Spending on pets is on the rise

U.S. & World

(CNN) – For the love of dog!

America’s obsession with its pets is reaching historic levels. According to the American Pet Products Association, sales in 2018 topped $72 billion!

That’s a 3% increase since 2017. The majority of those dollars are going to food. People spent more than $30 billion, and higher-priced premium dog food with designer ingredients made up the most popular food purchased.

The second highest source of spending is vet care at more than $18 billion. That’s followed by supplies and over-the-counter medication.

So why are pet owners dishing out more money? According to the American Pet Products Association, people treat their pets like family and putting an increased focus on feeding them natural and organic foods.

In response to that demand, late last year, Petco announced it would stop selling dog and cat food and treats with artificial colors and preservatives.

Another reason, more people own pets than ever before and apparently treating them more like their own children.

The American Pet Products Association estimates sales within the U.S. market will rise to more than $75 billion this year.

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