Posted April 30, 2014
The American Pet Products Association released a report in mid-March finding that overall spending in the U.S. pet industry increased 4.5 percent from 2012-2013, from $53.33 billion to $55.72 billion. The APPA estimates a 4.9 percent overall increase from 2013-2014.
According to the report, spending on veterinary care by U.S. pet owners increased 5.1 percent from 2012-2013, from $13.67 billion to $14.37 billion. The association estimates a 6.1 percent increase in spending on veterinary care for 2013-2014.
Spending on pet food increased 4.5 percent to $21.57 billion in 2013. For pet supplies and over-the-counter medications, spending increased 3.9 percent to $13.14 billion.
“Both food and veterinary care are strongly influenced by consumers’ growing interest in improved health care for their pets,” said Bob Vetere, APPA president and chief executive officer. “Health- and wellness-related themes represent the most powerful trends across all segments of the industry and will continue to do so again this year.”
In 2013, spending increased 6.1 percent to $4.41 billion in the category of pet services such as grooming, boarding, training, and pet sitting. Spending on purchases of live animals increased 0.9 percent to $2.23 billion.
The APPA also expects an increase in spending on pet health insurance, which falls under the category of veterinary care. The association estimated that spending on pet health insurance will be $650 million in 2014 and will increase to more than $870 million in 2015.
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