The global pet industry is projected to grow more than 45% over the next five years, reaching over US$500 billion by 2030, according to Bloomberg Intelligence’s 2025 Pet Economy Report. Diana Rosero-Pena, an equity research analyst at the firm, presented the findings at Petfood Forum 2025, highlighting strong demand for pet products, shifting consumer habits, and the continued strength of the U.S. market.
“Pet owners are planning to spend more across all categories than they did last year,” Rosero-Pena said. Despite inflation, the survey found that many pet parents continue to prioritize spending on food, toys, and grooming supplies.
However, economic pressures are affecting some areas of care. Veterinary visits have declined, with about 20% of dogs and 30% of cats missing their annual checkups. Still, Rosero-Pena emphasized that pet healthcare remains a major growth area.
Pet food continues to be the backbone of the pet economy. Bloomberg Intelligence predicts global sales will grow 36%, reaching US$145 billion by 2030. The U.S. is expected to contribute $68 billion to that total. Premium pet food is projected to expand by 40% and make up nearly 60% of the U.S. market by decade’s end.
Growth may slow slightly in the near term. In 2025, U.S. market growth is expected to be around 5%, down from the 6%–7% growth seen during the pandemic. Rosero-Pena noted that many consumers are adjusting their spending habits, often switching from premium to more affordable products. While premium products will continue to grow, value product sales are only expected to increase by 36% by 2030.
E-commerce is also reshaping the market, driven largely by convenience. This trend is especially visible in countries like China, where online retail giants like Alibaba continue to dominate the pet care space. China’s pet industry is expected to grow more than 50% to reach $49 billion by 2030. Globally, the U.S. will remain the largest market, accounting for about 40% of total industry sales, followed by Europe at roughly one-third.
Despite economic challenges, Rosero-Pena expressed confidence in the industry’s long-term future. “Pet humanization is key,” she said. “In the 1950s and ’60s, dogs slept outside. Now they sleep inside — and often in your bed.”
She also pointed to a surprising trend: cats are gaining momentum. U.S. sales data shows that cat food and treats are growing faster than those for dogs. “It seems the cat distribution system is working overtime,” Rosero-Pena said.
Related topics:
