According to the latest report by Mintel, the pet market is worth more than US$49 billion in 2012, up 15 percent since 2007, despite a turbulent economy. Spending on petfood and pet supplies continues to grow as pet ownership becomes more widespread, with 64 percent of Americans currently owning a pet.

Petfood accounted for the largest share of sales in 2011, 37.8 percent of the pet market, with a retail value of US$18.1 billion. Veterinary services represented the second-largest segment generating more than US$12 billion annually.

“Pets have many needs that are similar to human family members, including food and medical care,” said Bill Patterson, senior market analyst with Mintel. “Therefore, pet supplies and services are often necessities rather than discretionary purchases, which has helped shield this industry from the rocky recessionary environment. The strong bond between owners and pets offers significant marketing opportunities for manufacturers and retail outlets focusing on pet care and supplies.”