In 2021, The total market size of the U.S. Pet Industry was $123 Billion.
$50 Billion in Pet Food
$34 Billion in Veterinary Services
$30 Billion Supplies and Supplements
$9 Billion for other services
Pet Supplement Sales Grew 116% between 2019-2020
Traditional supplements focused on bone/joint and skin/coat
Today, pet owners are becoming proactive in monitoring pet health
Focus is on support of the pet digestive & immune system
CBD, hemp oil, krill oil leading growth drivers
Manufacturers are creating formulations with functional ingredients backed by science
The U.S. Pet Industry supports 1.3 million jobs, delivering $60 Billion in wages, salaries and benefits
Today, Millennials are the largest pet owner demographic comprising 32% of all pet parents, followed by Boomers at 27% & GenXers at 24%.
Throughout this decade, between the two, 14% annual growth in pet ownership is forecast. In 2021, there were 118,624 licensed Veterinarians in the U.S. 44,000 veterinarians deliver companion pet exclusive care
In the same year, there were 90 million U.S. companion pet household
That's 1 veterinarian serving over 2000 pet homes
57% of all veterinarians elect to serve in a private practice
90 million U.S. companion pet household
118,624 licensed Veterinarians 67,616 elect to render pet care in the Private Sector Veterinarian care services in the U.S. companion pet sector is expected to grow at a CAGR of 8% between 2022-2030 to >$50 billion. By 2030, the U.S. will need 41,000 additional companion pet Veterinarians and 130,000 credentialed vet technicians
increasing pet diseases Key drivers of growth:
growing focus on optimum pet care
rising companion pet population
shortage of veterinarians and credentialed technicians
increasing penetration of Pet Insurance
SOURCE: Mars Veterinary Report; GMI Report ID: 15280, "Veterinary Services Report", June 22, 2022
Less than 5% of companion pets in the U.S. have health insurance
50% of pet owners state they would buy pet insurance if recommended by their trusted Veterinarian Many pet owners cannot afford regular Veterinarian visits
Costs of veterinary care key factor in pet euthanasia
