"In 2016 the market for pet products and services is an estimated $67.5 billion, an increase of 4.3% over the previous year. A majority of households own at least one pet (59%) and as the economy improves, households are more likely to take on the expense and commitment of pet ownership (there has been positive growth in ownership since 2008). The trend of humanizing pets continues to shape the market, creating interest for new products such as pet fitness trackers, video monitors, and specialty food (and drinks). Pet owners demonstrate a desire for offerings that help keep their pet healthy, but also happy, as 87% think of their pet not just as an animal, but a member of the family."
- Dana Macke, Senior Lifestyles and Leisure Analyst
This report covers the following areas:
Pet owners struggle to balance spoiling and disciplining their pets Owners believe emotional health is important, but struggle to understand pet’s needs Cat owners less willing to spend on products and services