The U.S. companion animal market size was exhibited at USD 5.43 billion in 2022 and is projected to hit around USD 15.29 billion by 2032, growing at a CAGR of 10.9% during the forecast period 2023 to 2032.
Key Pointers:
Report Scope of the U.S. companion animal Market
Report Coverage |
Details |
Market Size in 2023 |
USD 6.03 Billion |
Market Size by 2032 |
USD 15.29 Billion |
Growth Rate from 2023 to 2032 |
CAGR of 10.9% |
Base Year |
2022 |
Forecast Period |
2023 to 2032 |
Segments Covered |
Product, Animal type, Distribution channel, End use |
The market is primarily driven by the growing adoption of companion animals in the country, coupled with the increasing awareness among pet owners regarding animal diagnostics.
Dogs are the most commonly owned companion animals, followed by cats. According to the U.S. Census Bureau’s American Housing Survey, in 2020, around 69% of households have at least one pet. Growing pet ownership has upped concerns regarding their health, thereby driving the market. The advent of artificial intelligence (AI) has enabled early and accurate diagnosis, thus providing promising growth opportunities in the coming years.
The rising number of pet owners seeking better healthcare services, healthier quality foods, and high-end grooming and training services for their companion animals is a major driver for this market. According to theNational Pet Owners Survey, 90.5 million families in the U.S. own a pet, out of which 69.0 million own a dog. Moreover, high-income families amounted to approximately 60% of the total spending. In recent years, pet adoption has shown immense growth. This is primarily attributed to the fact that people are healthier and happier in the presence of pets, as found by the Human-Animal Bond Research Initiative Foundation (HABRI).
With the rising adoption of companion animals and growing concerns over their health, there comes a direct association with pet insurance. Presently, pet insurance accounts for a small segment in the insurance industry. The Covid-19 pandemic positively impacted the market growth in the U.S. Key players such as Boehringer Ingelheim Animal Health, Chewy, Elanco, MWI Animal Health, Covetrus, and PetIQ focused on expanding their telemedicine solutions into the market as governments relaxed governance to enable more flexible veterinary examinations during the coronavirus pandemic.
Approval of novel therapeutics and companion animal vaccines continues to present this market with lucrative growth opportunities. Ongoing trends for the adoption of e-commerce, pet insurance, veterinary telemedicine, point of care diagnostic testing, and digitalization of veterinary practices are further accelerated by the crisis of COVID-19.
Groundbreaking technological advances are rapidly transforming the pet health industry. These expansions are maximizing the potential for growth. Companies are taking strategic initiatives in pet health, such as the adoption of big data, wearable technologies to monitor pet health, and the inclusion of stem cell therapy. Moreover, established players are focusing on expanding their portfolios. For instance, Elanco acquired Bayer AG’s animal health business unit in August 2019.
The U.S. captured a substantial share of the market. The share attained by this country is primarily a consequence of the presence of prominent market players undertaking extensive expansion strategies. Moreover, the increasing number of R&D investments initiated by the companies is one of the key potential growth factors presumed to be responsible for the sizeable share garnered by the U.S.
Some of the prominent players in the U.S. companion animal Market include:
Segments Covered in the Report
This report forecasts the volume and revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor has segmented the U.S. companion animal market.
By Animal Type
By Product
By Distribution Channel
By End-use