ROCKVILLE, Md., Nov. 16, 2016 /PRNewswire/ -- The rising influence of Hispanic Americans on the U.S. food & beverage industry as well as on financial services has been well-documented and undeniable. What's been less discussed is Hispanic's dramatically rising profile as pet owners—a trend that has been gaining momentum over the past ten years, according to Hispanics as Pet Market Consumers, a brand new report from leading market research firm Packaged Facts.
View additional information about Hispanics as Pet Market Consumers, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: http://www.packagedfacts.com/Hispanics-Pet-Consumers-10428181/. The robust growth in Hispanic pet ownership seen in the past decade will continue unabated. The overriding dynamic that will continue to propel above-average growth in the number of Latino pet owners results from the interplay of three key variables:
rapid Hispanic population growth,
increasing acculturation of the Latino population,
and an increase in the rate of pet ownership due to the high correlation between acculturation and Hispanic pet ownership.
"As acculturated Hispanics continue to make up a larger and larger share of the rapidly expanding Hispanic population in the United States, the number of Hispanic pet owners will continue to grow exponentially," predicts David Sprinkle, research director, Packaged Facts. Against this background, Packaged Facts projects that the Hispanic share of the pet owner population will increase from almost 15% in 2016 to 17% in 2021 as the number of Latino pet owners grows from slightly above 20 million to just over 24 million. Between 2016 and 2021 the growth rate in the number of Hispanic pet owners will be more than six times higher than that of non-Hispanic pet owners (19% vs. 3%) and Latinos will account for around half (50%) of the growth in the number of pet owners in the United States.