What Industry Is Pet Products?

According to statistics, between 2017 and 2018, there were 393 million pets in the United States alone, and total pet spending reached $72.56 billion. In Europe, the total number of companion animals in 2018 was estimated at over 158 million pets. Total pet spending can be broken down into nutrition, supplies/medications, veterinary care, live animal purchases and other services. The pet industry is a market industry related to companion animals. It includes things related to production, consumption and cultural activities linked to the market. Even in addition to diet, toys and basic animal care, multiple inclusive services have emerged on the market, such as pet taxis, pet kindergartens, dedicated facilities in hotels, theme parks and funeral services and other new services and product.

According to the 2019-2020 APPA National Pet Owners Survey, the most common pet in the United States is a dog, with 63.4 million U.S. households owning at least one pet. Next are cats, with 42.7 million households keeping a cat. The third most popular pet owned in the United States is a freshwater fish, with 11.5 million households owning at least one fish. Next are birds (5.7 million households), small rodents (5.4 million households), reptiles (4.5 million households), and finally saltwater fish and horses (3.2 million households).

The basic annual cost of raising and maintaining a pet dog in the United States is $1,381. The annual cost of owning a cat in the United States is $908. These expenses include things like surgical vet visits, routine vet visits, food, vitamins and toys.

healthcare market

The global animal health market size was estimated at USD 43.55 billion in 2018, growing at a compound annual growth rate (CAGR) of 5.6% from 2017 to 2025. The global animal health market is expected to reach US$70.01 billion by 2026. A large part of this is the companion healthcare market, which was expected to reach $15.3 billion in 2019 and is expected to grow to $20.7 billion by 2024, growing at a CAGR of 6.26%. This estimated increase is primarily due to government initiatives attempting to encourage growth in veterinary medicinal products and treatments. However, the growth of the market is associated with an increase in companion animal adoptions. The companion animal healthcare market is driven by zoonotic and foodborne diseases in companion animals, increasing companion animal ownership, healthcare concerns of pets, and growing focus on improved nutrition. A large portion of the companion animal health care market is insurance investments. The pet insurance market is expected to reach $10 billion by 2025. The coverage may include a multi-pet insurance plan so that multiple pet policies are covered in one plan. In some cases, coverage may also cover pet cremation and pet loss.

The positive side effects of the pet industry on the economy can be seen in the number of visits to medical facilities such as doctors. In 1998, the number of noninstitutionalized older adults receiving medical services in the United States decreased by 19 percent. In Australia in 2007, pet owners made 15% fewer doctor visits than non-pet owners. It is estimated that total health expenditure savings from pet ownership will account for 11% of Australian health care and 24% of German health care in 2013. In the UK, savings in healthcare spending due to the presence of companion animals was estimated at around £2.45 billion in 2013, or £47 million per week. It turns out that pets are really important to human companionship.

food market

According to APPA’s actual sales in the US market in 2018, of the US$72.56 billion, food expenditures were US$30.32 billion. U.S. food sales are expected to increase to $31.68 billion, based on projected sales for the U.S. market in 2019. The world's largest pet food markets are located in the United States, France, Japan and Germany, accounting for more than half of pet food sales. North America is the largest geographical region among the markets studied, accounting for approximately 39.2% of the overall market. The pet food market is segmented by animal type, product type, ingredient type, sales channel, pricing type, and geography. The shift from pet "ownership" to "nurturing" is a very critical and decisive trend in the pet food market, especially in developed countries.