APPA Dives Deep into Pet Industry Trends

STAMFORD, CONN. — On Nov. 28, the American Pet Products Association (APPA) released its latest report, “Strategic Insights for the Pet Industry: Pet Owners 2023 and Beyond,” providing additional insights into its National Pet Owners Survey (NPOS). This report delves into statistical variances, generational shifts, and more within the pet industry.

The report encompasses a wide range of aspects within the pet and pet nutrition sectors, including pet ownership trends, consumer spending behaviors, and the industry’s economic influence.
Pet Ownership:
•  66% of US households currently own pets, equating to approximately 172.24 million adult consumers residing in pet-owning homes.
•  Ownership levels have remained stable despite economic concerns, with dogs and cats remaining the most popular pets.
•  Forecasted pet ownership rates project continued growth for the industry.
Spending:
•  Pet industry sales have experienced consistent growth, with expenditures reaching $137 billion in 2022.
•  Forecasts anticipate sales to rise to $171 billion in 2024 and $279 billion by 2030.
•  Despite economic challenges, pet owners remain dedicated to their pets, with 39% reporting increased spending.
•  Pet food and products constitute the majority of spending, with pet owners prioritizing their pets’ diets.
•  Many pet owners are mindful of their spending, with a significant portion seeking deals and using coupons for pet purchases.

The pet industry’s resilience and consumer dedication have resulted in significant contributions to the US economy, with robust employment, income, and tax revenue generation.

APPA’s comprehensive report sheds light on the evolving landscape of the pet industry, offering valuable insights for industry stakeholders and consumers alike.