A number of pet owners in the US believed that companionship with animals prevents depression and helps in mental well-being. The share of such opinion holders increased significantly post COVID-19 health impact which majority of the pet owners faced in 2020 and 2021. The United States pet market was valued at USD 60.20 Billion in 2022. The market will be valued at USD 95.30 billion by 2030, growing at a CAGR of 5.91% during the forecast period. The market growth will be driven by factors such as rise in disposable income, pet humanization, increasing urbanization and change in the mindset of pet owners who believed pets to be an integral part of their family.
The US is the largest pet market in the world and on a per-person expenditure basis; it is way ahead compared to the European countries like the UK and France. According to the American Pet Products Association, approximately 70% households owned one pet mostly Dogs and then cats. In terms of expenditure share, pet food led the chart followed by pet supplies and accessories. Furthermore, pet ownership entails a significant amount of responsibility and dedication since animals need emergency medical care, vaccinations, licenses, obedience training, vitamin supplies, and neutering services. The pet market is considered to be a recession-resistant market; it’s expected to do well in 2023. The growth of the market is influenced by rising number of entrepreneurs and start-ups entering the market with a wide variety of services such as lost pet tracking, early cancer detection and canine photography.
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Millennials Have the Top Spot
According to APPA National Pet Owners Survey published in 2021-22, about 90.5 million American households owned pets. Over the historical period since 2016, the pet ownership in the United States has increased significantly. The millennials segment of the US population dominated the market in terms of pet ownership. The preference for pet ownership is a result of delaying or forgoing marriage, child development, focus on endurance activities, social engagement, and social media.
E-Commerce Is Anticipated to Grow at the Fastest Rate
Among all the distribution channels, e-commerce holds the top share and is anticipated to grow at faster pace in the forthcoming years. Promotional strategies, fast home delivery, frequent discounts, auto-ship/return, and subscription programs encourage pet owners to purchase online. Internet retailers like Amazon and Chewy dominated online sales of pet products delivery in the US. E-commerce is also a factor in the mass-market entry of brands such as Nutro Company, Inc and Blue Buffalo Co., Ltd.
Impact of COVID-19 on the US Pet Market
The COVID-19 pandemic had brought many changes from altering daily routines to social isolation. As a result, the rise in demand for pets as companions with the increased pet foster rate and adoption rate was seen. Despite the financial crisis caused by the pandemic, pet owners have not reduced the amount they spent on their pet care. Products such as pet supplements, eye and ear care, dental and oral care, diapers and multivitamins have shown a remarkable rise. The adoption of pet increased significantly during the pandemic. Furthermore, people’s empathy and compassion for animals grew, and this pattern seems to be holding post-COVID-19 too.
Impact of Russia-Ukraine War on the US Pet Market
Russia and Ukraine are major food producers. Together, the two nations export about one-third of the world’s wheat and barley. In addition, Ukraine is a significant producer of sunflower oil, which is widely utilized in the pet food industry. Furthermore, a number of businesses have chosen to either cease their operations or advertisements in Russia as a form of economic sanctions against that nation or to donate money and food for people and animals seeking refuge in other European nations as well as in Ukraine to fight Russian forces.
United States Pet Market Assessment, Opportunities and Forecast, 2016-2030: Report Scope
“United States Pet Market Assessment, Opportunities and Forecast, 2016-2030”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative & quantitative assessment of the market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.