The pet industry is famously recession resistant, coming through both the September 11, 2001, attacks and the Great Recession of 2008-09 relatively unscathed. However, not even the new “pet parent” sensibility can make the pet industry recession-proof in the midst of the novel coronavirus pandemic.
In its just-published U.S. Pet Market Outlook 2020-2021, market research firm Package Facts forecasts that total U.S. retail sales of pet products and services will decline by 17% in 2020, compared with the 5% growth anticipated prior to the coronavirus pandemic. The firm projects a substantial, though partial, rebound in 2021 that will stem from the underlying strength of the pet industry.
The U.S. pet industry is coming off a strong performance in 2019, with overall sales of products and services rising 5.4% despite the maturity and impressive scope of the pet industry.
For more information, see the rest of the pet industry coverage from our sister publisher, Packaged Facts.