On average, American pet parents spend almost $1,300 per year on their fur babies. In 2018 that added up to $72 billion which is more than the GDP of 39 countries combined. With our pets in the forefront of our lives, it’s no wonder business is booming—but when money is tight, how are we managing to give our pets the care they deserve?
Nationwide there are almost 90 million pet dogs—that’s about 1/4 of the entire US human population. As family members, best friends, guardians, and snuggle buddies, we are likely to spend over $100 a month on pet care.
Over 80% of pet owners believe that better quality food will help extend their pets lives and begin phasing out traditional pet kibble full of preservatives, by-products, and other additives. As demand for premium pet food alternatives grows, the options follow; high quality ingredients, fewer fillers, natural and non- carcinogenic preservatives, and USA sourced regulations keeps the bad stuff out of the food and out of our pets.
Supplementary nutritional aids for pets is also gaining momentum with pet lovers as many of the same vitamins that benefit us people also benefit pets as well. Correct dosage provided, Omega-3 and probiotics support immune function, healthy skin, coat, and joints and digestions. However, glucosamine accounts for 80% of all pet supplements sold in the US as a powerful protector of joint health, a complication many dogs and cats will suffer from at some point. The market for pet-oriented CBD products is expected to grow by 60% by 2022 and has been shown to be beneficial for dogs with chronic arthritis.
What’s next for the business of man’s best friend? Even in a down economy, the growth of the pet industry shows no signs of slowing down and in fact, spending on our pets is predicted to keep growing. By 2020, the pet health insurance market is expected to reach a value of $2 billion as pet owners look for reliable ways to keep their wallets and their pets safe.
When one in three pets every year will require urgent veterinary attention, surprise medical care can rack up a high bill. Some of the most costly emergencies include radiation therapy, brain tumor treatment, and kidney transplants. Even for routine or common health problems in breeds with predispositions for stomach, eye, or skin conditions, treatment plans can reach up into the thousands.
Take a look at this infographic for more on the business of dogs, why its unique qualities seem to be “recession-proof,” and what other industries can learn from its success.