U.S. pet industry expenditure 1994-2024

Pet industry expenditure in the United States reached over 147 billion U.S. dollars in 2023. It should be noted that the source used a new research methodology from 2018, therefore, direct comparisons to previous years should be avoided. The increase in the household penetration rate for pet-ownership in the U.S. could partly explain the rise in pet industry expenditure over the years. In 2023, some 66 percent of American households owned one or more pets, in comparison to a 56 percent pet-ownership rate in 1988.

Which product categories are most lucrative?

In 2022, pet food was the highest selling pet market product category with sales of around 58 billion U.S. dollars. Vet care and supplies/OTC medicine ranked in second and third places, with sales of around 35.9 and 31.5 billion dollars respectively. Within the pet food segment, dry dog food is by far the highest selling product type, followed by dog treats and wet cat food.