20 US Pet Industry Statistics 2024: Surprising Facts, Trends & Growth
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Note: This article’s statistics come from third-party sources and do not represent the opinions of this website.
The pet industry has skyrocketed over the last few years, and some statistics about the market may surprise you. Most pet owners consider their pets part of the family. With that comes spending money on their fur babies, and we’re not just talking about treats and food. The pet industry is booming in many sectors, including health and wellness, grooming, and pet accessories. The pet industry is also a huge employer for many Americans.
The 20 Pet Industry Statistics
- The global pet market today is worth roughly $320 billion.
- The U.S. pet market is projected to grow to $325.74 billion by 2028.
- Millennials account for 33% of pet ownership in the U.S.
- Millennials and Gen Z are predicted to sustain the growth of pet ownership up to 14% by 2030.
- Pet ownership rose from 67% to 70% in 2020 due to the COVID-19 pandemic.
- The US pet food market reached $43.9 billion at the end of 2023.
- Approximately 0.2% of U.S. pet owners cook for their pets.
- 43% of dog owners and 41% of cat owners purchase premium pet foods.
- Organic and plant-based dog foods are estimated to hit $81 billion by 2031 worldwide.
- 42% of pet owners are interested in refrigerated and human-grade pet food.
- Approximately 5.36 million pets in the U.S. have an insurance policy.
- U.S. pet owners spend roughly $55,000 during a pet’s lifetime.
- 36% of dog owners trust their veterinarians for their dogs’ dental needs.
- The pet pharmaceutical market could top $25 billion by 2030.
- The U.S. pet grooming and boarding industry market size is $14.5 billion as of 2023.
- U.S. dog owners spend on average between $60 to $90 per grooming session.
- 60% of Gen Z pet owners plan on purchasing birthday or Christmas gifts for their pets.
- 44% of U.S. pet owners use CBD to treat stress and anxiety for their pets.
- The U.S. pet supplement market is projected to grow to $1.05 billion by 2027.
- The U.S. pet accessory market is expected to grow by $9.20 billion between 2021 and 2025.
Overall Market of Pet Industry Trends
1. The global pet market today is worth roughly $320 billion.
(Bloomberg Intelligence)
It may be no surprise how much the global pet market is worth. This is attributed to more people owning pets worldwide as well as more premium options being available for pet food and other goods. While $320 billion is a vast amount, the global market was worth $245 billion in 2021 alone, and the numbers are expected to rise each year.
2. The U.S. pet market is projected to grow to $325.74 billion by 2028.
(Fortune Business Insights)
Pet care products have become increasingly popular, and more people are aware of pet wellness. Many pet food manufacturers are developing high-end pet food for health-conscious pet owners. In addition, the market has expanded to offer a wide range of products, such as subscription-based toys and treat boxes, and high-tech accessories like training collars and automatic food and water feeders.
3. Millennials account for 33% of pet ownership in the United States.
(APPA)
Nearly 76% of Millennials are pet parents. Many Millennials adopted pets during the COVID-19 pandemic, and many continue to do so, spending money on treats, toys, high-quality food, and grooming items. Closely behind Millennials are Gen X, coming in at 25%.
4. Millennials and Gen Z are projected to sustain the growth of pet ownership up to 14% by 2030.
(Morgan Stanley)
In a survey conducted by AlphaWise, 65% of people, ages 18 to 34, plan to add a pet to their household within the next 5 years. This age bracket tends to spend the most on their pets, leading to sustainability within the pet industry.
5. Pet ownership rose from 67% to 70% in 2020 due to the COVID-19 pandemic.
(Pet Food Industry)
When the COVID-19 pandemic hit, people were forced to be at home, resulting in an increase in the number of pets in households. Roughly 35% of pet owners said they spent more on their pets during the first 12 months of the global pandemic than they did the previous year.
Food Industry Trends Within the Pet Industry
6. The US pet food market reached $43.9 billion at the end of 2023.
(IMARC Grou)
The highest market share is dog food at 40%, with cat food and other types of food both at 30%. The US pet food market is expected to grow to $59.9 billion by 2032, for a market growth rate of 3.4% from 2024-2032.
7. Approximately 0.2% of U.S. pet owners cook for their pets.
(Statista)
Feeding healthy food for our pets has become a definite trend. With more and more people leery of the pet food market’s nutrition, pet owners are turning to their own kitchens to make fresh food for their four-legged friends.
(Pet Food Processing)
Premium pet foods are at a steady incline within the U.S. premium pet food market. Many pet owners are willing to spend more on better-quality food for their furry pals. Dry food, wet food, and treats all account for the incline.
9. Organic and plant-based dog foods are estimated to hit $81 billion by 2031 worldwide.
(Pet Product News)
Pet owners are becoming increasingly health conscious on their pets’ behalf. Many people consider their pets part of the family; therefore, feeding their pets high-quality pet food with all-natural ingredients has become more common with no signs of slowing down.
10. 42% of pet owners are interested in refrigerated and human-grade pet food.
(Clarkston Consulting)
With companies like The Farmer’s Dog and Nom Nom, more and more pet owners are turning to these companies to provide the freshest pet food with the freshest ingredients. Many pet parents don’t have time to cook fresh pet food, resulting in more interest in purchasing from these companies.
Trends Within the Health, Grooming, and Wellness Pet Industry
11. Approximately 5.36 million pets in the U.S. have an insurance policy.
(Forbes)
Pet insurance used to be an insurance that most Americans had never heard of, but nowadays, pet owners are enrolling their furry companions into an insurance plan. These insurance plans work much in the same way as human plans, with a variety of policies to choose from. Around 80% of insured pets are dogs, and 20% are cats.
12. U.S. pet owners spend roughly $55,000 during a pet’s lifetime.
(Synchrony)
Many pet owners often find themselves in a bind when it comes to vet bills. Unexpected expenses take pet owners by surprise, resulting in an increase in financial solutions, such as Care Credit. It is estimated that four out of five pet owners will face an unexpected vet bill.
13. 36% of dog owners trust their veterinarians for their dogs’ dental needs.
(American Kennel Club)
Brushing your dog’s teeth can be a daunting task, and most dogs don’t care for it. Dental health is important for a dog’s overall health, and many dog owners opt for a professional cleaning rather than going through the rigmarole of brushing.
14. The pet pharmaceutical market could top $25 billion by 2030.
(Bloomberg Intelligence)
Pet owners are wanting to spend as much time with their pets as possible, leading to an advancement and prioritization of elderly pet care, including a larger investment in drugs such as monoclonal antibodies. Increased spending could lead the pet pharmaceutical market to top $25 billion by 2030, and potentially become a $30 billion market.
15. The U.S. pet grooming and boarding industry market size is $14.5 billion as of 2023.
(IBIS World)
It’s clear to see that the grooming and boarding industry is thriving. This was an increase of 2.9% compared to 2022 with consistent strong gains. This industry also employs roughly 232,000 people nationally.
16. U.S. dog owners spend on average between $60 to $90 per grooming session.
(Thumbtack)
Since most dog owners consider their beloved canine pals part of the family, most are willing to opt for the expense. Dog owners have many options for grooming services, such as mobile vans, pet stores, and vet offices.
Pet Accessory Market Trends
17. 60% of Gen Z plan on purchasing birthday or Christmas gifts for their pets.
(Statista)
Many pet owners treat their pets like family members, and that means pets receive gifts for special occasions, just as humans. Gen Z leads this pack, with Baby Boomers coming in at 42%.
18. 44% of U.S. pet owners use CBD to treat stress and anxiety for their pets.
(Convenience Store News)
Humans are not the only ones who use CBD oil; it’s proven to be beneficial to pets, too. In a recent survey, CBD oil is a hit among many pet owners. About 38% use CBD oil based on a veterinarian’s recommendation, 53% give CBD to their pets in edible form, and 74% are likely to recommend CBD to other pet owners.
19. The U.S. pet supplement market is projected to grow to $1.05 billion by 2027.
(Grand View Research)
Pet supplements have had a steady incline in recent years. In 2020, the U.S. market size reached $1.47 billion, and the projected compound annual growth rate (CAGR) is expected to climb to 5.9% from 2021 to 2028. More and more pet food manufacturers are getting in on the action, offering supplements for hip and joint issues, digestive issues, immune and allergy support, and more.
20. The U.S. pet accessory market is expected to grow by $9.20 billion between 2021 and 2025.
(Technavio)
Pet owners love to buy pet accessories, and the numbers reflect it. This particular market covers a vast amount of items with unlimited choices. Whether you’re looking for a Halloween costume for your pet, leashes, toys, bathtubs, and whatever else you can think of, you’ll find it in the pet accessory market.
Frequently Asked Questions About the Pet Industry
What are pet tech accessories?
Technology is constantly evolving, and it’s evolving within the pet industry, too. Interactive gadgets have recently become popular, such as automatic treat dispensers, rechargeable LED collars, dog activity monitors, and much more. (DMR)
How big are dog walking services?
Americans lead busy lives, and sometimes, time is limited for walking your dog. Luckily, dog walking services is an increasingly profitable business with a market size of $1.3 billion as of 2023. This market is projected to increase yearly. (IBIS World)
Do people buy Valentine’s gifts for their pets?
Yes! Valentine’s Day is a big market for our four-legged friends; in 2024, it was estimated that people would spend $2 billion. That’s a lot of Valentine’s gifts for pets! (Pet Food Industry)
How can I start my own pet grooming business?
With a market size of 14.5 billion, it’s no wonder many Americans are thinking of starting their own grooming business. Surprisingly, you can start your own at a relatively low cost, especially if you plan to operate out of your home. For starters, you’ll need the necessary tools (clippers, slicker brushes, shears, shampoos, conditioners, etc.). You’ll need to advertise your business, too. Overall, you can start your own for roughly $3000, depending on how many services you plan to offer. (Truic)
How many people are employed within the pet industry?
The pet industry is obviously a booming business with no signs of slowing down. A thriving industry equals employment opportunities; the U.S. pet industry employs roughly 1.3 million people and pays over $60 billion in wages, benefits, and salaries. (PIJAC)
Conclusion
The pet industry is no doubt a booming market. Almost considered a favorite American pastime, pet owners flock to stores to buy items for their beloved pet babies, both in-person and online. Whether it be subscribing to a fresh dog food delivery service, buying supplements, or purchasing pet insurance, there’s no doubt the pet industry has exploded, and in a good way.
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Featured Image Credit: Marlia Boiko, Shutterstock
