M. Shahbandeh
Research expert covering agriculture & FMCG
Pet ownership in the U.S. - statistics & facts
Many pet owners view their pets as their child, but one generation has bonded with their pets more than the rest. A 2023 survey revealed that millennials represented the biggest share of pet owners in the United States, and the highest percentage for viewing their pets as children.
The U.S. is a pet-loving nation with many households home to animal companions.
As of 2023, over 66 percent of Americans, meaning about 87 million homes, reported that they owned at least one pet, an increase of about 10 percent since the start of the survey period in 1988. Dogs are still Americans’ favorite pets, as they are found in the most homes in the U.S. – followed by cats and freshwater fish. In the most recent survey year, around 65 million households owned at least one dog.
Despite slower price inflation, consumers’ cost saving attitude has remained consistent. A 2024 global survey has shown that over 50 percent of Americans considered switching pet product brands to save expenses. Toys and treats were the main categories pet parents are cutting down considering as non-essential items. Persistent food price inflation has shaped consumers’ price perceptions which may lead to continued cut backs and cost saving on pet products in the future.
The U.S. is a pet-loving nation with many households home to animal companions.
Expansion in pet industry and pet ownership
The pet industry has been growing rapidly, reaching over 300 billion in revenues in 2023, with 16 percent annual growth. This is a reflection of consumers’ continuously increasing expenditure on pets and pet products over the last years. Pet food and treats were the highest selling pet market product categories in the United States, followed by the vet care and products segment.As of 2023, over 66 percent of Americans, meaning about 87 million homes, reported that they owned at least one pet, an increase of about 10 percent since the start of the survey period in 1988. Dogs are still Americans’ favorite pets, as they are found in the most homes in the U.S. – followed by cats and freshwater fish. In the most recent survey year, around 65 million households owned at least one dog.
Inflation impact on pet owners
Inflation in the U.S. has impacted consumers shopping habits and pet owners are not an exception. Pet food prices have spiked in every category forcing pet owners to cut back on some of their expenses. Correspondingly, price became an influential factor when purchasing pet products, ranked higher than ingredients and sustainability by pet owners.Despite slower price inflation, consumers’ cost saving attitude has remained consistent. A 2024 global survey has shown that over 50 percent of Americans considered switching pet product brands to save expenses. Toys and treats were the main categories pet parents are cutting down considering as non-essential items. Persistent food price inflation has shaped consumers’ price perceptions which may lead to continued cut backs and cost saving on pet products in the future.
