18 Insightful Pet Spending Statistics: Americans are Spending More on Pets Than Ever
US spending on pet care and products has seen a substantial rise over the past few decades, both overall and per capita. According to American Pet Products Association pet statistics, nearly 70% of US households have at least one pet - the highest level reported on record.
To better illustrate the growing size of the US pet market, we’ll be presenting 18 insightful pet spending statistics in this article.
Top Pet Statistics - Editor’s Choice
- The value of the pet industry in the US reached $123.6 billion last year.
- Average annual expenses for a pet dog amount to about $1,480.
- Only 2.48% of all pets in the US are insured.
- Dogs are the biggest influence driving first-home purchases among millennials.
- Buying pet supplies online is a preferred shopping method for 77% of millennials.
- More than half of millennials buy gifts for their pets on a monthly basis.
- In the past decade, American pet spending has more than doubled.
- About 45% of American pet owners spend the same amount of money or more on their pets’ health care as they do on their own.
- One in 10 American pet owners is delaying starting a family or having more children because of ongoing pet expenses.
US Pet Industry Analysis and Expenses Statistics
The pet industry is growing rapidly in the US and Americans are spending more on their pets than ever before, as the numbers clearly indicate. Here are some interesting statistics on that subject.
1. The US pet industry reached $123.6 billion in sales in 2021.
(APPA)
According to data from APPA, the amount Americans spend on their pets keeps increasing every year. Specifically, it grew to $103.6 billion in 2020 - that’s nearly $13.1 billion more than in 2018.
The pet food industry makes up the biggest portion of the market. In 2021, it stood at $50 billion, followed by vet care and products at $34.3 billion.
2. Owners spend an average of $1,480 on pet dogs’ basic expenses every year.
(APPA)
At 76.2%, dogs make up the majority of pets in US households. Data from APPA’s pet spending statistics per year on dogs reveal that owning a dog costs an average of $1,480 in basic expenses. For cat owners, average annual expenses amount to roughly $902.
Surgical vet visits make up the most significant expenditure in the case of dogs, while the single biggest expenditure for cats is food.
3. Dogs are the biggest influence driving first-home purchases among millennials.
(Zulily)
So, if millennials and younger generations are willing to buy a house with a backyard just for Fido to run around, can you imagine how much Americans spend on their pets?
Rather than getting married or having kids, needing more space for their pets (dogs specifically) is the main reason a third of millennials cite for purchasing their first home, according to stats provided by pet retailer Zulily.
Among those yet to purchase a home, nearly 42% admitted that their pet or the desire to have one would be a key factor in their decision to buy a house.
Find the Best Insurance for Your Furry Friends
MetLife Pet Insurance
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
MetLife Pet Insurance is an excellent provider that strikes a golden balance between quality, affordability, and versatility. With approachable costs, no pet age limit, customizable deductibles, great reimbursement rates, as well as fast and hassle-free processing, you won’t have much trouble finding the perfect pet insurance solution here.
- •Starts at only $29
- •Reimbursement of up to 100% of vet costs
- •Low minimum deductible
Pets Best
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Pets Best is an excellent option for anyone who prizes adaptable plans for their pet’s insurance. Customizable plans allow you to tailor a policy to your needs, while the flexible choice of deductibles makes budgeting easy.
- •No upper annual benefit limit
- •Prosthetics coverage
- •Wide range of deductible options
ASPCA
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
ASPCA is a well-known non-profit organization that offers pet insurance through its partners. It has well-rounded insurance offerings, complete with coverage for congenital and hereditary illnesses, as well as pre-existing conditions.
- •No upper age limit for pet enrollment
- •Covers microchipping
- •Discounts for multiple pets
Lemonade Pet Insurance
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Lemonade is a versatile insurance provider that offers comprehensive pet coverage. Its strongest points are its high annual limits, responsive customer service, speedy claims processing, and many convenient discounts - including those combined with other types of insurance offered by the company.
- •High annual benefit limit
- •Fast claims processing
- •Good discount options
Embrace Pet Insurance
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Embrace Pet Insurance is a reputable insurance provider that stands out due to its high annual benefit limits and the age limit for enrolling older pets. Additionally, the deductible is reduced every year that the user doesn’t file a claim, making it less expensive in the long run.
- •Broad range for annual coverage limits
- •Diminishing yearly deductible
- •Short waiting period for accidents
4. Over the past decade, the amount of money Americans spend on pets has more than doubled.
(Statista, Now Habersham)
In 2010, the total money spent on pets was roughly $45.53 billion. Within the next decade, this spending reached $123.6 billion annually. The biggest annual increase was between 2017 and 2018, when spending jumped from $69.51 billion to $90.5 billion, which represented a whopping 30% increase.
5. By 2023, online sales are expected to make up about a quarter of the total American pet supply market.
(Packaged Facts)
Despite its rapid rise in popularity, particularly among the younger demographic, online shopping is yet to reach its true potential when it comes to pet products. In 2018, online sales of pet products only reached an estimated $9.5 billion.
However, this sector currently has one of the fastest growth rates of any channel. By 2023, eCommerce is expected to double its share and make up 26% of the total pet market. Currently, the best online pet store - judging by its popularity, at least - is Amazon, followed closely by Chewy.
Pet Insurance Statistics
Pet owners want their furry friends to be happy and healthy, that much is certain. As such, it’s only natural that the pet insurance industry has also been on the rise in recent years.
6. Only 2.48% of all pets in the US are insured.
(NAPHA)
US pet spending and ownership statistics show that a mere 2.48% of all pets within the country are covered by insurance. Out of this total, dogs represent 81.7%.
However, this percentage is certainly set to grow, as the pet insurance industry is expanding rapidly. From 2016 to 2021, the market grew by a remarkable 28.3%. In comparison, the pet supply and products industry grew by approximately 4.4% during that time.
7. The rising US pet insurance market had more than $2.51 billion in gross written premiums in 2021.
(NAPHIA)
Most pet owners opted for combined insurance, which makes up $2.41 billion of the gross total. Insurance against accidents accounted for only $7.42 million, while another $171.9 million went toward riders such as wellness and cancer endorsements.
8. The average annual insurance premium for accidents and illnesses in 2021 stood at $583.91 for dogs and $342.84 for cats.
(NAPHIA)
Pet insurance market statistics indicate that pet owners primarily seek to cover illness-related costs with their premiums, which is understandable, considering that digestive tract problems, infections, and cancer are relatively common pet health issues.
On the other hand, monthly insurance for accidents only costs an average of $19.93 for dogs and $10.85 for cats in 2021.
9. The market for pet insurance increased considerably during the COVID-19 pandemic, as 14% of previous and existing pet owners got new pets.
(APPA)
According to APPA’s biennial survey, about 25% of pet owners who acquired a new pet during the pandemic said that their decision was influenced by COVID-19.
Pet Industry Trends
Moving on, let’s take a look at some interesting general trends that have been noticed in the pet industry in recent years.
10. Pet apparel is among the fastest-growing categories in pet eCommerce.
(Zulily, Future Market Insights)
ECommerce pet spending statistics by Zulily reveal that pet apparel has recorded some of the fastest-growing online sales rates of all pet supply product categories. Between 2017 and 2018, sales of pet dresses, T-shirts, and sweaters grew by over 200%. In the case of pet hoodies, sales grew by a staggering 622%.
Moreover, as the pet apparel market is currently estimated at $5.1 billion globally, the trend is certainly set to continue in the upcoming years. Some projections even indicate that the market size will reach $7 billion by 2032.
11. An estimated 45% of cats and 39% of dogs in the US are considered overweight or obese.
(APOP)
How much do Americans spend on pet food and treats? Probably too much, if this stat is anything to go by.
Obesity is a prevalent problem among pets in the country, with an estimated 45% of all cats and 39% of all dogs being described as obese or overweight by their owners in a 2021 survey conducted by the Association for Pet Obesity Prevention.
Based on these findings, it seems there’s a lack of consensus among pet owners and veterinary professionals regarding pet nutrition.
12. American pet spending on dog walking services surpassed $1 billion in 2022.
(IBIS World)
Dog walker jobs are on the rise as more and more Americans are opting to pay for dog walking services to ensure their canine companions’ exercise needs are met. In 2019, the country’s dog walker market was valued at around $1.05 billion.
That number dropped to $885.9 million in 2020 due to the COVID-19 pandemic and then bounced back in 2021, returning to pre-pandemic levels in 2022.
13. The pet grooming industry is expected to reach $5.49 million by 2025.
(Allied Market Research)
Pet industry statistics show that the grooming sector is made up of diverse products, including pet shampoos and conditioners, pet toothpaste, detangling brushes, special scissors, and clippers.
The industry is expected to grow at an annualized rate of 4.5% to reach a total market value of $5.488 million over the next three years.
Surprisingly, rather than North America or Europe, the Asia-Pacific region was found to be the fastest-growing market for such products.
14. 45% of American pet owners spend the same amount of money or more on the health care needs of their pets than they do on their own.
(LendEDU)
In a national pet owners survey of 1,000 pet owners conducted by the financial website LendEDU, it was found that nearly half of all Americans spend the same or more on their pets’ health care than on their own health care.
Of those respondents, 20% have incurred debt while caring for their pets, with the average owed amount being $1,567.
Pet Industry Demographics
The majority of Americans own pets, but are there any major differences in terms of age groups? Here are some facts relating to pet ownership demographics that you may find intriguing.
15. Millennials are the largest age group of pet owners in the US, with 32% of them owning at least one.
(APPA)
Baby boomers, at 27%, are the second largest group with pets in their home, followed by Gen X at 24% and Gen Z at 14%.
16. More than half of millennial pet owners buy their pets gifts at least once a month.
(Zulily)
Pet spending statistics from Zulily show that younger generations are particularly generous toward their pets, whom they often treat as part of the family, or even better.
In total, 92% of millennials who own pets buy their pets gifts, while 51% do so on a monthly basis. Millennials are also twice as likely to purchase clothes for their pets as baby boomers are.
17. 77% of millennials prefer to buy pet supplies online.
(Zulily)
Online pet spending statistics tell us that the majority of younger pet owners (77%) prefer to shop online for their A to Z pet supplies, rather than opting to do so at a brick-and-mortar pet store.
The most commonly purchased items online include toys, accessories, and pet food. Furthermore, 70% of millennials who shop online choose to buy pet products via subscription.One in 10 American pet owners are putting off having kids or more children because of pet expenses.
18. One in 10 American pet owners is putting off having a child because of pet expenses.
(LendEDU)
The same pet owner survey by LendEDU cited above produced these fascinating pet owner spending statistics: 11% of respondents said that the cost of pet care was the reason why they were putting off having their first child or putting off having more children, if they already had a family.
Other commonly missed milestones included delaying marriage and buying or renting a house. Who would’ve thought that pet ownership could have such a profound impact not only on people’s financial health but also on their personal lives, too?
Concluding Note
Which of the above pet spending statistics did you find the most interesting? Tell us in the comments below. If you found this article informative and entertaining, don’t forget to share it with others in your circle who may also find it a worthwhile read!
FAQ
How much do pet owners spend on their pets?
Taking into account how much money is spent on pets in the US every month, we can see that dogs will set you back around $50 per month, whereas the figure is roughly $30 for cats. Dogs are typically the most expensive household pets to keep, followed by birds and cats. Pet fishes are the most affordable animals, incurring a yearly cost that’s below $20 in most cases.
Who spends the most on their pets?
In 2019, pet spending statistics per country revealed that Americans were among the highest spenders on pet care. The average US pet owner spent roughly $160 on pet care annually compared to about $93 in Britain, $70 in Germany, $40 in Japan, and less than $8 in China.
What age group owns the most pets?
Millennials (18 to 34 years old) are the most likely demographic to own a pet of any US age group. Among millennials who don’t own a pet, 43% say that they would like to have one in the future. Many millennials are delaying having children and opting to take care of pets instead.
How much do millennials spend on pets?
According to OppLoans, millennials are the most generous spenders on pets. Millennials aged 18 to 24 spend an average of $173.67 monthly on pet products and care, while those aged 25 to 34 invested an average of $141.50 monthly. Comparatively, older pet owners spend much less - an average of $80.43 monthly.
What is the most profitable pet business?
As pet owners are spending more than ever on their four-legged friends, sales in the pet business are booming. Among the most profitable ventures are high-quality pet food sales, as pet owners are willing to pay a premium to treat their furry friends. Pet treats and end-of-life services also generate significant revenues.
How much money is in the pet industry?
Pet spending statistics reveal that the global pet industry is currently worth $222.93 billion. Some estimates indicate that it will reach $325.74 billion by 2028.
How many peoples in the United States are dog owners?
Of all types of pets, dogs remain the most popular among Americans, as per APPA pet statistics. Approximately 69 million US households own a pet dog compared to 45.3 million that own a cat.
Sources
For years, the clients I worked for were banks. That gave me an insider’s view of how banks and other institutions create financial products and services. Then I entered the world of journalism. Fortunly is the result of our fantastic team’s hard work. I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions.
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