accounts for approximately 25% of the global pet food market
- The global market for pet dental care products is valued at over $2 billion in 2023
- The trend of pet humanization led to a 12% increase in premium pet food sales in 2023
- The number of pet care startups raised over $500 million in funding globally in 2023
- The market for eco-friendly pet products expanded by 18% in 2023
- The global pet grooming market is expected to reach $11 billion by 2028
- The number of pet-friendly travel accommodations increased by 15% in 2023, catering to the rising trend of traveling with pets
- The pet social media influencer market is valued at over $800 million in 2023, reflecting significant marketing opportunities
- The global market for pet wearables is projected to reach $1.2 billion in 2028, driven by tech-savvy pet owners
- The global pet probiotic market is projected to grow at a CAGR of 8.5% from 2023 to 2028
Market Size and Expenditure Trends Interpretation
Pet Health and Wellness Services
- Veterinary services account for about 20% of total pet care revenue globally
- The average lifespan of a dog has increased to around 13 years
- About 60% of pet owners consult veterinarian professionals before buying pet products
- The pet euthanasia rate declined by 3% in 2023 due to improved veterinary care and pet health awareness
- The number of telehealth veterinary consultations rose by 25% in 2023
- The demand for pet behavioral training services grew by 12% in 2023, as more owners seek professional help for pet behavior issues
- The number of pets treated with alternative therapies like acupuncture or chiropractic care increased by 7% in 2023
- The performance of pet health insurance plans increased profitability for insurers by 15% in 2023
Pet Health and Wellness Services Interpretation
Pet Ownership and Demographics
- Approximately 70% of U.S. households own a pet
- The number of pet owners in Europe increased by 12% from 2018 to 2022
- Approximately 38% of pet owners buy organic or natural pet food
- Nearly 45% of pet owners consider their pets as family members
- The number of cats owned globally exceeds 600 million
- Approximately 25% of pet owners purchase specialized diet foods for their pets
- The number of registered dog breeders in the U.S. increased by 5% in 2023
- Pet adoption rates increased by 8% nationwide during 2022-2023
- The average size of a pet food company in the U.S. is around 50 employees
- In 2023, 45% of pet owners purchased their pets from breeders
- The percentage of households owning small pets like hamsters or guinea pigs increased by 10% from 2018 to 2022
- The adoption rate of senior pets increased by 10% from 2018 to 2022, demonstrating a growing focus on elder pet care
- The percentage of households owning exotic pets such as reptiles or birds increased by 5% from 2018 to 2022
Pet Ownership and Demographics Interpretation
Pet Products and Accessories Market
- The pet toy market is projected to grow at a CAGR of 4.8% from 2023 to 2028
- Online pet product sales increased by 15% in 2023
- The global market for pet accessories was valued at over $26 billion in 2023
- The demand for CBD pet products increased by over 20% in 2023
- Approximately 50% of all pet-related products are purchased online
- Pet subscription box services saw a growth rate of 10% in 2023
- The pet flavoring and scent market grew by 9% in 2023, reflecting consumer demand for multisensory engagement with pets
- Nearly 55% of pet owners prefer eco-friendly and biodegradable pet products
- 65% of U.S. pet owners have purchased or are open to purchasing pet subscriptions for food, toys, or grooming
Pet Products and Accessories Market Interpretation
Sources & References
- Reference 1PRECEDENCECLINICResearch Publication(2024)Visit source
- Reference 2PETFOODINDUSTRYResearch Publication(2024)Visit source
- Reference 3AMERICANPETPRODUCTSResearch Publication(2024)Visit source
- Reference 4STATISTAResearch Publication(2024)Visit source
- Reference 5GRANDVIEWRESEARCHResearch Publication(2024)Visit source
- Reference 6MORDORINTELLIGENCEResearch Publication(2024)Visit source
- Reference 7NPDResearch Publication(2024)Visit source
- Reference 8VINResearch Publication(2024)Visit source
- Reference 9PETINSURANCEREVIEWResearch Publication(2024)Visit source
- Reference 10PETBUSINESSResearch Publication(2024)Visit source
- Reference 11WORLDATLASResearch Publication(2024)Visit source
- Reference 12DIGITALCOMMERCE360Research Publication(2024)Visit source
- Reference 13NATIONALGEOGRAPHICResearch Publication(2024)Visit source
- Reference 14PETPRODUCTNEWSResearch Publication(2024)Visit source
- Reference 15PETSUBSCRIPTIONBOXNEWSResearch Publication(2024)Visit source
- Reference 16VETResearch Publication(2024)Visit source
- Reference 17HUMANESOCIETYResearch Publication(2024)Visit source
- Reference 18BBBResearch Publication(2024)Visit source
- Reference 19TECHCRUNCHResearch Publication(2024)Visit source
- Reference 20GREENBIZResearch Publication(2024)Visit source
- Reference 21ASPCAPETINSURANCEResearch Publication(2024)Visit source
- Reference 22VETERINARYPRACTICENEWSResearch Publication(2024)Visit source
- Reference 23PETTRAVELResearch Publication(2024)Visit source
- Reference 24PETTRAINERSResearch Publication(2024)Visit source
- Reference 25VETSTREETResearch Publication(2024)Visit source