In our latest coverage report for the Pet & Animal Care Industry, we explain how humanization within the industry has been a leading catalyst for growth in the market. Consumers have shifted preferences toward premium priced products and expensive veterinary care which have resulted in an estimated $72.1 billion in US Pet industry spending in 2018, according to the most recent American Pet Products Association (APPA) figures.1 Pet food composes the majority of US spending, accounting for an estimated $29.9 billion (41.5%).
Humanization trends include spending on natural and healthy food products, premium veterinary care, and other highly discretionary products. These have been supported by robust disposable income levels and the corresponding consumer confidence that comes with it.
Additional drivers of demand include 68% US household pet ownership levels, according to APPA’s most recent National Pet Owners Survey, and the 35% pet ownership level among millennials.