The U.S. market for pet care products and services is projected to approach $69.4 billion by 2020.
(PRWEB) June 11, 2015
Wellesley, Mass., June 11, 2015 – Spending on pet care is only partially influenced by the state of the economy and consumer optimism. Long-term trends in consumer expenditures show that owners tend to pamper their pets even during the difficult times when they have to cut down on spending. BCC Research predicts the pet care industry will grow to $69.4 billion by 2020, registering a compound annual growth rate (CAGR) of 2.5%.
In 2014, American pet owners spent more than $56 billion in pet care products and services. Since BCC Research published its last report on the pet industry in 2010, continued growth in all segments has provided an opportunity for both existing players and new entrants. An increasing number of players, as well as consolidation among manufacturers, retailers, and service providers, and globalization of the American economy have transformed the maturing pet industry into a dynamic, highly competitive environment.
“This relative price-insensitivity of pet owners helps to explain why, despite the fairly constant rate of pet ownership, expenditures of pet–owning households have steadily increased over the past several decades,” says BCC Research analyst Andrew McWilliams.
The Pet Industry: Food, Accessories, Health Products & Services (FOD007K) is intended for executives and consultants in the pet food, pet supplies, veterinary, and other pet service segments. It will also be of interest to financial analysts, venture capitalists, and investors. The objective of this research is to provide a comprehensive analysis of all segments of the pet industry in the U.S. and to forecast future trends. The study analyzes developments in all animal segments, including dog, cat, bird, fish, small mammal, and reptile products.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
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BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern time), or email information(at)bccresearch(dot)com.