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2018 Brings New Highs for Pet Industry

Image via Cressida studio/Shutterstock

The American Pet Products Association (APPA) released their annual report on the “Pet Industry Market Size & Ownership Statistics,” and it shows that pet parents are spending more than ever on their fur babies.

In 2017, pet parent expenditures totaled $69.51 billion; however, for 2018, the APPA is estimating that pet parents will have spent around $72.13 billion.

The APPA estimates that within US markets, the majority of spending will be on food, followed by pet supplies and over-the-counter (OTC) medicine. Their full estimated breakdown for 2018 pet parent spending in the pet industry is as follows:

Food – $29.88 billion

Supplies/OTC Medicine – $15.51 billion

Vet Care – $18.26 billion

Other Services – $6.47 billion

Live animal purchases – $2.01 billion

These pet parent spending statistics are not just limited to dogs and cats, though. The APPA accounts for expenditures on pet supplies for all pets: dogs, cats, birds, horses, freshwater fish, saltwater fish, reptiles and small animals.

According to the APPA’s most recent National Pet Owners Survey, the number of US households that own a pet is on the rise as well:

Dog – 60.2 million

Cat – 47.1 million

Freshwater Fish – 12.5 million

Bird – 7.9 million

Small Animal – 6.7 million

Reptile – 4.7 million

Horse – 2.6 million

Saltwater Fish – 2.5 million

The ever-increasing pet parent spending and pet ownership trends indicate that not only are more people making pets are part of their family, but that pet ownership attitudes are evolving as well. Pets are fast becoming considered family members who deserve plenty of pampering, spoiling and care.

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