The U.S. Bureau of Labor Statistics (USBLS) released its “Mid-Year Update of the Consumer Expenditure Survey,” revealing that annual pet food annual spending in the U.S. has reached $26.7 billion.
The report covers the period July 1, 2014 to June 30, 2015.
The report also showed that prices rose slightly in the second half of 2014 and were stable in early 2015. This contributed to the turnaround in sales by the end of 2014 and the growth by midyear of 2015 – up $3.8 billion, or 16.6% from a year ago.
The growth is being driven by the old and young, especially ages 55 to 64 and 25 to 34. However, there is significant growth in the under-35 group and the 55 to 74 group.