The American Pet Products Association says spending on our pets saw large growth during the year 2014. Overall spending in the pet industry exceeded 58 Billion! Bob Vetere, APPA president, said, “The pet industry continues to outpace most other retail segments and for 2015 we are projecting to surpass the 60 billion mark”. What areas saw the largest spending and who spent it?
Pet services, which includes grooming, boarding, walking, training, daycare and spa services for all kinds of pets, saw the largest growth again this year at almost 10%. Second only to pet services in growth, is veterinary care spending. Even though visits to the vet are slightly down last year, expenditures per visit continue to go up as more expensive procedures grow in popularity. Spending at the vet is expected to grow about 5% in 2015 to over 15.7 billion.
The largest category is by far the food, (and treat), category. Pet owner are becoming more aware of the quality and source of the food they are feeding their 4 legged family members. Manufacturers continue to bring new foods to market for dietary preferences; medical issues, and overall health. Pet owners are willing to pay for these options.
Supplies and over the counter medications come in third for both amount spent and percentage growth. This category includes dog and cat beds, bowls, collars, fish tanks, terrariums, bird toys, etc.
There was a decline in live animal purchases; Vetere says that this may be because of the growing number of pet sale bans, and longer pet lifespan due to increased health care.
Who knew we, as pet owners, were part of such a large industry?