The Latest Pet Product Industry Statistics Explained
The global pet care market size stood at USD 202.6 billion in 2019
The statistic indicates that the global pet care market had a total value of USD 202.6 billion in 2019. This figure represents the combined value of all products and services related to pet care worldwide for that year. The market size includes various subcategories such as pet food, pet healthcare, grooming products, and other related items. This statistic gives insight into the significant economic value placed on pet care around the world, showing the growing importance of pets to many households and the increasing amount of spending dedicated to their well-being.
It’s predicted that the pet market will rise to almost $360 billion by 2027
The statistic predicts that the pet market is expected to experience significant growth and reach a value of nearly $360 billion by the year 2027. This projection suggests a substantial increase in consumer spending on products and services related to pets over the next few years. Factors contributing to this growth may include a rise in pet ownership, increased awareness of pet health and wellness, and advancements in pet care products and services. The expanding market size indicates opportunities for businesses in the pet industry to capitalize on this growing demand and cater to the needs and preferences of pet owners.
Global e-commerce grew significantly in 2020 with 87% growth in cat treats and 968% in dog treats
The statistic indicates that there was a substantial growth in global e-commerce in 2020 specifically within the pet treats market. The data shows that there was an 87% increase in sales of cat treats and an astonishing 968% increase in sales of dog treats compared to the previous year. This significant growth highlights the shift towards online shopping in the pet industry, likely driven by factors such as the COVID-19 pandemic and the convenience of purchasing pet products online. The surge in e-commerce sales for pet treats suggests a growing trend of consumers turning to online platforms to fulfill their pet care needs, indicating a shift in consumer behavior towards digital shopping channels.
Dog food accounts for the largest portion of the pet products industry, making up 39% of the market
The statistic “Dog food accounts for the largest portion of the pet products industry, making up 39% of the market” indicates that within the pet products industry, dog food holds the highest market share compared to other pet products, such as cat food, pet accessories, or pet grooming products. Specifically, dog food products represent 39% of the total market, meaning that a significant portion of consumer spending within the pet industry goes towards purchasing dog food. This statistic underscores the importance of catering to the needs of dog owners and highlights the significant demand for dog food products within the pet industry, making it a key driver of revenue and growth for businesses operating in this sector.
Within the pet specialty market, 65% of pet owners buy some sort of pet accessory
The statistic “Within the pet specialty market, 65% of pet owners buy some sort of pet accessory” indicates that a significant majority of pet owners who shop at specialty pet stores purchase items such as toys, grooming tools, clothing, or other accessories for their pets. This statistic suggests that pet accessories are in high demand among consumers within this specific market segment, reflecting a trend of pet owners showing a strong interest in providing additional care and comfort for their furry companions. Understanding this statistic can be valuable for businesses operating in the pet accessory industry, helping them tailor their marketing strategies and product offerings to better cater to the preferences and purchasing habits of pet owners within this market.
73% of millennials currently own a pet.
The statistic stating that 73% of millennials currently own a pet suggests that pet ownership is particularly prevalent among individuals born roughly between 1981 and 1996. This high percentage indicates a strong attachment to companion animals within this demographic group, likely driven by various factors such as the desire for companionship, stress relief, and emotional support. The high rate of pet ownership among millennials may also be influenced by changing societal attitudes towards pets, viewing them more as family members rather than merely property. This statistic highlights the importance of pets in the lives of millennials and the significant role they play in providing emotional well-being and companionship to this generation.
The global pet food market was worth $94.6 billion in 2017
The statistic ‘The global pet food market was worth $94.6 billion in 2017’ refers to the total value of all pet food products sold worldwide in the year 2017. This figure indicates the significant size and economic importance of the pet food industry on a global scale. The market value represents the total revenue generated from sales of various types of pet food products, including dry food, wet food, treats, and supplements for pets such as dogs, cats, and other companion animals. This statistic underscores the growing demand for high-quality and nutritious pet food products, reflecting the increasing emphasis placed on pet health and well-being by consumers around the world.
By 2024, the global cat and dog food market is projected to reach $91.3 billion
The statistic that the global cat and dog food market is projected to reach $91.3 billion by 2024 indicates a significant growth in the pet food industry. This forecast suggests that there is a growing demand for cat and dog food products globally, as pet owners increasingly seek high-quality and specialized nutrition options for their beloved pets. Factors such as urbanization, rising disposable incomes, and changing consumer preferences towards premium pet food products are driving this upward trajectory in the market. The projected value of $91.3 billion highlights the substantial economic impact of the pet food industry and underscores the importance of understanding and meeting the evolving needs of pet owners worldwide.
Growth rate of pet ownership in the US increased by 4.2% from 2016 to 2018.
The statistic indicates that the number of pets owned in the US grew by 4.2% from 2016 to 2018, suggesting a notable increase in pet ownership during that time period. This growth rate implies that more people in the US are choosing to own pets, whether they are dogs, cats, or other companion animals. The increase in pet ownership could be driven by various factors such as a greater understanding of the benefits of having pets, changing attitudes towards pet ownership, or lifestyle changes that make owning pets more feasible. Overall, this statistic highlights a trend towards a higher prevalence of pets in US households over the two-year period.
Global pet care product sales reached around $125 billion in 2018.
The statistic indicates that the total sales of pet care products worldwide amounted to approximately $125 billion in the year 2018. This figure highlights the significant market size and consumer spending in the pet care industry. The data reflects the growing trend of pet ownership and the increasing emphasis placed on the well-being of pets by their owners. The substantial sales figure also suggests a thriving and competitive market for pet care products, with a wide variety of products such as food, accessories, grooming supplies, and healthcare items contributing to the overall revenue.
Pet products related to grooming have shown a Compound Annual Growth Rate (CAGR) of 5.0% from 2016-2021.
The statistic indicates that the pet products market related to grooming has experienced a consistent growth rate of 5.0% per year on average from 2016 to 2021, as measured by its Compound Annual Growth Rate (CAGR). This implies that the demand for grooming products for pets, such as shampoos, brushes, and grooming tools, has been steadily increasing over the specified time period. The 5.0% CAGR suggests a moderate but stable growth trend, reflecting a continuous interest and investment in pet grooming products by consumers and businesses alike. This growth rate can be used to analyze market trends, forecast future demand, and make informed business decisions within the pet products industry.
Pet insurance market is expected to reach USD 14.9 Billion by 2028
The statistic “Pet insurance market is expected to reach USD 14.9 Billion by 2028” indicates the projected growth and valuation of the global pet insurance industry by the year 2028. This figure represents the estimated total market size in terms of revenue generated from pet insurance policies purchased by owners to cover their pets’ healthcare expenses. The forecasted growth to USD 14.9 Billion suggests that there is a growing trend and demand for pet insurance as pet ownership increases and more pet owners recognize the benefits of having financial protection for their pets’ medical needs. This statistic reflects the anticipated expansion of the pet insurance market as an increasingly important sector within the broader insurance industry.
The pet toy industry is projected to surpass $1 billion in annual sales by 2023
The statistic that the pet toy industry is projected to surpass $1 billion in annual sales by 2023 indicates a significant growth and potential in the market for pet toys. This forecast suggests that the demand for pet toys is expected to continue rising steadily over the next few years, reflecting a growing trend of pet owners investing more in the well-being and entertainment of their pets. The projected milestone of reaching $1 billion in annual sales signifies a lucrative and competitive industry that is poised for expansion, likely driven by factors such as increasing pet ownership, humanization of pets, and the growing awareness of the benefits of enriching pet play experiences. This statistic provides valuable insight for businesses operating in the pet toy industry to capitalize on this upward trajectory and strategically position themselves to cater to the evolving needs and preferences of pet owners.
U.S. pet industry expenditure was $99 billion in 2020.
The statistic stating that the U.S. pet industry expenditure was $99 billion in 2020 indicates the total amount of money spent on pet-related products and services within the United States during that year. This figure encompasses a wide range of expenses, including pet food, veterinary care, grooming services, pet insurance, and pet accessories. The significant expenditure on pets highlights the importance of pets in American households and reflects the growing trend of treating pets as valued members of the family. The pet industry is a thriving sector with substantial economic impact, driving businesses, creating jobs, and fostering innovation to meet the diverse needs of pet owners.
67% of U.S. households, or about 85 million families, own a pet.
The statistic that 67% of U.S. households, or about 85 million families, own a pet indicates a high prevalence of pet ownership in the United States. This means that a significant majority of households in the country have at least one pet, which could include a variety of animals such as cats, dogs, fish, birds, or others. Pet ownership is known to have various benefits for individuals and families, including companionship, stress relief, and overall well-being. With such a large percentage of households owning a pet, it highlights the importance of pets in American society and the significant role they play in people’s lives.
Market size estimate of Organic Pet Food is expected to reach USD 1.23 billion by 2026.
The statistic states that the market size estimate for Organic Pet Food is projected to increase to USD 1.23 billion by the year 2026. This indicates a significant growth in the demand and consumption of organic pet food products in the market. As consumers increasingly prioritize the health and well-being of their pets, there is a growing trend towards organic and natural pet food options. This projected market size reflects the potential for continued expansion in the organic pet food industry, driven by factors such as increasing awareness of pet nutrition, concerns about pet health, and the overall growth of the pet care industry.
38% of millennials who own pets say they are buying more pet products online.
The statistic “38% of millennials who own pets say they are buying more pet products online” indicates that a significant proportion of millennials who have pets are shifting their purchasing behavior towards online platforms for pet products. This suggests a growing trend among this demographic in utilizing e-commerce channels for their pet-related shopping needs. The data highlights a potential shift in consumer preferences towards online shopping convenience and accessibility. As technology continues to advance and online shopping platforms become more user-friendly, it is likely that this trend will continue to grow, impacting the pet product retail industry.
63% of pet owners are willing to spend more on foods that support their pet’s health.
The statistic that 63% of pet owners are willing to spend more on foods that support their pet’s health implies that a significant majority of pet owners prioritize their pet’s well-being when it comes to selecting food options. This statistic suggests that pet owners are increasingly recognizing the importance of nutrition in maintaining their pet’s health and are willing to invest extra money in higher-quality pet foods that offer specific health benefits. This insight highlights a growing trend towards a more health-conscious approach to pet care among a majority of pet owners, underlining the potential shift in consumer behavior towards prioritizing the health and wellness of their animal companions.
References
0. – https://www.www.americanpetproducts.org
1. – https://www.www.euromonitor.com
2. – https://www.www.petfoodprocessing.net
3. – https://www.www.bizvibe.com
4. – https://www.www.statista.com
5. – https://www.reports.valuates.com
6. – https://www.www.researchandmarkets.com
7. – https://www.www.petfoodindustry.com
8. – https://www.www.ypulse.com
9. – https://www.broadly.com
10. – https://www.www.fortunebusinessinsights.com
11. – https://www.www.cnbc.com
