Bob Vetere, President and CEO of the American Pet Products Association, announced that overall spending in the pet industry has surpassed previous spending by more than $6 billion! In fact, pet industry spending for 2016 came in at a record high of $66.75 billion!
While APPA’s industry figures cover pet spending in a variety of categories, we’ve pulled out some of the key facts and figures for you. Take a look:
- There was a noticeable increase in pet food spending of 22.6% primarily due to APPA accounting for new data from the U.S. Bureau of Labor Statistics, which indicated previous spending figures released may have been too conservative. In fact, interest in high end, premium pet food and treats continues to be a key driver for increased spending in the pet food category.
- Veterinary care spending remains the second source of spending in the pet industry at $15.95 billion. While routine veterinary visits have not necessarily increased, new advances in health care and services available may be contributing to the 3.4% growth. And with new results from research compiled by the Human Animal Bond Research Institute showing that more people are becoming aware of the health benefits of their pets, it’s no wonder they are more likely to take care of them!
- The third highest source of spending is in supplies and over the counter (OTC) medications. $14.71 billion was spent on items such as beds, collars, leashes, toys, travel items, clothing, food and water bowls, and other accessories.
- Purchases of live animals decreased 0.9% in 2016.
- Other services such as grooming, boarding, walking, training, pet sitting, yard services and more saw significant growth from 2015, second only to the growth of the pet food category.
If these new numbers are any indication of the direction the pet industry is moving, our future is certainly looking bright!
Visit the press release section of our website for a full breakdown of our Annual Industry-Wide Spending Figures.