Total annual retail sales of pet food, treats and chews, supplies, veterinary and non-medical services, and the live animal industry in the United States during 2021 will be approximately $ 117 billion, Packaged Facts projected.
For its part, the Central Garden & Pet Company estimates that the pet food market, along with the other products that make up this segment, will continue to expand.
This company believes that the US pet supplies market will grow in the long term due to favorable demographic and entertainment trends.
According to Packaged Facts U.S. Pet Market Outlook, 2021-2022, the US household pet ownership rate is expected to rise more than 4% in 2021 based on 2020.
A 2021 Packaged Facts survey found that more than 95% of US dog or cat owners and 84% of other pet owners view their pet as family.
In addition, a Packaged Facts survey of pet owners in February 2021 reported that 23% had acquired dogs, 19% had acquired cats and 11% had acquired other animals in the previous 12-month period.
Pet adoption and acquisition trends in 2021 have remained positive, and pet adoption has been higher among younger generations, with 25% of Millennials and Gen Z increasing their pet ownership compared to 19% Gen X and only 9% of Baby Boomers.
Above all, the pet supplies market benefited from the addition of millions of pets, the increased focus on health and wellness among pet owners, the flood of online shopping, and the adaptability of consumers, marketers, retailers. and service providers to meet the health care needs of each pet.
Additionally, the pandemic has raised concerns about the health and well-being of people and pets, with more than 80% of pet owners agreeing that the health and well-being of their pets is important to them.
The pet supplies industry is highly competitive and has experienced considerable consolidation. The Pet segment competes primarily on the basis of brand recognition, innovation, upscale packaging, quality and service.