Market Size of United States Pet Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 80.69 Billion |
| Market Size (2029) | USD 103.27 Billion |
| CAGR (2024 - 2029) | 5.06 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Pet Market Analysis
The United States Pet Market size is estimated at USD 80.69 billion in 2024, and is expected to reach USD 103.27 billion by 2029, growing at a CAGR of 5.06% during the forecast period (2024-2029).
- Being the largest pet market in North America, the United States pet market's growth is attributed to the increase in millennial pet owners and the shift in the way pets are viewed. According to the 2021-2022 APPA National Pet Owners Survey, 70% of households in the United States own a pet, which equates to 90.5 million homes. Millennials are the most popular generation to own at least one pet, in 2021 approximately 35% of millennials own at least one pet. Further, the recent rise of pet humanization wherein pets are treated with increased care and hygiene is proving to be a major driver for the market and is leading to major changes in product packing and resourcing of ethically viable products.
- The development of private label stores focusing on unique and locally sourced products to increase their overall appeal and the increasing density of nuclear families are the other major drivers of the market studied. The increase in penetration of the e-commerce sector has been proving to be a major opportunity for low-cost marketing for the innovative and novel product lines developed by these emerging companies.
- Furthermore, Americans have always been heavy spenders when it comes to their pets. The United States is home to the highest number of pet dogs and cats. Consequently, quality ingredients are of the utmost importance for American pet owners. With the increase in concern for pet health, the demand for pet food products is expected to have a high potential for growth.
