Tailored from a press launch:
The pet sector might have contributed US$260.5 billion immediately and not directly to the U.S. financial system and accounted for a web contribution to the annual gross home product (GDP) of US$174.67 billion in 2021. Shared through the Pet Trade Management Summit, information from the examine, “The Economics of the U.S. Pet Meals and Pet Provide Trade,” demonstrates the power of pet possession’s financial affect because it grew from US$221 billion in 2015.
U.S. pet homeowners spent essentially the most on pet meals and treats, which accounted for US$50 billion of the US$93.95 billion spent immediately on pets in 2021. Shopper expenditures on pets additionally generated public revenues from native, state and federal taxes of US$23.4 billion.
“Science proves that animal companionship advantages the bodily and psychological well-being of the American inhabitants, and this information reveals that pet possession additionally helps a wholesome U.S. financial system,” mentioned Pet Advocacy Community President and CEO Mike Bober. “That is additional proof for elected officers that it’s necessary to prioritize pet-friendly insurance policies.”
The evaluation additionally discovered that the pet sector helps practically 2.78 million jobs throughout the nation, with an estimated 1.09 million individuals working immediately in pet associated companies and one other 1.68 million jobs linked not directly to shopper expenditures for pets.
“This business collaborative examine reveals the continued progress and significance of the pet sector,” mentioned World Pet Affiliation President Vic Mason.
The examine was sponsored by the American Pet Merchandise Affiliation, the Pet Advocacy Community, the Pet Meals Institute, the Pet Trade Distributors Affiliation, and the World Pet Affiliation. Carried out by the Middle for Financial Evaluation at Michigan State College by way of the Animal Coverage Group LLC and Animal Well being Economics LLC, the report additionally sourced pet possession information from the 2021-2022 APPA Nationwide Pet Homeowners Survey.
For the evaluation, statistics on animals generally stored in properties have been used. This contains canine, cats, ferrets, rabbits and small mammals, amphibians and reptiles, birds, and contemporary and saltwater fish. Segments factored in as supporting the pet sector included pet gross sales, pet meals manufacturing, veterinary companies, pet prescribed drugs, pet merchandise (e.g., toys, crates, meals bowls, leashes, and different merchandise), retail sellers and pet companies akin to grooming and boarding.
