While the business of dogs isn’t exactly pups in suits and ties, it remains one of the most lucrative industries in the United States – at times even appearing recession-proof. In 2018 alone, American pet owners spent $72 billion on pet care as we begin taking a more proactive approach when it comes to health, wellness, and safety of our pets.
No matter how much we may plan for the future, emergencies happen that we may not always be prepared for. An estimated one out of three pets every year will require urgent veterinary care and even common medical issues in pets like vision conditions and skin problems can end up costing a pretty penny. At current rates, the pet health insurance industry is set to reach a value of $2 billion as more and more pet owners invest in the long term health concerns of their pets. Higher quality and nutritious pet food, vitamins and supplements, even precise CBD doses all with pets in mind are leading the way for a new future of pet care.
Instead of waiting around for medical disasters to strike, pet parents are planning ahead to mitigate the damage of emergencies in both their pets and their wallets. This infographic details the current state of the pet industry, how and why it’s rapidly changing, and what we can learn from its growth even in the wake of recession circumstances.