Pet Industry Spotlight: April 2024 Update
In 2023, U.S. pet industry spending reached $143.6 billion, reflecting over two decades of growth and resilience against economic downturns. The industry's evolution is marked by a shift towards high-quality, health-centric products, including CBD, innovative pet tech, and an increased focus on sustainability and wellness services, culminating in Chewy's launch of "Chewy Vet Care" to offer comprehensive pet health services starting in 2024.
Spending on pets in the U.S. hit $143.6 Billion in 2023, representing over twenty years of growth. The pet industry has proven to be highly recession-resistant. - Ankura
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