Solid year-over-year growth is expected through 2030.
U.S. pet spending is projected to reach $150.6 billion in 2024, up from $147 million in 2023 and $136.8 million in 2023, according to the American Pet Products Association (APPA).
Spending includes including $39.1 billion on veterinary care and product sales and $64.4 billion on pet food and treats.
“While there are signs of slowing, the industry is resilient, especially compared to other industries,” says APPA President and CEO Peter Scott. “In fact, we forecast the industry’s expenditures to top $250 billion by 2030.”
Among the findings:
- Pet care is the top dog in the fast-moving consumer goods category—now and before COVID-19—surpassing even grocery and dairy.
- The percentage of households that own pets has normalized to pre-pandemic levels, even as the overall number of households that owns pets has increased over time.
- Post-COVID buyer shifts have changed to an omni-channel approach, splitting between brick-and-mortar and online modalities.
- Although Millennials remain the largest pet-owning generation, Gen Z is changing the way owners want to learn about and purchase pet products.
- Younger generations prefer visual media to learn about products.
“While brick-and-mortar is still a big driver of awareness of new pet products, social media is equally important among the younger generations,” says Ingrid Chu, APPA vice president of research and insights. “Gen Z looks to visual platforms like TikTok, YouTube and Instagram to learn about new pet products, telling us that pet brands will need to consider more visual media to reach their younger audiences.”