New York -- The pet market grew in 2009 despite the recession according to a new report released in early March by market research publisher Packaged Facts.
-- The pet market grew in 2009 despite the recession according to a new report released in early March by market research publisher Packaged Facts.
In fact, the March report estimates the pet market at $53 billion (including veterinary services, pet food, non-food pet supplies and mon-medical pet services. The marketing firm predicts that demand will increase right along with a U.S. economic recovery for products and services that enhance pet health. The company projects sales will reach $72 billion by 2014.
“The pet market has fared well overall despite the recession, and Packaged Facts attributes this performance to a number of factors that will also be integral to its even better performance in 2010 and 2011,” says Don Montuori, publisher of Packaged Facts. “Chief among these factors is the human-animal bond, which is an excellent insulator against recessionary cutbacks, and the ‘pet parent’ sentiment has never been higher.”
Affluent and middle-class consumers were less likely to cut back on pet spending across the economic spectrum, Packaged Facts reports. What’s more, even those pet owners who may have cut back in other areas continued to spend on small indulgences for their pets, which partially explains the increase in sales of items such as dog treats and cat snacks during 2009.