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May 14, 2022 · The factory system, with its emphasis on product inspection, started in Great Britain in the mid-1750s and grew into the Industrial Revolution in the early 1800s. American quality practices evolved in the 1800s as they were shaped by changes in predominant production methods.
The global pet market todayis worth roughly $261 billion.The U.S. pet care marketwas estimated at $79.3 billion in 2021.The U.S. pet market is projected to growto $325.74 billion by 2028.
- The 20 Pet Industry Statistics
- Overall Market of Pet Industry Trends
- Food Industry Trends Within The Pet Industry
- Trends Within The Health, Grooming, and Wellness Pet Industry
- Pet Accessory Market Trends
- Frequently Asked Questions About The Pet Industry
1. The global pet market today is worth roughly $261 billion.
(Common Thread) It may be no surprise how much the global pet market is worth. COVID-19 certainly had a hand in the incline over the last couple of years. While $261 billion is a vast amount, the global market was worth $245 billion in 2021 alone, and the numbers are expected to rise each year.
2. The U.S. Pet Care Market was estimated at $79.3 billion in 2021.
(Global Industry Analysis) In North America, people spend a ton on pet care services, and the numbers show. Adoptions were on the rise, especially with the seemingly never-ending pandemic. People with disposable income are spending more money on their pets, such as buying high-quality food, expensive grooming services, and accessories.
3. The U.S. pet market is projected to grow to $325.74 billion by 2028.
(Fortune Business Insights) Pet care products have become increasingly popular, and more people are aware of pet wellness. Many pet food manufacturers are developing high-end pet food for health-conscious pet owners. In addition, the market has expanded to offer a wide range of products, such as subscription-based toys and treat boxes, and high-tech accessories like training collars and automatic food and water feeders.
7. The U.S. pet care market, including food and treats, soared over $100 billion in 2020.
(Pet Food Processing) The U.S. pet food and treat market has a steady incline, hitting a record of over $100 billion in sales for the first time, with pet food and treats accounting for $42 billion of the record-breaking sales; that alone accounted for a 9.7% increase from 2019.
8. Approximately 0.2% of U.S. pet owners cook for their pets.
(Statista) Feeding healthy food for our pets has become a definite trend. With more and more people leery of the pet food market’s nutrition, pet owners are turning to their own kitchens to make fresh food for their four-legged friends.
9. 43% of dog owners and 41% of cat parents choose to purchase premium pet foods.
(Pet Food Processing) Premium pet foods are at a steady incline within the U.S. premium pet food market. Many pet owners are willing to spend more on better-quality food for their furry pals. Dry food, wet food, and treats all account for the incline. 1. See also: 10 Cat Food Trends to Watch
12. Approximately 3.45 million pets in the U.S. have an insurance policy.
(Pawlicy Advisor) Pet insurance used to be an insurance that most Americans had never heard of, but nowadays, pet owners are enrolling their furry companions into an insurance plan. These insurance plans work much in the same way as human plans, with a variety of policies to choose from. Pet insurance had an annual increase of 23.2% from 2019.
13. U.S. pet owners spend roughly $55,000 during a pet’s lifetime.
(Synchrony) Many pet owners often find themselves in a bind when it comes to vet bills. Unexpected expenses take pet owners by surprise, resulting in an increase in financial solutions, such as Care Credit. It is estimated that four out of five pet owners will face an unexpected vet bill.
14. 36% of dog owners trust their veterinarians for their dogs’ dental needs.
(American Kennel Club) Brushing your dog’s teeth can be a daunting task, and most dogs don’t care for it. Dental health is important for a dog’s overall health, and many dog owners opt for a professional cleaning rather than going through the rigmarole of brushing.
17. 60% of Gen Z plan on purchasing birthday or Christmas gifts for their pets.
(Statista) Many pet owners treat their pets like family members, and that means pets receive gifts for special occasions, just as humans. Gen Z leads this pack, with Baby Boomers coming in at 42%
18. 44% of U.S. pet owners use CBD to treat stress and anxiety for their pets.
(Convenience Store News) Humans are not the only ones who use CBD oil; it’s proven to be beneficial to pets, too. In a recent survey, CBD oil is a hit among many pet owners. About 38% use CBD oil based on a veterinarian’s recommendation, 53% give CBD to their pets in edible form, and 74% are likely to recommend CBD to other pet owners.
19. The U.S. pet supplement market is projected to grow to $1.05 billion by 2027.
(Grand View Research) Pet supplements have had a steady incline in recent years. In 2020, the U.S. market size reached $1.47 billion, and the projected compound annual growth rate (CAGR) is expected to climb to 5.9% from 2021 to 2028. More and more pet food manufacturers are getting in on the action, offering supplements for hip and joint issues, digestive issues, immune and allergy support, and more.
What are pet tech accessories?
Technology is constantly evolving, and it’s evolving within the pet industry, too. Interactive gadgets have recently become popular, such as automatic treat dispensers, rechargeable LED collars, dog activity monitors, and much more. (DMR)
How big are dog walking services?
Americans lead busy lives, and sometimes, time is limited for walking your dog. Luckily, dog walking servicesis an increasingly profitable business with a market size of $1 billion as of 2022. This market is projected to increase yearly. (IBIS World)
Do people buy Valentine’s gifts for their pets?
Yes! Valentine’s Day is a big market for our four-legged friends; in 2020, it was estimated that people would spend $1.7 billion. That’s a lot of Valentine’s gifts for pets! (Market Watch)
The pet industry is no doubt a booming market. Almost considered a favorite American pastime, pet owners flock to stores to buy items for their beloved pet babies, both in-person and online. Whether it be subscribing to a fresh dog food delivery service, buying supplements, or purchasing pet insurance, there’s no doubt the pet industry has exploded...
- Rachel Giordano
May 14, 2022 · Those who stayed on the drugs through year three may have had worse ADHD symptoms earlier in the trial, they reasoned. However, when the MTA researchers looked at this possibility, they found the opposite to be true. If anything, the off-med group at the end of year three had more severe symptoms early in the trial.
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