Pets are big business in America. A pet is family to the average pet owner which means this is one of the last expenses to cut in a slow down. According to The American Pet Products Manufacturers Association (APPMA), annual industry expenditures continue to grow and last year were over $43.2 billion and estimated to be $45.4 billion in 2009. Expenditures break out as follows:
- Food - $16.8 billion
- Supplies/OTC Medicine - $10.0 billion
- Vet Care - $11.1 billion
- Live animal purchases - $2.1 billion
- Pet Services: grooming & boarding - $3.2 billion
This growing market offers plenty of business opportunities including pet insurance, pet sitting and gourmet pet foods.
Another proof that consumers won’t abandon something they value easily…even in a recession. It’s probably a good reminder to entrepreneurs everywhere that creating and maintaining value for customers remains the name of the game no matter what the economic climate.
Great article. One thing that I appreciate is that dog parents everyone are appreciating the fact pet insurance and vet care for their family member the dog are a “gotta have” item.