It hit $77B last year, according to one survey.
Pet industry spending grew 14.6 percent last year to a record $77.13 billion, according to new data from the U.S. Bureau of Labor Statistics.
John Gibbons explains on his Pet Business Professor blog that the pet food segment was up 17.4 percent to $31.1 billion. The veterinary
segment grew 14.1 percent to $20.67 billion. And the pets and supplies category was up 17.3 percent to $18.58 billion.
The pet services sector, meanwhile, decreased 1 percent to $6.77 billion.
Data for the newly released U.S. Bureau of Labor Statistics Consumer Expenditure Survey was gathered by the U.S. Census Bureau from over 42,000 interviews and spending diaries, Gibbons explains.
He notes that the rise in pet food spending "was the second largest increase in history, trailing only the +$5.4B lift in 2015."
The trend of "humanizing" our pets "is very accurately reflected in the evolution of Pet Food," Gibbons writes.
"We became increasingly more conscious of fulfilling the health needs of our pets, beginning with the first move to premium foods in 2004," he says. "This ramped up considerably after the Melamine scare in 2007. Now consumers read pet food labels, research ingredients and expect their pet foods to meet the same quality standards as the best human foods."
Read more at Pet Industry Professor