Health Insurances
Pet Pampering and Pet Health Insurance Drive Pet Industry Sales to Another All Time High, According to the APPMA
GREENWICH, Conn. (Business Wire EON) March 4, 2008 -- In 2008, Americans' spending on pets is projected to be higher than ever at $43.4 billion. Here's a look at how the costs break down.
Category 2007 Actual 2008 Estimate % Growth
------------------------------- ------------ ------------- -----------
2008 vs
($ Billion) ($ Billion) 2007
Food 16.2 16.9 4.2
Supplies/ OTC Med 9.8 10.3 5.5
Veterinary Care 10.1 10.9 8.5
Live Animal Purchases 2.1 2.1 2.2
Other Services 3 3.2 6.9
Total 41.2 43.4 5.6
An increase in pampering and gift giving has fueled the industry as more pet parents continue to treat their pets like members of the family.
"We're noticing more baby boomers are pet owners and they are treating their pets like members of the family. For empty-nesters, pets are filling a void in their lives and they're showing their appreciation to their pets," said APPMA President, Bob Vetere.
Pet insurance currently has over 2.0 million subscribers and is projected to grow to 5-7% of all pet owners in 2010.
"Again, our pets are being treated like members of the family. Pet owners want to protect themselves and their pets against unexpected medical expenses. This category is rising fast," said Vetere.
Other areas of note include an increase in high-end grooming services, such as pet hotels, pet spas and doggie day cares. High-end products in general are on the rise, as is gift giving and new product introductions and innovation.
"The pet industry continues to grow at a record pace and the future is no exception. Pet owners and the companies providing pet products and services show no sign of letting up."
The American Pet Products Manufacturer's Association (APPMA) is the leading not-for-profit trade association serving the interests of the pet products industry since 1958. APPMA membership includes more than 1,000 pet product manufacturers, their representatives, importers and livestock suppliers representing both large corporations and growing business enterprises. APPMA's mission is to promote, develop and advance pet ownership and the pet product industry and to provide the services necessary to help its members prosper. Visit www.appma.org for more information.
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