Record Spending on Pets Reflects a New Type of Bond
News More than ever, pet owners are paying attention to what contributes to their pets’ wellness. They are seeking out the best services and products to improve their overall health and well-being.
In 2015 we spent more money on our pets than ever before: a record $60.28 billion. And that number is expected to grow yet again in 2016. The report estimates another 4 percent growth, bringing industry spending to more than $62.75 billion.
Categories of spending
The pet food category demonstrated truly impressive growth in 2015. With more than $23 billion spent, pet food is by far the leading source of dollars spent within the industry. Pet owners are paying closer attention to the food and treats they purchase, and interest in natural, locally sourced ingredients has never been higher.
“Research indicates pets are good for various aspects of human health including child health and development, mental health and wellness, healthy aging and more.”
Veterinary care spending is the second highest spending category, next to food, with almost $15.5 billion spent in 2015. While there are more products than ever available to pet owners to maintain their pets’ health and wellness at home, such as smart collars to track vitals, at-home glucose monitoring kits, daily supplements and more, it is important to continue to schedule routine in-office veterinary checkups.
The use of pet medications and supplements to ensure longer, healthier lives for pets is increasing as well, with spending on supplies or over the counter meds coming in at $14.28 billion in 2015.
Pet owners are going to greater lengths than ever to keep their pets healthy and it could be because they’re also keeping us healthy as well. Research indicates pets are good for various aspects of human health including child health and development, mental health and wellness, healthy aging and more. As research continues to show us more and more ways our pets contribute to our own health, chances are we’ll only continue to return the favor.