As significant milestones such as purchasing a home or having children have seemed increasingly out of reach, younger generations have invested more in something that can arguably be just as rewarding: their pets. During the , an astonishing number of people adopted a cat or dog, which compelled people to to afford a new furry companion.
However, for many pet owners, having a dog or cat doesn’t merely mean setting aside an extra $50 – $100 per month for food and toys. Raising a pet has become more of a lifestyle, with people spending hundreds of dollars per month on fresh food—and sometimes thousands on special experiences like a or .
This serves as evidence of a changing consumer attitude towards pets, , the chief operating officer of the $3.1 billion dog food brand Freshpet, told .
“I think it’s really taken off in a big way,” Baty said about the trend of pet owners being willing to spend more on their pets. She even mentioned that some pet owners value their pets more than other family members.
“In the consumer insights we’ve gathered, they spend more on their pet and value their pet more than their children,” Baty said. “So when you have to rank the relationships in their family, their dog comes before their partner, their kids, and other family members.”
“It’s one of the most consistent things in life,” she continued. “I think there’s something truly powerful about that human – animal bond, especially over the past few years, with everything that’s happened, including the COVID situation.”
How much it costs to have a pet
The average annual cost of raising a child in the United States is nearly $30,000, according to a recent , a staggering figure that often discourages people from expanding their families. It’s also roughly equal to the lifetime care costs for a pet.
According to , the average lifetime care for a 10 – year – old dog is about $34,550, and for a 16 – year – old cat, it’s $32,170. To be clear, those figures can vary depending on the breed and health conditions. Additionally, pet owners should expect to pay significantly more during a period marked by inflation and tariffs. According to Rover, they can expect to spend about 11% more on veterinary fees this year, 183% more on pet cleaning supplies, 20% more on grooming supplies, and 85% more on treats and chews.
That also means the number of households bringing a pet home today has become relatively stable, Baty said. “And that’s a big change from the past few years.”
Even considering how much more expensive it has become to own a pet, people still want their furry family members to receive the best care and living conditions, which often begins with food. Over the past few years, fresh, raw, or freeze – dried food has become more popular options, promoted as a healthier and more life – sustaining choice for pets than traditional kibble.
Is fresh pet food worth the cost?
While The Farmer’s Dog is one of the leading fresh pet food brands, often associated with its curated subscription boxes, Freshpet was actually launched about a decade earlier. Freshpet was founded in 2006 and became the first major player in the fresh dog food market, with millions of pet owners as customers, and it’s sold at major retailers like , Petco, and Petsmart.
The company focuses on producing pet food using premium, locally sourced, fresh ingredients that are gently steam – cooked instead of being baked at high temperatures like traditional kibble. According to , Freshpet can cost $3 – $13 per day for one pet, depending on its size, breed, and health needs. Traditional kibble can cost as little as $0.76 per day or as much as about $5 per day, again depending on the dog’s needs, according to .
But as fresh dog food brands claim to offer a “longer and healthier lifestyle,” Baty said, pet owners are more willing to spend more to keep their pets happy and healthy. And it’s not just high – income consumers who are willing to spend more.
“We have a large number of low – income, middle – income, and high – income [customers],” Baty said. “And the reason lies in the attitude. The core of it is the attitude you have towards your pet, which means you’re going to make sacrifices or choices.” Meghan Trainor also famously partnered with Freshpet when she released her “I’m a Dog Mom” , and launched an accompanying apparel line.
Baty also argues that feeding fresh food provides better long – term benefits, such as lower veterinary bills. She said that pets that consume fresh food may face fewer health risks in the long run, which means less spending on additional medical care.
To be sure, many veterinarians still recommend more traditional kibble brands, with Purina Pro Plan being a popular choice. Those foods are still packed with the nutrients and protein that pets need to live a happy and healthy life, and it’s always important to discuss any nutrition plans with a trained veterinarian. Choosing the right pet food has been a long – debated topic in the veterinary field, and it’s often difficult to determine the best choice for your pet.
Some pet owners also choose to feed fresh food as a “topper” or an extra on top of traditional kibble, which can add more health benefits and make mealtime more exciting.
“Even if you can’t afford to feed it at every single meal or as the main meal all the time, we do have a large number of consumers who start by mixing,” Baty said. “70% of our revenue comes from 2.2 million households, but there are 14.5 million households that buy Freshpet.”
“We don’t want to price ourselves out of reach, where only very wealthy people can afford the main meal cost,” she said.
And Freshpet has big growth plans. Baty said they believe they can reach 33 million households and invest in new technology and introduce new flavors, textures, proteins, and more treats.
“The good thing is, we’re just getting started,” she said. “There’s so much potential for us. It’s just a matter of what we do first.”