GITNUX MARKETDATA REPORT 2024

Pet Product Industry Statistics

The pet product industry continues to experience strong growth, driven by increasing pet ownership rates and a growing trend towards premium and innovative products.

With sources from: americanpetproducts.org, euromonitor.com, petfoodprocessing.net, bizvibe.com and many more

Statistic 1

The global pet care market size stood at USD 202.6 billion in 2019

Statistic 2

It's predicted that the pet market will rise to almost $360 billion by 2027

Statistic 3

Global e-commerce grew significantly in 2020 with 87% growth in cat treats and 968% in dog treats

Statistic 4

Dog food accounts for the largest portion of the pet products industry, making up 39% of the market

Statistic 5

Within the pet specialty market, 65% of pet owners buy some sort of pet accessory

Statistic 6

73% of millennials currently own a pet.

Statistic 7

The global pet food market was worth $94.6 billion in 2017

Statistic 8

By 2024, the global cat and dog food market is projected to reach $91.3 billion

Statistic 9

Growth rate of pet ownership in the US increased by 4.2% from 2016 to 2018.

Statistic 10

Global pet care product sales reached around $125 billion in 2018.

Statistic 11

Pet products related to grooming have shown a Compound Annual Growth Rate (CAGR) of 5.0% from 2016-2021.

Statistic 12

Pet insurance market is expected to reach USD 14.9 Billion by 2028

Statistic 13

The pet toy industry is projected to surpass $1 billion in annual sales by 2023

Statistic 14

U.S. pet industry expenditure was $99 billion in 2020.

Statistic 15

67% of U.S. households, or about 85 million families, own a pet.

Statistic 16

Market size estimate of Organic Pet Food is expected to reach USD 1.23 billion by 2026.

Statistic 17

38% of millennials who own pets say they are buying more pet products online.

Statistic 18

63% of pet owners are willing to spend more on foods that support their pet's health.

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In this post, we explore the dynamic landscape of the pet product industry by examining key statistics and trends that shed light on the market’s size, growth projections, consumer behavior, and emerging opportunities. From the soaring global market value to the increasing popularity of online purchases and the emphasis on pet health and wellness, these statistics provide valuable insights into the pet care sector’s evolution and future prospects.

Statistic 1

"The global pet care market size stood at USD 202.6 billion in 2019"

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Statistic 2

"It's predicted that the pet market will rise to almost $360 billion by 2027"

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Statistic 3

"Global e-commerce grew significantly in 2020 with 87% growth in cat treats and 968% in dog treats"

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Statistic 4

"Dog food accounts for the largest portion of the pet products industry, making up 39% of the market"

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Statistic 5

"Within the pet specialty market, 65% of pet owners buy some sort of pet accessory"

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Statistic 6

"73% of millennials currently own a pet."

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Statistic 7

"The global pet food market was worth $94.6 billion in 2017"

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Statistic 8

"By 2024, the global cat and dog food market is projected to reach $91.3 billion"

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Statistic 9

"Growth rate of pet ownership in the US increased by 4.2% from 2016 to 2018."

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Statistic 10

"Global pet care product sales reached around $125 billion in 2018."

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Statistic 11

"Pet products related to grooming have shown a Compound Annual Growth Rate (CAGR) of 5.0% from 2016-2021."

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Statistic 12

"Pet insurance market is expected to reach USD 14.9 Billion by 2028"

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Statistic 13

"The pet toy industry is projected to surpass $1 billion in annual sales by 2023"

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Statistic 14

"U.S. pet industry expenditure was $99 billion in 2020."

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Statistic 15

"67% of U.S. households, or about 85 million families, own a pet."

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Statistic 16

"Market size estimate of Organic Pet Food is expected to reach USD 1.23 billion by 2026."

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Statistic 17

"38% of millennials who own pets say they are buying more pet products online."

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Statistic 18

"63% of pet owners are willing to spend more on foods that support their pet's health."

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Interpretation

The global pet product industry is experiencing significant growth, with market sizes expanding across various segments such as pet care, food, accessories, and insurance. The increasing trend in pet ownership, particularly among millennials, is driving the demand for a wide range of products, with a notable shift towards e-commerce and premium, health-focused offerings. The projections for the future suggest continued upward momentum, making it a lucrative market for businesses to explore and invest in.

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