Statistics from the American Pet Products Association estimate a 5% increase in total U.S. pet industry expenditures in 2014, bringing the figure to $58.5 billion.
Compared with 10 years ago, pet expenditures are up 68%.
The APPA's estimated breakdown of the $58.5 billion spending on pets has food at the top of the list, with $22.62 billion. That's followed by supplies/OTC medicine, $13.72 billion; vet care, $15.25 billion; live animal purchases, $2.19 billion; and pet services (grooming and boarding), $4.73 billion.
According to the 2013-2014 APPA "National Pet Owners Survey," 68% of U.S. households own a pet, which equates to 82.5 millions homes. In the first year the survey was conducted, 1988, 56% of U.S. households owned a pet.