STAMFORD, CONN. \u2014 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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Pet Ownership:<\/p>\n\n\n\n
\u2022 66% of US households currently own pets, equating to approximately 172.24 million adult consumers residing in pet-owning homes.<\/p>\n\n\n\n
\u2022 Ownership levels have remained stable despite economic concerns, with dogs and cats remaining the most popular pets.<\/p>\n\n\n\n
\u2022 Forecasted pet ownership rates project continued growth for the industry.<\/p>\n\n\n\n
Spending:<\/p>\n\n\n\n
\u2022 Pet industry sales have experienced consistent growth, with expenditures reaching $137 billion in 2022.<\/p>\n\n\n\n
\u2022 Forecasts anticipate sales to rise to $171 billion in 2024 and $279 billion by 2030.<\/p>\n\n\n\n
\u2022 Despite economic challenges, pet owners remain dedicated to their pets, with 39% reporting increased spending.<\/p>\n\n\n\n
\u2022 Pet food and products constitute the majority of spending, with pet owners prioritizing their pets’ diets.<\/p>\n\n\n\n
\u2022 Many pet owners are mindful of their spending, with a significant portion seeking deals and using coupons for pet purchases.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
APPA’s comprehensive report sheds light on the evolving landscape of the pet industry, offering valuable insights for industry stakeholders and consumers alike.<\/p>\n","protected":false},"excerpt":{"rendered":"