How Big is the Market for Pet Products?
From dogs and cats to birds and lizards, Americans sure do love their pets. They treat their pets like members of their family and do just about anything for them. That’s why it’s no surprise that the pet product industry is booming. Pet products include pet food, vet care, grooming, boarding, toys and training. One survey found that in 2021 alone, $123.6 billion was spent on pets in the U.S. Another survey, however, discovered that the pet market was valued at $94.76 billion in 2021.
Dry dog food has been especially in demand, with the largest share of 44.9% in 2021. This type of dog food is easy to store and doesn’t make a big mess. In addition to containing vital nutrients, dry dog food is beneficial to a dog’s teeth. As dogs chew this food, it scrubs tartar and plaque off their teeth, reducing the risk of tooth decay and gum disease.
On average, people spent an average of $458 on surgical procedures for dogs and $201 on surgical procedures for cats annually. Pet owners also spent $287 on dog food and $254 on cat food, $242 on dog vet checkups and $178 on cat checkups, $228 on dog boarding and $78 on cat boarding, $81 on dog treats and $72 on cat treats and $56 on dog toys and $41 on cat toys.
Another survey found that Americans have spent $490 million on Halloween costumes for their pets. Whether they’re dressed up as a ghost or pumpkin, there are few things cuter than seeing a cat or dog dressed up for Halloween.
The global natural food market has grown to $22.8 billion. More and more pet owners are recognizing the advantages of organic pet foods and willing to spend more money for it. Natural pet food doesn’t contain antibiotics, pesticides, chemical by-products or artificial coloring.
In 2022, a survey found that 48% of people who give their pets CBD oil administer it as edible treats. CBD doesn’t provide numerous benefits for humans. It can also be beneficial for pets. CBD oil can reduce pain, boost immunity, reduce anxiety, support the cardiovascular system and support the nervous system.