Glenn Polyn//March 25, 2021//
Glenn Polyn //March 25, 2021//
Press release: American Pet Products Association
The American Pet Products Association (APPA), the leading trade association serving the interests of the pet products industry since 1958, this week announced the industry has reached over $100 billion in annual sales, the highest level in industry history. The milestone was released in APPA’s 2020 State of the Industry Report during Global Pet Expo Digital Access.
“We have reached a critical milestone, generating $103.6 billion in sales,” said Steve King, president and CEO of APPA. “We are bullish for the coming year, projecting growth of 5.8 percent – well above the historical average of 3 to 4 percent. This past year presented a host of challenges that resulted in consumers across the country turning to their pets for comfort and companionship. Interestingly, the product trends we are seeing in the pet care community mirror those of consumers – a desire for a healthier lifestyle, increased focus on fitness, turning to supplements for improved well-being, and technology playing a larger role in everyday life.”
The State of the Industry Report was revealed on Monday at Global Pet Expo Digital Access, the pet industry’s premier event, during the keynote presented by APPA and the Pet Industry Distributors Association (PIDA). Trends from the report included:
While $8.1 billion was spent on other services such as grooming, dog walking and boarding, this was a 21.4 percent decline from the previous year. As quarantines are lifted and consumers venture out the use of these services is expected to rise.
From a retail perspective, every channel showed an increase, especially e-commerce, which is consistent with consumer shopping trends overall: