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 $43.2 billion in 2008 and is expected to cross $45 billion this year.
According to IBISWorld, an industry and market research firm, pet stores are expected to touch $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 $22.3 billion in 2008 and is expected to grow 4.3% over the next five years.