The yearly increase in the total expenditures in the pet industry tells us that this industry is booming. In 2018, the U.S. annual spending on pets was recorded at $72.56 billion. At the height of the financial crisis, particularly in the years 2007, 2008 and 2009, the statistics on pet industry spending increased steadily at $41.2 billion, $43.2 billion and $45.3 billion, respectively.

Pet ownership has been around for tens of thousands of years, and it is obviously showing no signs of slowing down. Likewise, as more pet tech companies join the territory, technology is also seen to play a significant role in this pet industry growth. The uptick can also be attributed to trends and technologies that place the needs of our furry friends at the fore. Clearly, based on all these data, the pet industry is a gold mine.

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