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Summer 2023 | M&A Report In The Animal Health Industry Sector

By Alexander Petersen

August 30, 2023

The report below gives a good overview of the Summer 2023 M&A activity in the Animal Health Industry Sector. Global Market Insights valued the global pet care market at $280 billion in 2022 and expected 2023 to grow 7.0% to around $300 billion with an expectation of $550 billion by 2032. APPA's recent 2022 State of the Industry data touted that US pet spending increased 11% to $137 billion and is projected to rise ~5.0% to $143.6 billion by the end of 2023. Per APPA, the category with the highest growth was pet food and treats, estimated to grow 7.9% to $62.7 billion. The higher growth rate in pet food and treats was supported by a survey finding that the vast majority (75%) of pet owners are committed to maintaining the standard of their pet's diet. The data also showed that 84% of consumers expect to spend as much or more in 2023 vs. 2022 for pet products and services. The Bloomberg Intelligence Pet Economy report anticipates similar growth rates driven by changes in consumer behavior, longer pet lifespan due to improved nutrition and preventive-care (drugs and diagnostics). These trends are expected to continue to fuel the growth of the pet care market for the next decade.

Posted by Alexander Petersen.

Read the Entire Summer 2023 Animal Health Report Here