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Americans Spent $69.5 Billion on their Pets Last Year: More Than Ever Before
The American Pet Products Association (APPA) Releases Annual Industry-Wide Spending Figures-
ORLANDO, Fla., March 22, 2018 /PRNewswire/ — Bob Vetere, president and CEO of the American Pet Products Association (APPA), announced new annual industry-wide spending figures putting overall spending in the pet industry higher than ever before with $69.51 billion spent in 2017. The latest pet industry spending figures were announced at Global Pet Expo, an annual pet products trade show presented by APPA and the Pet Industry Distributors Association (PIDA). The 2017 pet industry spending numbers surpass the previous year’s by nearly three billion dollars ($66.75 billion spent in 2016), a 4 percent growth. APPA’s annual comprehensive industry figures report covers pet spending in the market categories of food, supplies/over-the-counter (OTC) medications, veterinary care, live animal purchases and other services.
“It’s incredible to not only see growth for the pet industry in general, but to experience growth across all categories- with the exception of ‘live animal purchases’ which remained the same,” said Vetere. “Talk to any pet owner and they’ll tell you how difficult it is to put a dollar limit on what they’d spend to give their loyal companion a happy life, and it’s this outlook that continues to drive growth.”
Spending on pet food continues to be the highest source of dollars spent, with spending on dog food specifically making up a majority of sales. Interest in high end, premium pet food and treats continues to be a key driver for increased spending in the pet food category, but as owners increasingly value shop for these items, total food spending growth continues to slow down.
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