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The Pet Industry’s Economic Impact

The Pet Industry’s Economic Impact

 

“A Recession-Proof Market”

 

While lots of different industries, products, and innovative ideas that have transformed our world eventually go out of style, the pet industry has, and will, remain a growing industry. Not only is it a stable and safe market to both invest in, and experiment in, it’s also a growing market where more and more consumers are buying pets and accommodations for their furry friends.

While Baby boomers occupied 32% of the pets being adopted and owned today, millennials and generation Y and Z are taking over the pet market with a whopping 62% of pet ownership.

“The pet industry has been experiencing explosive growth. According to The American Pet Products Association, almost 85 million households have a pet and over the last 30 years pet ownership has gone from 56% to 68% of all households. Some of the changes in pet ownership are due to technology and the advent of online purchasing. But most of the growth is because of changes in culture. As millennial and Generation Z consumers have come into adulthood, they have embraced the pet-owning and pet-loving lifestyles to a far greater extent than their elders. While baby boomers account for 32% of pets owned, households headed by younger cohorts account for 62% of pet ownership.” – Forbes

 

Feel free to use our infographic below as a free resource as well as enjoying more statistics on the pet industry:

 

Numbers & Statistics

Sources: RunLoyal Industry Analysis | The Pet Leadership Council | Forbes

 

  • Over the last 30 years, there’s been 68% growth of pet ownership in the U.S.
     

  • 85 million households have at least one pet

  • $75 billion dollars is spent on pets in the U.S. per year (estimated)

  • 183 million dogs and cats are owned in the U.S. alone
  • 65% of U.S. households own a pet.
    • 48% own at least one dog
    • 38% own at least one cat
    • 10% own a freshwater fish
    • 6% own a bird
    • 5% own a small animal (rabbit, ferret, hamster, etc.)
    • 4% own a reptile
    • 2% own a saltwater fish
  • The U.S Pet Industry supports over 1.3 million jobs
  • The U.S. Pet Industry pays more than $60 billion in salaries, wages, and benefits
  • $22.7 billion was paid in taxes by the Industry at the Federal State and Local Levels.
  • $221.1 billion in Total Economic Output, of which $78.9 billion in Direct Economic Output
  • Direct sales of the U.S. Pet Industry
    • $21 billion in Veterinary Services
    • $14.5 billion in Pet Products
    • $8 billion in Pet Services
    • $2.1 billion in Pet Sales
    • $32.3 billion in Pet Food Manufacturing
  • How much dog owners spend on their dog each year:
    • 3% spend $0-$99
    • 31% spend $100-$499
    • 35% spend $500-$999
    • 21% spend $1,000-$1,999
    • 7% spend $2,000-$3,499
    • 1% spend $3,500-$4,999
    • 2% spend $5,000+
  • What dog owners buy most:
    • 72% toys
    • 63% medicine
    • 61% accessories 
    • 56% collars/leashes
    • 40% food
    • 39% treats
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