How Big is the U.S. Pet Market?
The U.S. pet market is projected to reach $80.69 billion in 2024, and may increase to $103.27 billion by 2029. This represents a compound annual growth rate (CAGR) of 5.06% from 2024 to 2029. As the largest pet market in North America, the growth in the U.S. is driven by an increase in millennial pet owners and the changing attitudes of people toward pets.
According to the 2023-2024 APPA National Pet Owners Survey, 66% of U.S. households own a pet, which translates to approximately 86.9 million homes. In 2023, about 33% of millennials had at least one pet. (Source: Mordor Intelligence)
Is the U.S. pet market growing or shrinking?
The number of pet owners and pet expenditures are increasing.
| year | Billions of Dollars |
| 2018 | Approximately $90.5 billion |
| 2019 | Approximately $97.1 billion |
| 2020 | Approximately $103.6 billion |
| 2021 | Approximately $123.6 billion |
| 2022 | Approximately $136.8 billion |
| 2023 | Approximately $147.0 billion |
Since 2019, the pet care market has been growing, with a significant increase in products and services targeting affluent pet owners.
One of the reasons driving the growth of the pet market is the aging population in the United States.
Personalized customization is more attractive to customers and is expected to play an important role in the growth of the pet market.
Manufacturers are using organic or natural materials to produce grooming products, such as shampoos, soaps, and tick powders.
The continuously growing online pet market
Most pet owners today are millennials, and they really care about the convenience of shopping. This demand has driven the rise of online shopping.
Online platforms are perfect for selling health-related products because they require more consumer education, such as natural and organic products. Online sales channels can easily share product benefits and detailed information through websites, blogs, and social media.
The leading pet food e-commerce platforms are Petsmart and Petco, followed by PetFlow, PetFoodDirect, PetFoodExpress, and PetSupermarket.
United States Pet Market Analysis
In 2023, total spending in the U.S. pet industry reached $147 billion.
- Pet food and treats: $64.4 billion
- Pet supplies, live animals, and over-the-counter medications: $32 billion
- Veterinary care and product sales: $38.3 billion
- Other services: $12.3 billion
2024 APPA National Pet Owners Survey Stats
Pet Ownership by Generation
| Generation | % of Pet Owners |
| Gen Z | 16% |
| Millennial | 32% |
| Gen X | 27% |
| Baby Boomer | 24% |
| Builder | 1% |
Millennials and Generation X together account for 59% of pet ownership in the U.S., making them the primary consumer groups in the U.S. pet market.
2024 Projected Sales in the U.S. Market
- Pet Food & Treats: $66.9 Billion
- Supplies, Live Animals & OTC Medicine: $32 Billion
- Vet Care & Product Sales: $39.1 Billion
- Other Services: $12.6 Billion
It is projected that U.S. pet market sales will reach $150.6 billion in 2024, which is an impressive figure!
