The pet industry is expected to generate $51.6 billion this year, an increase of 1.3% from 2008, according to US industry research firm IBISWorld .
The firm predicted petfood production, which makes up 30% of the pet industry, to generate $15.2 billion this year and grow steadily in the next five years.
Over half of all pet owners have shown concern in what their pets are eating, according to IBISWorld, causing a shift in demand for premium, natural and organic petfood.
"Americans consider their pets as members of the family, making businesses that cater to our four-legged friends a stable, growing market," said George Van Horn, senior analyst at IBISWorld.
The pet industry broken down by research firm IBISWorld.
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.