Is the pet industry growing or shrinking? (2024)

The pet industry is growing. In 2020, the pet industry grew by over 28%. While this was unusually high due to more people buying pets and pet supplies during the COVID-19 pandemic lockdowns, it is indicative of the overall upward swing of the pet industry.

Over the longer term (2021-2028), the pet industry is expected to see a CAGR of 5.6%, reaching a value of $325.74 billion in 2028.

The growth in this industry is fueled mainly by a high number of millennials buying more pets than generations before them and viewing them as members of the family.

As a result of this attitude toward their animals, these pet owners are more willing to pay for more supplies, higher quality food, and even more expensive veterinary procedures than generations past were willing to.