Orlando, FL (PRWEB) March 17, 2015
Bob Vetere, President and CEO of the American Pet Products Association (APPA), announced at Global Pet Expo, an annual trade show presented by APPA and the Pet Industry Distributors Association (PIDA), that overall spending in the pet industry for 2014 exceeded $58 billion. The spending figures are part of APPA’s annual comprehensive report that covers pet spending in the segments; food, supplies/over-the-counter (OTC) medications, veterinary care, live animal purchases and other services.
“The pet industry continues to outpace most other retail segments and for 2015 we are projecting to surpass the $60 billion mark which demonstrates the strength and vitality of this industry,” said Vetere.
Pet services, which includes grooming, boarding, walking, training, daycare and even spa services for our pampered pets, saw the largest growth again this year and exceeded expectations at close to 10 percent. It is expected to grow another eight percent this year. Second only to pet services growth, is veterinary care spending, at just under five percent growth from 2013. Even though visits to the vet have been flat to down recently, expenditures per visit continue to go up as more expensive procedures grow in popularity. As in years past, veterinary care spending is the second highest spending segment in the pet industry, and is expected to grow another 4.6 percent to over $15.7 billion in 2015.
The food category is by far the leading source of dollars spent within the industry. As the pet industry continues to mirror human food and diet trends, pet owners are becoming more aware of the quality and source of food given to their animal companions. Pet food manufacturers are offering new varieties of food for dietary preferences, medical issues, overall health, and other partialities, and pet owners are paying for these options.
Please refer to the included image for Pet Industry Spending Breakdown.
Supplies and OTC medications comes in third both for amount spent on this segment and percentage growth in 2013 from 2014.The supplies categories can include anything from dog and cat beds, bowls, and collars to fish tanks, terrariums, and bird toys.
“Increases in spending are being led by both ends of the pet owning spectrum- aging baby boomers paying more to provide care for their pets and younger Gen Y owners who prefer the conveniences of high-tech and pampering products and services,” said Vetere.
As for the decline seen in live animal purchases, Vetere says that although they anticipated this, there are only theories explaining why, ranging from a decline in pet types available from shelters or breeders, a growing number of pet sale bans, and longer pet lifespans due to improved healthcare.
The American Pet Products Association (APPA) is the leading not-for-profit trade association serving the interests of the pet products industry since 1958. APPA membership includes more than 1,100 pet product manufacturers, their representatives, importers and livestock suppliers representing both large corporations and growing business enterprises. APPA's mission is to promote, develop and advance pet ownership and the pet product industry and to provide the services necessary to help its members prosper. Visit http://www.americanpetproducts.org for more information.