August 31, 2022
Spend a few minutes scrolling through social media, and you will quickly realize that people really love their pets. And they are spending more money than ever on their furry friends. In fact, the global pet care market grew to $241.1B by 2026. No doubt, the COVID-19 pandemic led to people either spending more on their existing pets or sparked first-time adoptions for those who attempted to blunt their lockdown loneliness and boredom. According to the National Pet Care Survey, conducted by American Pet Products Association (APPA), 70 percent of U.S. households surveyed own a pet. When people say they treat their pets like family, they mean it. Pet owners splurge on everything from food, toys, treats, and travel.
As the pet-owning audience has spent more money on their companions, they have naturally paid more attention to their health, including what food they serve them. PetoOwners are more aware of their pet’s individual dietary needs, and will pay more for food that specifically addresses those concerns, knowing what impact the right nutrition can have on their pet’s health. Some of them have even gone as far as putting their pets on customized diets based on human wellness regimens. Premium pet food brands have grown in recent years, trending towards organic, and all-natural food products.
Just like with the human loved ones in our lives, no one wants to be the victim of the sticker shock from a higher-than-expected medical bill. Pet insurance is another sector of the pet care industry that has seen significant growth. Many employers even offer it as part of their benefits package to their employees, alongside medical insurance. And as owners take their pets for their regular checkups, they are finding that many veterinarians are tapping into the wellness trend and bringing it into their own practices. Vitamins and even CBD products are also now available for dogs and cats.
Then there is the matter of clothing. While people might be divided on the idea of pets wearing clothes, pet owners who live in places where winter is an actual season have to take special precautions to make sure their pets get daily exercise while keeping them warm and safe. Whether the pets themselves enjoy playing dress-up is not known for certain, their owners have spent more and more money on clothing for them.
However much people are spending on their pets, it’s clear that they see that having a furry friend around pays dividends– for companionship, as well as for their mental and physical health.
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