The American Pet Products Association (APPA) Releases Annual Industry-Wide Spending Figure for the 2016 Year.
The excitement was palpable at this year\’s Global Pet Expo held in Orlando FL, on March 23rd. Not only was the giant 13 football-field-long exhibit space sold out, but last year\’s figures for the U.S. pet industry expenditures were announced.
Bob Vetere, president, and CEO of the APPA, told an excited crowd that figures saw record-setting growth. Officially, pet industry spending is up $6 billion dollars from the previous year. This sets national pet spending at $66.75 billion, surpassing economic forecasts by 4 billion dollars.
The most dominant of the sales sector was in food sales which grew 22.5%, or $5.18 billion. Projection growth for food is predicted to plateau next year as a number of pets owned in the U.S. will remain constant.
Another segment of the pet industry that saw growth was in services which include boarding and grooming. The growth in this sector was at 6.5%, around $350 million.