Spending on pets approaches $70 billion

The American Pet Products Association released a report in late March finding that overall spending in the U.S. pet industry increased 4.1 percent between 2016 and 2017, from $66.75 billion to $69.51 billion. The APPA estimates a 3.7 percent overall increase in 2018.

According to the report, spending on veterinary care by U.S. pet owners increased 7.0 percent between 2016 and 2017, from $15.95 billion to $17.07 billion. The association estimates a 6.9 percent increase in spending on veterinary care in 2018, exceeding growth estimates for any other category.

Spending on pet food increased 2.9 percent to $29.07 billion in 2017. For pet supplies and over-the-counter medications, spending increased 2.7 percent to $15.11 billion.

In 2017, spending increased 6.9 percent to $6.16 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 stayed the same at $2.1 billion.

"It's incredible to not only see growth for the pet industry in general, but to experience growth across all categories—with the exception of ‘live animal purchases,'" said Bob Vetere, president and chief executive officer of the APPA, in an announcement summarizing the report results. "Talk to any pet owner and they'll tell you how difficult it is to put a dollar limit on what they'd spend to give their loyal companion a happy life, and it's this outlook that continues to drive growth."

Related JAVMA content:

Millennials now primary pet-owning demographic (May 15, 2017)

Spending on pets surpasses $60 billion (May 15, 2016)