Consumer spending in the US pet market will reach US$62 billion in 2013, up 4.7 percent from 2012, according to US Pet Market Outlook 2013-2014.
This study, recently released by Packaged Facts, shows that petfood and veterinary services account for the majority of the market, with more than US$21 billion each in sales forecast for 2013. Non-medical services, such as grooming, boarding, training and pet sitting, are growing at the fastest annual rate of 6 percent.
Dogs account for two-thirds of sales in the overall pet products and services market, but account for 90 percent of spending in the non-medical services category.
Further research from Packaged Facts shows that consumers are becoming less price sensitive than in past years. Though sales in grocery stores have been relatively flat, pet owners have focused on pet specialty channels and premium pet products. Much of this trend is attributed to a growing demand for natural petfood products.
Additionally, pet ownership by younger adults is at a higher level than recent years. "Half of the adults in their 20s have a dog in the household, up from only a third a decade ago," said David Sprinkle, research director for Packaged Facts.
Other contributing factors to market growth and increased consumer spending are an increasing focus on animal health and the humanization of pets.