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Despite the virus-induced economic hardships over the past year, pet owners collectively doled out a record-breaking amount of money on their animal companions.
The American Pet Products Association (APPA) announced Wednesday that the industry generated $103.6 billion in annual sales, the industry's highest figure to date.
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According to the APPA State of the Industry Report, $42 billion was spent on pet food and treats, representing a 9.7% increase from 2019. Another $22.1 billion was spent on supplies, live animals and over-the-counter medication, a 15.1% increase from 2019. Vet care and product sales also increased 7.2% to $31.4 billion.
Additionally, total retail sales climbed 6.7% from 2019 thanks in part to about 30% of pet owners spending more on their pets in the past year.