FAQs
The pet sector contributed $260.5 billion directly and indirectly to the U.S. economy and accounted for a net contribution to the annual gross domestic product (GDP) of $174.67 billion in 2021, according to new data.
What is the economic impact of the pet industry? ›
National Impact
New data through 2021 demonstrates that the U.S. pet sector contributes $260.5 billion directly and indirectly to the U.S. economy. This is an increase of 18% from $221 billion in 2015.
What is the amount of jobs the US pet industry provides to the economy? ›
The analysis also found that the pet sector supports nearly 2.78 million jobs across the country, with an estimated 1.09 million people working directly in pet related businesses and another 1.68 million jobs linked indirectly to consumer expenditures for pets.
How do animals impact the economy? ›
Livestock is a major player in the agriculture industry on both a domestic and global scale. In the most basic form, the livestock industry supports the livelihood of over one billion people globally. Additionally, animals and animal products bring in billions of dollars each year.
What is the value of the pet industry in the US? ›
Total U.S. Pet Industry Expenditures
In 2022, $136.8 billion was spent on our pets in the U.S. In 2023, a total of $143.6 billion in sales is projected in the U.S.
How does the pet industry affect the environment? ›
The pet food industry and its industrial meat production is the biggest cause of global deforestation. In addition, feeding dogs and cats creates the equivalent of around 64 million tons of carbon dioxide in the US each year which has roughly the same impact as 13.6 million cars on the road.
What are the negatives of the pet industry? ›
In addition to contributing to animal homelessness and suffering, many breeders endanger animals' health by breeding dogs who are related to each other, which can cause life-threatening genetic defects, and manipulating animals' genetics for specific physical features, such as “pushed-in” noses (which can cause serious ...
How profitable is the pet industry? ›
The pet industry is doing fantastic in 2024 so far. According to Michigan State University, the pet industry had an overall economic contribution in 2023 of $303 billion, an increase of 16% from 2022.
How much money does the animal industry make? ›
This statistic shows the income made by farms in the United States from livestock and products between 2001 and 2023, with a forecast for 2024. At the end of 2023, farms' cash receipts from this commodity came to around 244.4 billion U.S. dollars.
What is the market value of the pet industry? ›
MARKET OVERVIEW
The global pet care market was valued at USD 295 billion in 2022 and is expected to reach USD 400.40 billion by 2028, growing at a CAGR of 5.22%. The pet care market includes various attributes such as pet food, veterinary and medication, insurance, pet services, and others.
U.S. pet owners spent the most on pet food and treats, which accounted for $50 billion of the $93.95 billion spent directly on pets in 2021, the study found. Consumer expenditures on pets also generated public revenues from local, state and federal taxes of $23.4 billion, according to the study.
What are the economic importance of domestic animals? ›
Animals like cows provide us with dairy products, goats with meat, chickens with eggs and meat. Cows, buffalo and horses are used as a medium for transportation.
How does industry affect animals? ›
Illegal logging and the conversion of natural forests to tree plantations destroys critical habitat for animals. Animal products like leather and feather down are also used in this industry, exposing it to wild and captive animal welfare risks.
How big is the US pet market? ›
US Pet Market Size
| Study Period | 2019 - 2029 |
|---|
| Market Size (2029) | USD 103.27 Billion |
| CAGR (2024 - 2029) | 5.06 % |
| Market Concentration | Low |
| Major Players *Disclaimer: Major Players sorted in no particular order | |
2 more rowsSome of the major challenges include rising costs, labor shortages, supply chain disruptions, increasing competition, and changing consumer preferences. Despite these challenges, the pet care industry is expected to continue to grow in the coming years.
Is the pet industry growing or shrinking? ›
The Pet Industry is experiencing unprecedented growth, with projections of reaching a whopping $500 billion by 2030. This remarkable expansion goes beyond conventional pet care, driven by the premiumization of pet food and services, reflecting the deepening human-animal bond.
What is the economic importance of dog to human? ›
Economic Importance for Humans: Positive
If trained properly and treated well, dogs are loyal and protective animals. Domestic dogs have been bred to many purposes throughout the millenia, including as draft animals, guards, hunting, herding, and fishing aids, and as lap animals.
How much is the pet market industry worth? ›
KEY MARKET INSIGHTS
The global pet care market size was valued at USD 246.66 billion in 2023 and is projected to grow from USD 259.37 billion in 2024 to USD 427.75 billion by 2032, exhibiting a CAGR of 6.45% during the forecast period. Pets are considered members of the family among a vast majority of pet owners.
