We are in a growing industry
Since the turn of the decade, the pet industry has been experiencing explosive and exponential growth. It is estimated by the American Pet Products Association that more than 1 billion families around the world have pets. It is also estimated that Pet ownership has risen as much as 70% over the last 30 years. In the USA alone more than half of the entire households have at least one pet (300 Million) while in the UK about 45 % of the entire household owns pets. Other nations with a high number of pets per household include Italy, China, Japan, South Africa, Sweden, Brazil, France, Germany, Belgium, etc.
Factors contributing to the growth of the Pet industry
One major factor responsible for the rise in Pet product sales and pet ownership is the birth of eCommerce and online purchase systems. More and more people can now have access to pets and buy them from all over the world. Changes in culture and lifestyle are also major factors responsible for the growth of the pet industry. As the younger generation (The millennial and Generation Z) has come into adulthood they have tremendously embraced the ownership of pets and today it can be said that the younger generation have more pets than their older counterparts. The statistics indicate that 62% of the pets around the world are owned by the younger generation while the remaining 38% is owned by the older once.
Another major factor responsible for the growth of the pet industry is the perceived health benefits they offer to humans. Based on scientific research people are happier and healthier when they bond and exercise with their dogs. Some of the health advantages of owning a pet include decreased blood pressure, less anxiety, better feelings of wellbeing and so much more. According to research conducted by the Human-Animal Bond Research Initiative Foundation pet ownership saves people a massive $11.7 billion in health benefit in the USA alone and $50.2 billion globally. This perceived benefit of owning a pet has greatly contributed to the rise of the pet industry.
We cannot take the growth of the pet industry for granted especially when compared to other consumer goods. The Pet industry revenue has shown significant growth even during times of economic trouble. Pet groomers are also seen a rapid increase in demand for their services including pet transportation, pet hotels or boarding, veterinary care, pet trainers and behaviorist, and so much more. However within the pet industry the food sector is has the highest sales while veterinary care followed next.
Regions accounting for the most Pet product sales
North American stands head and shoulders above every other continent in pet product sales. Asia pacific comes seconds and is significantly closing the gap. It is estimated that there would be an increase in pet food sales in Asia pacific of about $4 billion through 2023 while the rest of the world would experience a growth of about $7 billion. Europe follows next in pets and product sales while south Asia (Malaysia, Philippines, Indonesia, Singapore, Thailand, and Vietnam) are also huge markets.
Here is a breakdown of the market scale
Total U.S. Pet Industry Expenditures
Year Billions of dollars
2020 $99.0 Estimated because the year is still very young
2019 $95.7 Actual sales figure
2018 $90.5 Actual sales figures
2019 5.1 billion British pounds - Actual Figures
veterinary market alone was worth 2.4 billion pounds.
2020 3.1 billion British pounds - Estimated Figures
2019 US$3.217 billion
2020 US$5.212 billion - Estimated and the figure is projected to reach US$67.125 billion in 2022,
Other stats for 2019
Brazil $ 4, 630m
France $4561.3 m
Italy $2159.3 m
Australia $2,580.7 m
France $4561.0 m
Nigeria $1, 550.5m
Russia $3,918.0 m
South Korea $477.0m
Greece $240.2 m
Poland $895.7 m
Sweden $489.5 m
Kazakhstan $ 413.4m
South Africa $596.3
Algeria $ 174.4m
It’s a good time to be in the pet industry or become an investor. The market strength is growing as the day goes by and showing no signs of weakening. The annual spending on pets around the world has skyrocketed and it’s a good time to be a dog because it seems they are better taking care of than humans.
Copyright © 2020 DogData Inc. All Rights Reserved.