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.
Pets are the new kids. According to Forbes, two-thirds of American households own a pet. An overwhelming majority of dog and cat owners consider their pets to be members of their human family. Between 2016 and 2022, the segment of US households that own dogs grew from 38.4% to 44.5%, and the cat-owning segment grew from 25% to 29%. Conversely, the American birth rate declined by almost 22% from 1990 to 2019. For businesses that depend on growing demand for consumables, more and more consumers have four paws.
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. Forbes reports that Americans spent close to $137 billion on their pets in 2022, which is more than ever before. Spending on pets increased 51% in just four years, 2018-2022.
The growth of the pet industry has entrepreneurs turning to pet supplement manufacturers for smart business partnerships that stand the test of time. The market for pet supplements in the US is forecast to grow 5.5 to 6% annually in the next seven years. Younger adults are especially interested in their pets’ health and longevity, and are ready to spend more to keep their dogs and cats healthy. Millennials (people born 1981-1996) spend the most of any age group on pet care: almost $200 per month, according to a 2022 study.
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, headquartered in Topeka, KS is a premier manufacturer of dosage form pet health supplements. They can help you select from dozens of existing formulas for private label production or can help you make a custom formula tailored to your specific needs. “Whether you want to use one of our formulations or bring one of your own, we’re ready to work with you to make high quality products,” said Dr. Sam Al-Murrani, owner of Bimini Pet Health. “Even under uncertain economic times, we don’t anticipate the demand for pet health supplements to diminish.”
Getting Started in Today’s Market
Bimini is committed to providing private label and custom manufactured pet supplements designed to support and maintain healthy pets. Bimini’s dosage form pet health supplements are manufactured at their facility in Topeka, KS which is third-party audited for human food production under 21 CFR part 117. Every ingredient and the resulting product are stored, handled, processed and transported consistent with applicable federal laws. The facility is FDA-registered and USDA inspected and approved for export to Canada.
If you’re considering creating a specific pet product, either white label or private label, Bimini knows the industry. Getting started is easy. They offer a turnkey process and will guide you every step along the way—from ideation to packaging and fulfillment.
Download your free copy of Sizing the Pet Market for more statistics.