Market Trends of united states pet veterinary diet Industry
The increase in people seeking cats as companion pets among millennials is increasing cat adoption in the country
- The cat population in the United States is increasing. Cats as pets have been adopted in the country due to the high demand for companionship and less expenditure on pet food than other pets. In the country, the share of cats as pets increased by 10.8% between 2017 and 2022 due to a rise in pet humanization and because cats require less area to live than dogs. For instance, in the United States, 26% of households owned a cat as a pet in 2020, which increased to 53.5% in 2022.
- The United States witnessed higher adoption of cats as pets during the pandemic because of the work-from-home culture, leading to a demand for companionship and a higher number of pet owners being millennials. For instance, in 2022, millennials comprised 33% of pet parents in the United States, and in 2020, 40% of the cat population was adopted from animal shelters. In 2020, in the United States, 43% of pet parents purchased cats from pet stores due to high income. Therefore, cats as pets in the country increased by 4.5% between 2020 and 2022.
- Cat parents treating their cats as a part of their family accounted for 76% of cat owners between 2017 and 2018. This is expected to help in the growth of pet products, including pet food, as pet parents want to provide their pets with nutritious, specialized pet food. People also gifted cats to their loved ones, accounting for 3% of cat owners in the United States in 2021.
- Factors such as an increase in the adoption and purchase of cats and an increase in pet humanization are expected to boost the growth of the pet population. The increase in pet population would drive the growth of the pet food market in the country.
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The increasing disposable income of pet owners and increased focus on pet health and well-being are increasing pet expenditure
- Pet expenditure in the United States has been steadily increasing over the years. The overall pet expenditure in the country increased from USD 123.6 billion in 2021 to USD 136.8 billion in 2022, representing a 10.7% increase in the overall pet expenditure. This rise in pet expenditure is mainly attributed to the growing pet humanization, increasing disposable incomes of pet owners, and increased focus of owners on their pets’ health and well-being.
- Expenditure on pet veterinary diets accounted for about 21.4% of the average pet food expenditure per pet in 2022. The veterinary diet expenditure per pet in the country increased from USD 334.3 in 2017 to USD 420.4 in 2022. This increase was mainly attributed to the growing incidence of pet diseases, increased pet humanization, increased spending on preventive care, and the various health benefits associated with pet veterinary diets. Among pet animals, the pet veterinary diet expenditure on dogs is the highest and was valued at USD 167.0 per dog in 2022. This is followed by cats and other pets, which were valued at USD 134.7 and USD 118.6, respectively, in the same year.
- Pet parents purchase pet veterinary diets through online retailers, supermarkets, and pet stores. Sales of pet veterinary diets through specialty stores and online retailers are high, as pet parents have a wide range of pet veterinary diet products available on e-commerce platforms. Also, the pandemic increased the demand for online orders. The share of sales of pet veterinary diets through online channels in the country increased from 29.1% in 2019 to 30.6% in 2022. The growing awareness of the benefits of quality food and the premiumization of pet food products are factors anticipated to continue driving pet expenditure in the country.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Evolving pet ecosystem and rising availability of acquisition channels for dog adoption are driving the dog market in the country
- Factors such as exotic and unique features and being ideal for smaller living spaces are making other pets popular
