In the United States, for example, total spending by the pet industry in the country totaled $123.6 billion, up 19% from $103.6 billion in 2020, according to the 2021-2022 National Pet Owner Survey conducted by the American Pet Products Association (APPA).
Total U.S. pet Industry spending (billion/year)
Breakdown of Total U.S. Pet Industry Spending in 2021 (billion/year)
The spending spree is expected to continue. Spending on pets will nearly triple to $275bn by 2030, according to Morgan Stanley.
A recent survey by AlphaWise showed that nearly two-thirds of 18 - to 34-year-olds plan to get a pet in the next five years, increasing the number of pet owners by 14 percent. The younger generation, in particular, will spend more on pet rearing. Annual household spending per pet is expected to increase from $980 to $1,909 by 2030.
Nowadays, keeping a pet has become a major financial investment for people. As the above data shows, the pet industry certificate is in a very favorable position, and there will be a lot of growth opportunities in the future.
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