With more than 65% of American families having a pet, pet care-including food, accessories, veterinary services and grooming-is big business, according to a news report .
American Pet Products Association data shows spending on pet care was US$43.2 billion in 2008 and is expected to cross US$45 billion this year.
According to IBISWorld , an industry and market research firm, pet stores are expected to touch US$11.45 billion in revenue this year. A growth of 5% over the next five years is expected in pet care, training and pet sitting.
Veterinary services accounted for US$22.3 billion in 2008 and is expected to grow 4.3% over the next five years.
New shelter data casts doubt on whether the pet population and pet ownership are truly growing.
While the pandemic caused unprecedented suffering worldwide in 2020, the disruptions to dogs, cats and other pets adoption numbers may normalize in 2021.