Millennial Pet-Care Market

Goals

To find the US market size for the millennial pet-care market, average spend, projected growth, key areas of spend, as well as insights into how millennial pet owners are different than older pet owners in their beliefs/attitudes/practices/spend.

Early Findings

Millennial Pet Ownership

  • According to The American Pet Products Association (APPA), 85 million households in the United States have a pet. Over the last 30 years, pet ownership increased from 56% to 68% of all households.
  • About 32% of pet owners are baby boomers, "households headed by younger cohorts account for 62% of pet ownership."
  • The millennial generation was responsible for 43% of the growth in the number of pet owners in the United States between 2007 and 2015.
  • In 2015, the number of millennial pet owners in the United States was 43 million, accounting for one in three pet owners.
  • As of 2014, "households headed by Millennial consumers spent a total of $10.6 billion on their pets."
  • "Millennials continue to be the largest pet-owning demographic." The millennial generation is "willing to pay more for quality products and services to improve the health and well-being of their pets."

Pet Care Industry Market

  • The pet care industry in North American sales expected to increase from $225 billion in 2018 to reach $281 billion by 2023.
  • In the United States, the veterinary care market size is $19 billion.
  • "Overall spending in the U.S. pet industry is estimated to top $75 billion in 2019, a record high and a year-over-year increase of 3.9 percent."

U.S. Pet Industry Spending

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