Our place in a $95B industry
Americans spend an estimated $95 billion a year on our pets, according to the American Pet Product Association (APPA), and that number is expected to continue rising. Market research firm IBISWorld projects that rising revenues will be driven by a number of economic and demographic factors:
- The number of pets in the U.S. is expected to grow to more than 210 million through 2022.
- More and more, consumers treat pets like family members. As disposable income levels increase, pet lovers often splurge on higher-quality products or services.
- Pet ownership in 2020 rose to 70% of US households, and owners spent 11% more on pet food, per American Pet Products Association APPA’s new survey. That’s an all-time high, and those numbers are projected to continue increasing.
Meanwhile, EarthWise is continuing to focus more heavily on our service lines, like grooming. Americans spend around $10 billion on pet grooming and boarding services, according to the APPA. Grooming is becoming an increasingly larger share of our offerings as we shift toward a service-focused business.