The pet care industry is growing exponentially with people around the world, mostly millennials and Generation Z consumers embracing the pet-owning and pet-loving lifestyles to a far greater extent as compared to previous generations. In fact, the pet care (except veterinary) services revenue doubled between 2011 and 2017 from 3 billion U.S. dollars to 6.1 billion respectively. According to the latest estimates by Statista, the industry will continue to grow at a robust pace, reaching 8.1 billion U.S. dollars by 2023.

Household penetration of pet-ownership is growing

Total pet industry expenditure valued around 72.6 billion U.S. dollars in 2018 and is expected to increase to around 75.4 billion in 2019. The increase in the household penetration rate for pet-ownership in the U.S. could partly explain this rise.

Affluent families spent thrice as much as others on their pets

According to a 2017 survey conducted by Statista, the majority of pet owners in the U.S. spend up to 500 U.S. dollars on their pets per year. However, affluent households, spent considerably more on their pampering with an average annual expenditure of 1,523 U.S. dollars in the same year. These costs generally include regular supplies such as food, toys and medical costs with pet food leading the table as the largest product category during 2011-2018. 2019 is expected to be no different.