Americans’ love affair with their pets, particularly dogs, has reached extraordinary heights, with pet spending hitting $186 billion in 2023, according to the Bureau of Economic Analysis. Dogs, by far the most popular companions, drive much of this devotion, with owners sparing no expense to ensure their furry friends are fed, healthy, and happy.
The surge in pet pampering traces back to the pandemic when isolation and uncertainty pushed many to adopt dogs as sources of comfort and joy. Pet-related spending jumped 11% between 2019 and 2023, and the trend shows no signs of slowing, even as other pandemic-era habits fade. This loyalty has created a booming industry: Mars, known for its candy empire, now generates most of its revenue from pet care, while Nestle and Colgate reap significant profits from their pet businesses.
For many millennials and Gen Zers, dogs have become priority “family members,” often rivaling traditional milestones like buying homes or starting families. This shift has fueled the rise of niche pet companies offering premium products and services. Freshpet and The Farmer’s Dog, for instance, cater to those demanding fresh, human-grade food for their pups, contributing to a projected $135 billion global pet food market by 2030.
Source: Bureau of Economic Analysis