The American Pet Products Association(APPA) revealed recently that while spending in veterinary care grew from 2010 to 2011 by 2.9 percent, a 1.3 percent growth rate is predicted for 2012.
The figures in the veterinary care category for 2010 were $13.01 billion, with 2011’s actual spending figures for the category reported at $13.41 billion. The 2012 monetary estimate to be spent is expected to be about $13.59 billion.
APPA President Bob Vetere shared, “As the total pet population continues to grow, despite a slower pace, we still see the overall industry expanding year after year. As pet owners continue to pamper pets and treat them like members of the family, we see positive growth and a response to consumer demand for more products and services which we expect to see through 2012.”
Interestingly, spending for the pet insurance category increased by 9.2 percent from 2010 to 2011, hitting approximately $450 million, with numbers believed to reach $500 million in 2012.
The APPA’s National Pet Owners Survey further revealed that pet sales and adoptions are beginning to flatten, so the total money that is being spent is spread over about the same number of animals, according to Vetere. Many high-end foods have taken hold in the marketplace, so the food sector is succumbing to a more traditional growth model.
In 2010, the same report revealed that the average number of times a dog visited their veterinarian over the previous 12 months’ period of time was close to three, which kept in harmony with the number of visits in 2008. The 2010 survey was the first time participants were asked of the economy influenced their pet ownership habits at all. A reported 18 percent said they did not get a pet due to the economy while 2 to 5 percent shared they spent more money on their pet than in prior years.
For more information about the survey, visit the APPA’s official website at www.americanpetproducts.org.