Note: This article’s statistics come from third-party sources and do not represent the opinions of this website.
Many of us continue to find comfort and support from our pets. The solace they bring us may be priceless but that doesn’t stop us from spending money on them — a lot of money, to be precise.
Worldwide, the pet care market is worth over $200 billion. But who’s spending the most on their pets? In this article, we’ll give you 20 key pet spending statistics to know this year, including where the money is being spent, who’s spending it, and what they’re spending it on. Choose a section below to read those stats now!
Top 20 Pet Spending Statistics
- Worldwide, the pet care market was worth $207.9 billion in 2020.
- It’s estimated that Americans spent $109.6 billion on their pets in 2021.
- In Canada, the average budget for pet owners was $2,430 CAD per year in 2021.
- UK pet owners spent £7.5 billion on pets and pet products in 2020.
- In the European Union, pet owners spent an estimated €21.2 billion on pet products and services in 2020.
- In Latin America, the pet care market is expected to grow by 5.8% in 2022.
- In 2020, China’s pet spending reached $31.89 billion.
- Australians spent an estimated $30.7 billion AUD on their pets in 2021
- 35-44-year-olds in the US spend an average of $137 per month on their most expensive pet.
- 61% of US millennials cut back on pet spending during the pandemic.
- In the UK, people between 65-74 years old spend the most on their pets.
- 59% of new pet owners in the UK are between 16-34 years old.
- In China, 45.1% of those born between 1995-1999 own pets.
- 7% of Chinese pet owners are single.
- Brazilians own the most pets in Latin America.
- In 2021, Americans spent an estimated $44.1 billion on pet food and treats.
- Americans spent an estimated $2.14 billion buying their pets Valentine’s Day presents.
- UK pet parents spent about £3.8 billion on vet bills in 2020.
- In Canada, pet parents spend an estimated average of $960 per year on veterinary care for their dogs and $711 for their cats.
- The global pet clothing market is worth over $5 billion.
Where Is Pet Spending Happening?
1. Worldwide, the pet care market was worth $207.9 billion US in 2020.
(Fortune Business Insights)
Demand for pet care products rose worldwide during the last year. Spending increases were driven by demand for premium food, grooming, and toys. The market is expected to continue at a rate of 5.6%, reaching sales of over $300 billion by 2028.
2. It’s estimated that Americans spent $109.6 billion on their pets in 2021.
This represents an increase of $6 billion over what was spent in 2020. This spending was spread over the estimated 90.5 million homes with pets in the United States.
3. In Canada, the average budget for pet owners was estimated at $2,430 Canadian per year in 2021.
Over the past 3 years, the average budget for pet owners in Canada has increased by 17.1%. Canadian pet owners spend an average of $2,912 on dogs, $2,150 on cats, and $995 on rabbits per year.
4. UK pet owners spent £7.5 billion on pets and pet products in 2020.
Since 2005, pet spending in the UK has increased by 170%. In 2013, there were more pets in the UK (73 million) than there were in 2020 (50 million), yet spending was still higher.
5. In the European Union, pet owners spent an estimated €21.2 billion euros on pet products and services in 2020.
(European Pet Food Industry)
The pet food industry in Europe has grown by an average of 2.8% over the past 3 years. The industry also employs close to 1 million people, directly or indirectly.
6. In Latin America, the pet care market is expected to grow by 5.8% in 2022.
Brazil is the largest pet care market in Latin America and accounts for 5% of the global pet care market. Online sales of pet care products grew the most during 2020.
7. In 2020, China’s pet spending reached $31.89 billion USD.
This represents a 2% increase over 2019. The pet market in China is expected to continue to increase over the coming years.
8. Australians spent an estimated $30.7 billion Australian on their pets in 2021.
(Animal Medicines Australia)
Australians spent roughly twice as much on dogs as they did cats, 20.5 billion versus 10.2 billion. There are about 6.3 million pet dogs in Australia and 4.9 million cats.
Who Is Doing The Spending?
9. 35-44-year-olds in the U.S. spend an average of $137 per month on their most expensive pet.
Millennials are the largest group of pet owners in the United States at 32%. 18-34-year-olds spend an average of $133 per month on their most expensive pet, making older and younger Millennials the age group that spends the most on their pets in the U.S.
10. 61% of U.S. millennials cut back on pet spending during the pandemic.
Despite the amount of money Millennials drop on their pets, 61% of 18-34-year-olds report they cut back their spending due to the COVID-19 pandemic. 50% of 35-44-year-olds also reported this.
11. In the UK, people between 65-74 years old spend the most on their pets.
According to this survey, households with a person between 65-74 years old spent an average of £6.40 per week on their pets. People aged 30 years and younger spent roughly half that amount, about £3.20 per week.
12. 59% of new pet owners in the UK are between 16-34 years old.
Interestingly, younger people make up the majority of new pet owners in the U.K. 3.2 million new pets were acquired during the pandemic and 59% went to Gen Z or Millennial owners. Will pet spending trends change based on these statistics?
13. In China, 45.1% of those born between 1995-1999 own pets.
Chinese Millennials are increasingly choosing to have pets instead of children. In total, those born between 1990-1999 make up 38.1% of the pet-owning population of China. 28.9% of Chinese born after the year 2000 own pets.
14. 33.7% of Chinese pet owners are single.
Chinese pet owners are increasingly putting off marriage and children and instead treating their pets as family, including spending money on them. Demand for more specialized products and services is growing due to this as well.
15. Brazilians own the most pets in Latin America.
An estimated 141.6 million pets made their homes in Brazil in 2019. Dogs are the most popular pets, followed by birds and cats.
What Are They Spending Money On?
16. In 2021, Americans spent an estimated $44.1 billion on pet food and treats.
Pet food and treats were the largest expense among American pet owners in 2021, followed by veterinary care and products at $32.3 billion. Both expenses increased by about $2 billion from 2020. Demand for premium food and treats is thought to be a major driver behind the increase.
17. Americans spent an estimated $1.7 billion buying their pets Valentine’s Day presents.
Yes, American pet parents spent most of their money on practical items like food and vet bills but they also splurged on gifts for their fur babies. 27% of consumers planned to buy Valentine’s gifts for their pets, spending an average of $12.21.
18. UK pet parents spent about £3.8 billion on vet bills in 2020.
The amount spent on vet care in the U.K. actually decreased during the past year, likely due to the effects of the pandemic and lockdowns. Pet owners in the U.K. could expect to pay between £40-60 for a veterinary exam in 2020.
19. In Canada, pet parents spend an estimated average of $960 per year on veterinary care for their dogs and $711 for their cats.
Unlike the U.S., Canadians devote more of their yearly budget to veterinary care than to food and treats. For new puppy and kitten owners, the costs were even higher: $1,458 per year for a puppy and $1,340 per year for a kitten.
20. The global pet clothing market is worth over $5 billion.
(Fortune Business Insights)
The pet clothing market is expected to grow to over $7 billion by 2028. Shirts and tops are the hottest items, especially matching pet and owner looks. Pet owners are expected to demand more sustainable, luxurious fashion for their pets in the coming years.
Frequently Asked Questions About Pet Spending
Which Country Spends the Most On Their Pets?
Globally, the United States spends the most money per capita on its pets, over $150 per person. The U.K. comes next, at $93 per person. The rest of the top five are France, Switzerland, and Germany. Japan is the highest spending Asian country at just under $50 per person. (The Economist)
Besides Food and Veterinary Care, What Else Do Pet Parents Spend Money On?
Well, we mentioned the size of the global pet clothing market already. In America, pet parents spend money on supplies, grooming, pet sitting, and purchasing the animals themselves. They also spent about $490 million on pet Halloween costumes in 2019.
The Chinese pet market is growing even more niche, with demand for pet funerals and lost pet detectives. Basically, anything you can think of to buy for your human children, pet parents will buy it for their fur kids. (NRF)
Are People Really Choosing to Have Pets Rather Than Kids?
Recently, the Pope made headlines for calling people who chose to have pets instead of kids “selfish.” Chinese officials are none too pleased with the number of young Chinese choosing pet parenthood due to the falling birth rate in their country.
As much money as Americans spend on their pets, they would spend a lot more on kids. Raising kids is estimated to cost parents an average of $230,000 overall. The cost of owning a pet—even if you opt to purchase Halloween costumes and premium food—won’t even come close. (Business Insider)
As much as the pandemic has upended the global economy over the past few years, certain markets have continued to grow. The pet product market is certainly one of them. Global spending on pets continues to grow with the United States leading the way—for now. As more and more people worldwide begin to think of their pets as family members, we can expect to see many more dog holiday costumes and cat birthday gifts in our future.
Featured Image Credit: TheCats, Shutterstock