News | Forecast for the US pet market


275 bn dollars by 2030

The pet trade in the USA will certainly benefit from this predicted trend.

American industry news outlets report that analysts at Morgan Stanley currently believe that the US pet industry could reach a sales volume of 275 bn dollars by 2030, as compared with 118 bn in 2019. The forecast is based on the increasing ownership of pets. Annual growth rates of up to eight per cent are therefore expected.

Market researchers from Alpha Wise conducted a survey of US households. According to this, 66 per cent of the respondents had at least one pet; the average was 1.7 pets per household. 29 per cent even said they put the pet's needs before their own. The survey results indicated that 65 per cent of 18-34 year old respondents plan to get a pet in the next five years. AlphaWise predicts that the number of pet owners will increase by 14 per cent by 2030.

As a result, Morgan Stanley analysts project that average annual household spending per pet will increase from 980 dollars in 2020 to 1 292 dollars in 2025 and 1 909 dollars by 2030. US households earning more than 70 000 dollars and the so-called baby boomers increased their spending by 25 per cent in the first half of 2020.

|12 August 2021 | 11:39


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