The Latest Pet Products Industry Statistics Explained
The global pet care market is expected to reach $358.62 billion by 2027, at a CAGR of 5.7%.
This statistic indicates that the global pet care market is projected to grow significantly over the coming years, with an expected market size of $358.62 billion by 2027. The Compound Annual Growth Rate (CAGR) of 5.7% suggests a steady and consistent growth rate in the market. This growth is likely driven by increasing pet ownership, rising awareness about pet health and wellness, and the growing demand for premium and specialized pet care products and services. The projected market size and growth rate highlight the continued importance and expansion of the pet care industry on a global scale.
North America accounted for the highest market share in 2019, with a value of $95.89 Billion.
The statistic indicates that in 2019, North America held the largest market share in terms of revenue, amounting to $95.89 billion. This suggests that North America was the dominant region in the market, surpassing other continents in terms of economic impact and influence. The high market share implies that businesses operating in North America generated substantial revenue and had a significant presence in the market compared to companies in other regions. This statistic highlights the economic strength and market power of North America in 2019, underscoring its importance as a key player in the global market landscape.
The pet food segment dominated the market with a share of about 73.0% in 2019.
This statistic indicates that the pet food segment held a significant portion of the market in 2019, accounting for approximately 73.0% of the total market share. This high market share suggests that pet food products were the most popular and in-demand among consumers during that time period. The dominance of the pet food segment highlights its importance within the overall pet industry and signifies the strong preference for pet food products among pet owners. This statistic implies that companies operating in the pet food sector had a strong competitive advantage and were likely experiencing substantial sales and revenue compared to other segments within the pet industry.
The global pet accessories market is projected to reach $41.1 billion by 2027.
This statistic indicates the anticipated growth and size of the global pet accessories market by the year 2027, with a projected value of $41.1 billion. This forecast suggests a significant increase in consumer spending on pet-related products such as toys, grooming supplies, clothing, and other accessories. The rising trend of pet ownership and the increasing emphasis on pet health and well-being are likely driving factors behind this projected growth, as consumers are increasingly willing to invest in high-quality and innovative products for their pets. The expanding market for pet accessories presents opportunities for businesses to capitalize on the growing demand and cater to the needs and preferences of pet owners worldwide.
Over 67% of U.S. households own a pet, which equates to 85 million families.
The statistic states that over 67% of households in the United States own a pet, which translates to approximately 85 million families. This data indicates a significant prevalence of pet ownership, suggesting that pets play a prominent role in American households. The high percentage implies that the majority of U.S. families have at least one pet, highlighting the widespread popularity and integration of pets into people’s lives. This statistic also underscores the potential economic impact of the pet industry and related sectors, such as pet food, veterinary services, and pet care products, which cater to a large consumer base.
In 2020, $99 billion was spent on pets in the U.S.
The statistic stating that $99 billion was spent on pets in the U.S. in 2020 highlights the significant economic impact of the pet industry within the country. This expenditure encompasses various aspects such as pet food, veterinary care, grooming, toys, and other pet-related products and services. The substantial investment in pets reflects the growing trend of pet ownership and the increasing importance that individuals place on the well-being and care of their animal companions. This statistic not only underscores the financial commitment pet owners make to ensure the health and happiness of their pets but also signifies the thriving nature of the pet industry as a major economic sector in the U.S.
The pet insurance industry is expected to be worth $10 billion by 2025.
This statistic indicates the projected value of the pet insurance industry by the year 2025, with an estimated worth of $10 billion. This forecast suggests a significant growth trajectory for the industry, reflecting increasing awareness and adoption of pet insurance among pet owners. The rising costs of veterinary care, coupled with a growing emphasis on pet healthcare and well-being, are likely driving this expansion. As the demand for pet insurance continues to rise, it creates opportunities for insurance providers and related businesses to cater to this market segment and capitalize on the anticipated growth in the sector.
23% of pet owners are buying pet food online, an increase from 15% in 2018.
The statistic indicates that there has been a notable increase in the prevalence of pet owners purchasing pet food online from 15% in 2018 to 23% in the current period. This suggests a growing trend in the preference for online shopping among pet owners. The 8-percentage point increase represents a substantial shift within this demographic towards utilizing online platforms for their pet food purchases. The data highlights a significant change in consumer behavior, potentially driven by factors such as convenience, variety of options, and ease of comparison when shopping online. This increase could also reflect the overall trend towards e-commerce and online shopping in various industries.
In 2017, the pet care industry created over 200,000 jobs in the U.S.
The statistic states that in 2017, the pet care industry played a significant role in the U.S. job market by creating over 200,000 job opportunities. This statistic highlights the industry’s growing importance in the economy, showcasing the demand for pet-related services and products. The creation of over 200,000 jobs indicates a substantial level of employment within the pet care sector, suggesting a positive impact on both job seekers and the overall economy. This growth in job opportunities within the pet care industry may also reflect changing societal attitudes towards pets, with more individuals investing in the care and well-being of their furry companions.
Premium pet food accounts for the largest share of the pet food market.
The statistic that premium pet food accounts for the largest share of the pet food market indicates that among all the different types of pet food available, the premium category holds the highest proportion of sales. This suggests that consumers are increasingly willing to spend more on higher-quality pet food products for their animals. Premium pet food often contains better ingredients and is marketed as providing greater nutritional value and health benefits for pets. The trend towards premium pet food may also reflect changing consumer attitudes towards their pets, viewing them more as family members and investing in their well-being through nutrition. This statistic highlights the importance of quality and nutritional value in the pet food market, with premium products gaining popularity and market share.
In 2020, online sales accounted for 22.1% of all pet food and treat sales in U.S.
In 2020, online sales represented a significant portion of the market for pet food and treats in the United States, accounting for 22.1% of all sales in this category. This statistic indicates a growing trend of consumers turning to online platforms to purchase pet-related products, which could be attributed to factors such as convenience, variety of choices, and potential cost savings. The substantial share of online sales highlights the increasing importance of e-commerce in the pet food industry, suggesting that businesses in this sector may need to adapt their strategies to cater to the evolving preferences of consumers who are increasingly turning to digital channels for their pet care needs.
60% of global pet food revenues in 2019 came from dog food sales.
This statistic indicates that a significant portion, specifically 60%, of the total global pet food revenues in 2019 can be attributed to sales of dog food. This suggests that dog food is one of the leading contributors to the overall pet food industry, highlighting the importance and popularity of dogs as pets worldwide. The high percentage reflects the strong demand for dog food products, indicating a lucrative market for companies operating in this sector. Additionally, it implies that pet owners are willing to invest in quality food products for their dogs, emphasizing the significance of the pet care industry in meeting the needs and preferences of pet owners globally.
By 2023, cat litter product is expected to generate $4999.1 Million globally.
The statistic indicates that by the year 2023, the global revenue generated from cat litter products is projected to reach $4999.1 million. This suggests a significant market size for cat litter products worldwide, reflecting the continued demand for such products among cat owners. The figure represents the total amount of money expected to be spent on cat litter products in that year, encompassing various types and brands of cat litter available in the market. The forecasted revenue highlights the economic value and consumer interest in cat care products, showcasing the importance of this segment within the pet care industry.
The global pet grooming market is expected to reach $11.3 billion by 2026.
The statistic indicates that the global pet grooming market is projected to grow substantially and reach a value of $11.3 billion by the year 2026. This estimate suggests a significant increase in consumer spending on pet grooming services over the forecast period. Several factors could be driving this growth, including the increasing humanization of pets, rising disposable incomes in many regions, and a growing awareness of pet health and wellness. The expanding market presents opportunities for pet grooming businesses to capitalize on the growing demand for these services and cater to the needs of pet owners worldwide.
The pet medication market is projected to reach $12.6 billion by 2027.
The statistic “The pet medication market is projected to reach $12.6 billion by 2027” forecasts the anticipated total value of the market for medications designed for pets by the year 2027. This statistic indicates a growing trend in the demand for and expenditure on pet healthcare products and services, reflecting the increasing importance and value attributed to pets in society. The projected market value serves as a key indicator for stakeholders in the pet care industry, including pharmaceutical companies, veterinarians, pet owners, and investors, to anticipate future market dynamics and opportunities for growth and development in the pet medication sector.
Almost 60% of pet product buyers in the U.S. buy their supplies from mass merchandisers
The statistic indicates that nearly 60% of consumers who purchase pet products in the United States prefer to buy their supplies from mass merchandisers. This suggests that mass merchandisers, such as big-box retailers or grocery stores, are the leading choice for pet product buyers in the U.S. The high percentage points towards the popularity and widespread appeal of these big retailers among pet owners. Likely reasons for this preference could include convenience, competitive pricing, a wide selection of products, and the ability to conveniently purchase other household items in the same store. This statistic highlights the significant market share held by mass merchandisers in the pet product industry and can be valuable information for businesses looking to target pet owners as customers.
References
0. – https://www.www.gopetfriendly.com
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3. – https://www.nielseniq.com
4. – https://www.www.researchandmarkets.com
5. – https://www.www.globenewswire.com
6. – https://www.www.alliedmarketresearch.com
7. – https://www.www.petfoodindustry.com
8. – https://www.www.fortunebusinessinsights.com
