Spending on pets surpasses $60 billion
Posted May 2, 2016
The American Pet Products Association released a report in mid-March indicating that overall spending in the U.S. pet industry increased 3.9 percent between 2014 and 2015, from $58.04 billion to $60.28 billion. The APPA estimates a 4.1 percent overall increase in 2016.
According to the report, spending on veterinary care by U.S. pet owners increased 2.5 percent between 2014 and 2015, from $15.04 billion to $15.42 billion. The association estimates a 3.2 percent increase in spending on veterinary care in 2016.
Spending on pet food increased 3.5 percent to $23.05 billion in 2015. For pet supplies and over-the-counter medications, spending increased 3.9 percent to $14.28 billion.
In 2015, spending increased 11.8 percent to $5.41 billion in the category of pet services such as grooming, boarding, walking, training, pet-sitting, exercise, and yard services. Spending on purchases of live animals decreased 1.4 percent to $2.12 billion.
“The 2016 industry spending forecast is very promising and although spending trends in various market segments ebb and flow, the industry as a whole is continuing to prosper, which is always great news,” said Bob Vetere, president and chief executive officer of the APPA, in an announcement summarizing the report results.
Related JAVMA content: