Market Outlook
Key Trends in Companion Animal Health
- 70% of U.S. households own pets, approximately half of which own more than one pet.
- Millennials make up the largest percentage of current pet owners (33%), followed by Gen X (25%), and baby boomers (24%)
- Millennials have shown a preference for marrying later than older generations, and in many cases, choosing instead to adopt pets. Millennials account for 33% of current U.S. pet owners, despite accounting for ~22% of the total U.S. population.
- There are an estimated 86.3 million dogs and 61 million cats in the U.S., and more than twice that amount across the rest of the world.
- Millennials make up the largest percentage of current pet owners (33%), followed by Gen X (25%), and baby boomers (24%)
- The humanization of pets, a trend describing the growing share of individuals that think of their pets as a “member of the family,” is driving growth of pet-related products and services.
- Research indicates that nearly all pet owners (97%) consider their pets to be a part of their family, and more than half of pet owners (51%) consider their pets to be as much a part of their family as a human family member
- This trend is a key driver of growth as pet owners are showing an ongoing willingness to pay for pet healthcare products and services even in turbulent economies.
Industry Snapshot
$147B
Total U.S. pet industry spend in 2023 across food, treats, veterinary care, and supplies70%
Of U.S. households own pets
97%
Of pet owners consider pets family
86.3M Dogs & 61M cats
Estimated U.S. pet population, more than double that of any other country
41,000
Additional veterinarians needed by 2030 to meet rising demand for care
15.3% CAGR
Projected growth in the U.S. animal health diagnostics market through 2030
