Time to Feed the dog

In this analyst’s household, our children require frequent reminders of their daily chore to feed the dog. Fortunately for most pets, they are considered an integral part of the family.  For instance, a 2021 survey conducted by Zoetis and the Human Animal Bond Research Institute found that 95% of pet owners consider theirs a part of their family.  Similarly, a 2022 Morgan Stanley survey found that 71% of those aged 18 to 54 considered their pet an important part of the family. Supported by an expansion in pet ownership, an increased focused on pet well-being, and a broadening selection of pet products like premium foods, US spending on pet care has delivered a 7.7% compound annual growth rate over the last thirty years, a trend that accelerated even before the pandemic drove renewed interest in pet adoption.   For a more in-depth look into pet-related trends, please see our recent report Planet of the fur babies: Pet sector still thriving.

Source: Alphawise, Morgan Stanley Research, August 2022