The Latest Pet Care Industry Statistics Explained
As of 2020, the global pet care market was valued at USD 223.54 billion.
The statistic states that as of the year 2020, the global pet care market was estimated to be worth USD 223.54 billion. This figure represents the total value of products and services related to pets, including pet food, grooming, veterinary care, and pet supplies, among others, that were purchased or consumed globally during that year. The value of the global pet care market indicates the significant economic importance of the pet industry on a global scale, reflecting the growing trend of pet ownership and the increasing expenditure by pet owners on their beloved animals. This statistic highlights the size and scope of the pet care market, demonstrating the substantial business opportunities and economic impact associated with catering to the needs and well-being of pets worldwide.
The pet care industry is expected to reach USD 358.62 billion by 2027, growing at a CAGR of 5.6% from 2021 to 2027.
The statistic indicates that the pet care industry is projected to achieve a total market value of USD 358.62 billion by the year 2027, with a compound annual growth rate (CAGR) of 5.6% from the base year of 2021 to the forecasted year of 2027. This suggests a steady and consistent increase in the industry’s revenue over the specified time period, driven by factors such as increased pet ownership, growing awareness of pet health and well-being, and a willingness among pet owners to spend on pet-related products and services. The statistic reflects a positive outlook for the pet care industry, highlighting opportunities for businesses operating in this sector to capitalize on the growing market demand.
The US pet industry expenditure was estimated to hit $99 billion in 2020.
The statistic stating that the US pet industry expenditure was estimated to reach $99 billion in 2020 signifies the significant economic impact and spending power associated with pet ownership in the country. This figure reflects the amount of money spent on pet-related products and services, including pet food, veterinary care, grooming, pet boarding, and pet accessories. The steady growth in pet industry spending highlights the strong bond between pet owners and their furry companions, as well as the increasing importance placed on the health, well-being, and overall care of pets within American households. The substantial financial investment made by individuals and families in indulging their pets demonstrates the thriving market for pet-related businesses and services in the United States.
Pet food makes up the majority of pet care costs; in the US, people spent around $38.4 billion on it in 2020.
The statistic indicates that pet food is the largest category of expenditure within pet care costs, with American consumers spending approximately $38.4 billion on it in the year 2020. This figure highlights the significant financial investment individuals make in providing nutrition and sustenance for their pets, showcasing the importance placed on the well-being and health of animal companions in American households. The substantial amount spent on pet food underscores the evolving roles pets play in society, reflecting a broader trend of treating pets as valued family members and prioritizing their care and nutrition.
67% of U.S households, or about 85 million families, own a pet.
The statistic suggests that approximately two-thirds of households in the United States, which translates to around 85 million families, have pets. This finding indicates a high prevalence of pet ownership in American households, underscoring the significant role that pets play in people’s lives. Owning a pet is a common and widely accepted practice in the U.S, showcasing the strong bond between humans and animals. The statistic highlights the popularity of pets as companions and indicates that a vast number of families across the country welcome and care for animals as part of their household.
The pet health product segment is expected to exhibit a CAGR of 5.2% during 2021-2026.
This statistic indicates that the pet health product segment, which includes products such as pet supplements, medications, and grooming items, is projected to experience a Compound Annual Growth Rate (CAGR) of 5.2% over the period from 2021 to 2026. A CAGR is a measure used to understand the annual growth rate of an investment or segment over a specified period of time, smoothing out the fluctuations that may occur year-to-year. In this context, a CAGR of 5.2% suggests a steady and positive growth trajectory for the pet health product segment, indicating increasing demand and potential market expansion in the coming years.
The pet grooming segment is expected to register a CAGR of 6.8% during 2020-2027.
This statistic means that the pet grooming industry is anticipated to experience a Compound Annual Growth Rate (CAGR) of 6.8% between the years 2020 and 2027. This percentage represents the annual rate at which the industry’s revenue or market size is expected to grow over the specified period. An increasing CAGR indicates a positive trend towards growth in the pet grooming segment, suggesting a rising demand for such services and potentially expanding market opportunities for businesses operating within the industry.
Approximately 92% of pet owners have purchased pet supplies online.
The statistic that approximately 92% of pet owners have purchased pet supplies online indicates a high prevalence of online shopping among individuals who own pets. This suggests that the majority of pet owners have turned to online platforms to purchase various supplies such as food, toys, and accessories for their pets. The high percentage highlights the convenience and accessibility of online shopping for pet products, potentially driven by factors such as a wide selection of products, competitive pricing, and the ability to compare different options easily. This information implies that the online pet supply market is a significant and thriving industry catering to the needs of pet owners seeking convenience and efficiency in acquiring supplies for their beloved animals.
E-commerce pet food sales reached $5.8 billion in the US in 2020.
The statistic “E-commerce pet food sales reached $5.8 billion in the US in 2020” indicates the total revenue generated from online sales of pet food products within the United States for the year 2020. This figure represents the substantial growth and popularity of e-commerce among consumers, particularly in the pet food industry. The $5.8 billion in sales highlights the significant market size and consumer demand for convenient online shopping options for pet-related products. This statistic serves as a key indicator of the increasing trend towards online shopping for pet essentials and reflects the shift in consumer behavior towards digital platforms for making purchases.
The global pet insurance market was $6.05 billion in 2020 and is projected to reach $11.25 billion by 2026.
The statistic provided indicates that the global pet insurance market, representing the total revenue generated by pet insurance companies worldwide, was valued at $6.05 billion in the year 2020. Furthermore, based on projections, it is expected to increase in value and reach $11.25 billion by the year 2026. This indicates a significant growth trend in the pet insurance industry over the upcoming years, highlighting an increasing awareness and demand for insurance coverage for pets on a global scale. Factors such as rising pet ownership rates, increasing healthcare costs for pets, and a shift towards preventative care for animals are likely contributing to the projected growth of the pet insurance market.
There was a 9.8% annual growth in vet spending per household from 2017 to 2018.
The statistic “There was a 9.8% annual growth in vet spending per household from 2017 to 2018” indicates that the average amount of money spent on veterinary care per household increased by 9.8% from 2017 to 2018. This growth rate suggests a significant upward trend in the level of expenditures on vet services within households over the one-year period. Such an increase could be driven by various factors such as rising costs of veterinary care, increased pet ownership, an increase in specialized treatments offered by veterinary practices, or simply a greater awareness and prioritization of pet health by households. This statistic highlights a notable change in consumer behavior and financial allocation towards pet healthcare within a relatively short timeframe.
In the US, households spend an average of $212.80 on pet food annually.
This statistic indicates that, on average, households in the United States expend $212.80 per year on pet food. This information provides insights into the financial commitment that pet owners make to provide for their pets’ dietary needs. The average amount spent on pet food can vary based on factors such as the type and size of pets, dietary preferences, and economic factors. Understanding this average expenditure can be helpful for pet food manufacturers, retailers, and policymakers in gauging the market demand for pet food products, as well as for pet owners in budgeting for their pets’ care.
There were over 4 million downloads of pet care apps across iOS and Google Play in Q1 2020.
The statistic indicates that in the first quarter of 2020, there were more than 4 million downloads of pet care apps from both the Apple App Store (iOS) and Google Play Store. This suggests a significant level of interest and engagement in pet care-related digital tools during that time period. The high number of downloads implies a growing trend towards the use of technology for pet care management, which may indicate shifts in pet ownership behaviors and preferences towards utilizing mobile applications for various aspects of pet health, grooming, training, and overall well-being.
As of 2021, around 49% of the global pet care market is concentrated in North America.
The statistic that around 49% of the global pet care market is concentrated in North America as of 2021 highlights the dominant role of the region in the pet care industry. This signifies a significant market share held by North America, which includes the United States and Canada, compared to other regions worldwide. The concentration of nearly half of the global pet care market in North America suggests strong demand for pet-related products and services in the region, potentially indicating higher pet ownership rates and disposable income levels among pet owners. This statistic underscores the economic importance and influence of North America in shaping trends, innovations, and developments within the pet care market on a global scale.
Over 10% of veterinarians in the US solely provide mobile veterinary services.
The statistic suggests that a significant portion of veterinarians in the United States exclusively offer mobile veterinary services, amounting to over 10% of the total veterinarian population. This indicates a growing trend in the veterinary profession where practitioners are opting for a more convenient and flexible approach to providing care to animals by offering services directly at the clients’ homes. This shift can be attributed to various factors such as the increased demand for personalized and convenient healthcare services for pets, reduced overhead costs associated with traditional brick-and-mortar clinics, and the potential to reach a broader client base. As a result, mobile veterinary services are playing an increasingly important role in the pet healthcare industry in the US.
47% of millennials in the US have a pet dog.
The statistic “47% of millennials in the US have a pet dog” indicates that nearly half of individuals in the millennial generation living in the United States own a dog as a pet. This data point sheds light on the pet ownership preferences of millennials, highlighting dogs as a popular choice among this demographic group. The statistics suggest that dogs play a significant role in the lives of many millennials, potentially serving as companions, sources of emotional support, or factors contributing to an active lifestyle. Understanding pet ownership trends among millennials can have implications for industries related to pet care, such as veterinary services, pet food, and pet care products.
The annual global sales of pet medication was $6 billion in 2020.
The statistic “The annual global sales of pet medication was $6 billion in 2020” indicates the total amount of revenue generated worldwide from the sales of medication for pets in the year 2020. This figure reflects the significant market size and economic activity associated with providing healthcare products for animals. The substantial $6 billion sales figure highlights the growing importance placed on pet health and well-being by pet owners and the veterinary industry. This statistic suggests a thriving market for pet medication and underscores the substantial investment made in ensuring the health and quality of life for pets around the world.
Organic pet food sales have grown by 9.5% annually since 2013.
The statistic indicates that the sales of organic pet food have been increasing at a rate of 9.5% per year since 2013. This growth rate suggests a significant trend towards consumers preferring organic options for their pets’ diets. The consistent annual increase of 9.5% over several years signals a sustained and steady rise in demand for organic pet food products. Factors contributing to this growth could include a shift towards healthier and more sustainable lifestyles among pet owners, increased awareness of the potential benefits of organic ingredients for pets’ health, and a general trend towards environmentally friendly and ethical consumer choices. The statistic highlights a notable market trend that could have implications for the pet food industry and the preferences of pet owners going forward.
Conclusion
The pet care industry is clearly a thriving sector, with consistent growth and increasing opportunities for businesses and pet owners alike. As the demand for pet products and services continues to rise, it is important for both industry professionals and consumers to stay informed on the latest trends and statistics to make well-informed decisions. By keeping up-to-date with industry data, players in the pet care market can adapt and innovate to meet the evolving needs of pets and their owners.
References
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