Brown Gibbons Lang: Growing affection for pets fuels booming industry; Pet industry sales projected to reach $75 billion by 2017 - WICU12 HD WSEE Erie, PA News, Sports, Weather, Events

Brown Gibbons Lang: Growing affection for pets fuels booming industry; Pet industry sales projected to reach $75 billion by 2017

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SOURCE Brown Gibbons Lang & Company

CLEVELAND, July 31, 2014 /PRNewswire/ -- While the economy for humans continues to experience significant ups and downs, the one for pets is booming.

Americans spent nearly $62 billion on pet products and services in 2013. Pet industry sales are projected to reach $75 billion by 2017, a growth rate of four-to-five percent a year, according to the Brown Gibbons Lang & Company (BGL) Consumer Products & Retail Services Insider on the pet industry released today.

The pet industry has shown to be resistant to fluctuations in the economy. The industry grew throughout the recession thanks in large part to the deepening bond Americans have with their pets. Pet owners' growing affection for their pets fuels their spending and is a key driver behind the industry's growth. In fact, spending per pet increased 80 percent over the past 10 years according to the BGL pet industry report, now available online at

"Humanization has given new meaning to the old adage "man's best friend", elevating the long-established role of pets from companions to beloved family members, with favorable demographics and rising pet ownership spawning a proliferation of products and services and fueling sustainable growth in the fragmented global pet industry," states the 40-page report.

The BGL Insider offers an in-depth analysis of the pet industry, detailing the growth of the retail market, including gourmet and organic products; globalization; psychological effect of owning a pet and its impact on sales; and investment activity and opportunities.

BGL releases several industry Insider reports including automotive; building products and construction materials; energy and environmental services; healthcare and life sciences; industrials; metals; and plastics and packaging.  Download BGL Insider reports:

About Brown Gibbons Lang & Company

Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Consumer Products & Retail Services, Energy & Environmental Services, Healthcare & Life Sciences,  Industrials, Metals & Metals Processing, and Real Estate. BGL has offices in Chicago, Cleveland, Newport Beach, San Antonio, and Tampa, in addition to Global M&A partner offices in more than 50 countries across five continents, which allows us to deliver to our clients access to corporations, investors, and opportunities globally. Visit

Contact: Wendy Neal


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