Pet industry to be worth $500bn by 2030, Mars expects
Alongside this, the research found that 84% of dogs and cats are acquired before the age of 12 months
Mars has stated that it expects the pet industry to be worth around $500bn by the end of the decade.
Furthermore, of the $50bn in sales Mars generated in 2023, it stated that around 60% came from its pet care division.
This research comes as part of Mars’ pet owner study which found that 56% of people are pet owners with 47% being first-time owners.
The survey also found that cat ownership is more common than dog ownership globally, with more men (52% male vs 48% female) being cat owners.
Alongside this, the research found that 84% of dogs and cats are acquired before the age of 12 months.
Ikdeep Singh, global president of Mars Pet Nutrition, said: “Almost half (47%) of those surveyed are first-time owners, signalling a new era of pet parents. We know that pet parents are evolving, and we need to evolve with them, which means embedding pet parent centricity into our DNA to transform the experience and build lifelong relationships with the 455 million pets and pet parents we reach.
“As the world’s leading pet care company, we’re always working on the next big thing in pet parenting, using the insights from this study to continuously innovate and adapt to solve pet parent pain points. Pet parents aren’t born – they become, which is why we must ensure they have the advice, guidance and support they need along every step of their journey.”
