Key Pet Industry Statistics
The pet industry is constantly growing, pulling in millions of dollars each year in pet food, treats, vet care, supplies, pet insurance, and more. Here are some of the latest numbers uncovered as of 2021.
- The U.S. pet industry reached an estimated $99 billion in 2020
- 61% of U.S. pet owner will pay more for food specifically for their pet’s dietary needs
- Dog owners spend an average of $73/year on grooming alone
- 21% of pet owners spent more money on their pets during COVID-19
- Millennials take up 31% of the pet owner population
- 69% of Millennials choose natural and organic products over not for their pets
- More than 67% of American households own at least one pet
1. Pet food that targets specific dietary needs
61% of U.S. pet owners are willing to pay more for foods that target their pet’s specific dietary needs. Not only that, but 69% of Millennials prefer buying natural and organic foods and treats over not. And with Millennials being the next generation of pet owners, it’s safe to say this number is only going to increase each year.
Diving deeper into the pet food industry, pet food sales reveal that 73% of pet owners buy their food online versus in-store.
2. Pet insurance reached $3.21B globally
Pet owners are opting more and more towards pet insurance. The pet insurance industry just reached $3.21 billion globally, with consumer reports estimating that it will hit $5.89 by 2025.