“We’re truly going to be seeing a slowdown in 2024.”
U.S. pet house owners spent roughly US$147 billion in 2023 on pet meals, treats and different merchandise. Ingrid Chu, vice chairman of analysis and insights for the American Pet Merchandise Affiliation (APPA) revealed that info and different knowledge throughout her International Pet Expo 2024 presentation on March 21 in Orlando, Florida, USA.
“That’s truly solely a 2.7% development over final 12 months, which is not big,” Chu stated. “It is, to some, slightly disappointing.”
What’s extra the rise in gross sales worth was pushed largely by inflation, not essentially extra gross sales of pet merchandise.
“We’re truly going to be seeing a slowdown in 2024,” she stated. “However we did forecast that this business will proceed to develop and proceed to be sturdy.”
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However, development within the meals, deal with and different pet care markets appears more likely to proceed, she stated. From 2009 to 2019, the pet care market grew at a compound annual development price (CAGR) of 5%. That price tripled from 2022-2024 with U.S. pet care spending forecast to succeed in US$151 billion in 2024. Trying additional into the longer term, pet spending could attain US$251 billion by 2030.
Pet care spending by market section
Of that complete US$147 billion in 2023, pet house owners spent US$64.4 billion on pet meals and treats.
Together with pet meals, different main pet care expenditures in 2023 have been:
- US$32 billion was spent on provides, reside animals and OTC medication
- US$38.3 billion was spent on vet care and product gross sales
- US$12.3 billion was spent on different companies (boarding, grooming, insurance coverage, coaching, pet sitting and strolling and all companies outdoors of veterinary care)
Whereas development in pet meals and different merchandise could have disillusioned some, pet care carried out above the common within the fast-moving shopper items class, together with human meals, child care, alcohol and sweetness care she stated. That continues a long-term pattern that began even earlier than the dramatic increase triggered by the COVID-19 pandemic. From Jan. 20 to Feb. 20, 2024, pet care gross sales grew 4% in comparison with a decline of 1% within the fast-moving shopper items class general. In comparison with 2019 figures, pet care gross sales grew 39% from Jan. 20 to Feb. 20, whereas the fast-moving shopper items class grew a median 25%
Though pet care gross sales grew lower than in earlier years, analysts however forecast pet care to proceed rising within the coming decade and outpace different segments of the fast-moving shopper items class.
Chu referred to knowledge from the APPA Strategic Insights from the Nationwide Pet House owners Survey 2024, which included 10,156 pet house owners within the United States.
