The U.S. pet market grew to $53 billion in 2009 and overall sales are expected to continue to increase over the next few years, according to a report released March 2 by market research publisher Packaged Facts.
“U.S. Pet Market Outlook 2010-2011: Tapping into Post-Recession Pet Parent Spending” projects U.S. pet market retail sales and trends overall in four core categories: veterinary services, pet food, non-food pet supplies and non-medical pet services. The report found that sales of all pet products and services rose 5 percent in 2009 to $53 billion, with sales of veterinary services increasing the most to $18.40 billion. Moreover, pent-up pet owner demand for products and services that both enhance pet health and pamper animal companions will begin to kick in during 2010, according to the report.
“The pet market has fared well overall despite the recession, and Packaged Facts attributes this performance to a number of factors that will also be integral to its even better performance in 2010 and 2011,” said Don Montuori, publisher of Packaged Facts. “Chief among these factors is the human-animal bond, which is an excellent insulator against recessionary cutbacks, and the ‘pet parent’ sentiment has never been higher.”
Packaged Facts projects total retail sales to increase to $55.78 billion in 2010, $59.28 billion in 2011 and continue to rise to $72 billion by 2014. Still, the report noted that most economists predict a slow recovery.
“As a consequence, no pet market participant can afford to sit back during 2010 or to ignore recessionary effects on consumer shopping patterns that could linger for years,” the report stated.