The global pet industry maintains an overall trend of rapid growth

The global pet industry primarily targets the United States and Europe as its markets. With a market size of USD 355.5 billion in 2023, representing a year-on-year growth of 6.9%, it is expected to reach USD 500 billion by 2030.

The United States is the world's largest pet consumption market, accounting for 40.2%. The American Pet Products Association (APPA) announced that the industry's sales in 2022 reached $136.8 billion, setting a record high. This marks the third consecutive year of record-breaking sales for the industry, and it is expected to continue growing in 2023. Following the industry's sales exceeding $100 billion for the first time in 2020, APPA is optimistic that sales will remain robust in 2023, with an expected increase of +5% to $143.6 billion.