Pet Ownership Statistics Indicate Pet Supplement Manufacturers Make for Smart Business Partnerships
Bimini is a manufacturer of dosage form pet health supplements, and all instances of Bimini’s pet supplements refer to dosage form pet health supplements.
In early fourth quarter, Goldman Sachs CEO, David Solomon told Reuters he believed there is a “reasonable chance of a recession in the U.S., but it’s not certain.” His statement is in line with what others in the financial industry are predicting. Entrepreneurs and pet supplement manufacturers are raising an eyebrow.
Fitch Ratings reported the U.S. economy will experience a recession beginning the second-quarter of 2023, but robust U.S. consumer finances will help soften its impact. As recent as December 7th, CEOs of leading companies appeared on CNBC to share their outlooks for 2023. JPMorgan, General Motors, Walmart, United and Union Pacific CEOs are preparing for an economic slowdown due to rising inflation, interest rates and global political concerns.
Compare that to the 2022 holiday spending at $9.12 billion on Black Friday and $11.3 billion on Cyber Monday, both up year over year, proving consumer buying is still strong. Yet, 1st quarter 2023 spending might decrease as consumers’ holiday shopping bills arrive. Entrepreneurs and pet supplement manufacturers aren’t tightening their financial belts just yet. Why?
In light of upcoming bills, a predicted recession and who-knows-what-else factors on the horizon, one growing market is the pet industry. And, this has entrepreneurs turning to pet supplement manufacturers for smart business partnerships that stand the test of time.
The pet market proved to be recession-proof during The Great Recession in 2008. Then in 2020, we saw it also was pandemic-proof as the market boomed like never before. What is interesting is that despite the recession or pandemic economic challenges, U.S. pet owners have not historically cut spending on their pets. The American Pet Products Association (APPA) estimates that Americans spent close to $100 billion on their pets in 2020, which is more than ever before.
Ten Interesting Statistics on Recent Pet Ownership and Spending in the US
- Seventy percent of US households owned a pet in 2020.
- Pet owners continue to spend on their pets even in uncertain economic times, reporting:
- 57% will spend the same on pet supplies
- 35% spent more on pet supplies
- Only 8% spent less
- Dog ownership has increased, up to 58% from 50% in 2018 in US households.
- 13% of GenZ and 11% of Millennials have given their dog some type of holistic remedy.
- 73% of Gen Z and 61% of Millennials have purchased calming products for their dogs.
- 44% of dog owners give their pet some type of supplement, up 34% from 2018.
- 45% of US households have a cat, and the percentage of cat owners owning two or more cats has increased.
- 8% of cat owners have given their pets a holistic remedy, and 30% of cat owners give their pet some type of supplement, up 20% from 2018.
- 69% of Gen Z and 67% of purebred cat owners report using some type of calming product.
- 65% of 18- to 34-year-olds plan on getting a pet (or another pet) within the next five years.
Where Pet Supplement Manufacturers See the Industry Heading
Average annual household spending per pet could grow from $980 in 2020 to $1,292 by 2025 and expand further to $1,909 by 2030, which makes pet supplements an interesting business idea for companies looking for ways to grow their sales and entrepreneurs seeking strong ventures.
As with any venture, partnering with the right pet supplement manufacturer is critical to success. Bimini Pet Health is the manufacturer of choice for manufacturing dosage form pet health supplements, considering we:
- Have our manufacturing facilities third-party audited to a human food manufacturing standard (21 CFR part 117) and are USDA inspected and FDA registered.
- Are centrally located in the U.S. (better shipping costs and delivery times)
- Responsibly procure clean, sustainable ingredients from U.S.-based companies
- Make pet supplements with human ingredients and no unnecessary fillers or additives
- Make every order custom, increasing shelf life
- Offer existing formulas or develop customized ones based on your needs and goals
- Offer 100% fulfillment and packaging services
- Are happy to support supplement formulas with science-backed research and testing results
Even during uncertain economic times, the pet supplement market has proven resilient, and even experienced growth with no slow down predicted on the horizon. It’s as good a time as ever to capitalize on consumer demand.
From private label and custom to existing dosage form pet health supplements ready for white labeling, Bimini produces the formulations pet owners trust to launch or grow your pet-centric business. Contact us today to get started.
Download your free copy of Sizing the Pet Market for more statistics.
Statistic sources:
APPA Nation Pet Owners Survey 2021-2022
Morganstanley.com