#tbt: Pet spending almost US$5B less just 2 years ago
Spending in the pet industry in 2013 was US$55.72 billion, compared with US$60.28 in 2015
From Petfood Industry:
Overall spending in the pet industry for 2013 came in at more than US$55.7 billion, a 4.5% growth over spending in 2012, according to the American Pet Products Association (APPA). Overall spending for 2014 was more than US$58 billion, and for 2015 was a record US$60.28 billion – an increase every year.
Each year, pet services, which includes grooming, boarding, walking, training, daycare and spa services for pets, saw the largest growth. The second-largest area of growth in 2013 was food, in 2014 was veterinary care, and in 2015 was supplies/OTC meds.
Each year, there has been a slight decline in live animal purchases, which can be attributed to a decline in pet types available from shelters or breeders, a growing number of pet sale bans, and longer pet life spans due to improved health care.
The food category has consistently been the leading source of dollars spent in the industry. In each year’s report, APPA has pointed out that the pet humanization trend has driven increased growth in overall spending. As the pet industry continues to mirror human food and diet trends, pet owners are becoming more aware of the quality and source of food given to their animal companions. Pet food manufacturers are offering new varieties of food for dietary preferences, medical issues, overall health, and other partialities, and pet owners are paying for these options. Ongoing category growth comes mainly from rising prices and not from a larger volume of pet food being sold.
Overall spending in the pet industry for 2013 came in at an all-time high of more than US$55.7 billion, a 4.5% growth over spending in 2012. In addition, the pet industry is positioned positively once again as the American Pet Products Association (APPA)'s annual comprehensive spending and data report estimates overall spending for 2014 at US$58.51 billion, a 4.9% growth over 2013.