Pet industry expected to grow in 2009
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While the rest of the economy goes to the dogs, pet-centered businesses are still riding high, according to new research.
The pet industry is expected to generate $51.6 billion this year -- 1.3% more than in 2008, according to Los Angeles-based research firm IBISWorld. Even the number of cats and dogs as pets is expected to increase this year, by 2.4% to 169 million.
The veterinary services sector is branching into a wider range of services, offering chiropractics, ophthalmology, dentistry and dermatology, among others. Researchers anticipate that the segment will grow at an average annual rate of 4.3% over the next five years and pull in $22.3 billion this year alone in revenue.
Pet food producers also will grow steadily, making $15.2 billion this year as they experiment with natural and organic products. Demand for premium pet foods, with more owners asking for breed-specific brands and diet ideas, is helping to bolster the section.
Revenue from food, supplies and medicine will help pet stores earn $11.45 billion, with a minor contribution from sales of live animals as controversy builds over puppy mills and an increasing number of homeless animals ending up in shelters.
Pet grooming and boarding businesses will attract $2.69 billion in business in 2009, IBISWorld said.
-- Tiffany Hsu
