Pet ownership has risen significantly since the onset of the COVID-19 pandemic. The American Pet Products Association (APPA), in its 2021-2022 National Pet Owners Survey, reported that pet ownership increased from an estimated 67% of U.S. households to an estimated 70%. The study also found that 35% of pet owners spent more on pet supplies, including food, wellness-related products and other pet care items, year-over-year in the trailing 12 months.
Regarding this, Morgan Stanley (MS) equity research analyst Simeon Gutman said, “We think the U.S. pet industry has reached an inflection point, taking topline compound annual growth rates to 8%, versus 3% for the last decade.” According to a Morgan Stanley forecast, the average annual household spending per pet could grow from $980 in 2020 to $1,292 by 2025, and could expand further to $1,909 by 2030.
