The 2024 State of the Industry report from APPA analyzes the health of the pet industry over time. Findings demonstrate that the pet industry remains strong despite changes in the U.S. economy: through the recession of 2007, after the recession and into an economic recovery, during a global pandemic, and post-pandemic to where we are today.
Despite economic pressures, the enduring emotional connection between humans and their pets remains strong. The valuable connection between pet owners and pets led to record-high pet ownership and compound annual growth rates (CAGR) for the pet industry during COVID-19 isolation. While 2024 findings show the data normalizing, the outlook for the industry projects continued growth to achieve $207 billion in pet spending in 2030.
Evidence shows that younger generations (i.e., Millennials and Gen Z) are taking over our industry in new and exciting ways; understanding these differences will help pet leaders adapt their strategies and help our industry thrive.
May 07, 2024
