Spending on pets surpasses $60 billion
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.