Pet spending in the U.S. has spiked to greater heights than ever before, reaching a record $69.51 billion in 2017 according to final statistics released this week by the American Pet Products Association. This marks an increase of four percent, or nearly $3 billion, over the 2016 final spending record ($66.75 billion).
The highest dollar category in the industry was pet food, bringing in just over $29 billion in revenue (2.9 percent growth over 2016). Veterinary care was the next highest category, with just over $17 billion in revenue (a very strong 7 percent growth). Pet supplies and OTC medication rounded out the top three, with just over $15 billion in revenue (a 2.9 percent growth).
The broad category of “other services,” which includes services like grooming, pet sitting, dog walking, and training, came in at number four with just over $6 billion, but this represented a strong 6.9 percent growth rate, nearly matching the impressive growth of the veterinary care sector. Veterinary care and other services are certainly the two categories to watch over the next year.
The APPA estimates that 2018 pet spending will continue to break records, coming in at approximately $29.88 billion.