Background

The U.S. pet industry has shown consistent growth, with total expenditures reaching $147 billion in 2023. Spending spans categories like food, supplies, veterinary care, grooming, and other services. The American Pet Products Association (APPA) publishes annual estimates and projections for industry expenditures, with the current projection for 2024 at $150.6 billion.

Resolution Criteria

This market will resolve based on the official U.S. pet industry expenditure figure for 2024, as reported by the American Pet Products Association (APPA). Specifically:

• If the APPA releases multiple reports or revisions, the final year-end report will be used for resolution.

• The market will resolve to the range that contains the reported figure.

The APPA typically releases its annual expenditure data during the Global Pet Expo, held in March of the following year. Therefore, the final results for 2024 are expected to be released in March 2025.

Considerations

Key factors influencing the market include:

• Economic Conditions: Inflation, potential recession risks, and changes in consumer spending patterns.

• Industry Trends: Premiumization of pet products, increased pet adoption rates, and expanded pet healthcare services.

• Historical Resilience: The pet industry has historically been resilient during economic downturns, though annual growth rates can fluctuate.