In 2011, American Pet Products Association reported that Americans spent $50.96 billion on their pets \u2013 an all time high and the first time in history more than $50 billion has gone to dogs, cats, canaries, guppies and the sort.<\/p>\n
65% of that spending was for food and vet costs.\u00a0 However, the service category, such as grooming, boarding, pet hotels, pet sitting and day care, grew more than any other.\u00a0 It rose 7.9% from $3.51 billion in 2010 to $3.79 billion in 2011.<\/p>\n
Owners are conscious about taking care of their pets <\/strong><\/em>and are planning ahead for when they go on vacation.\u00a0 Numbers indicate that animal sales and adoptions are flattening out and the number of people switching to a high end food products are topping out.\u00a0 Pet ownership has become less of an impulse decision and seems that those that have made the commitment to having a pet want to do it right and make their pets the happiest they can be.<\/p>\n Another area in the pet <\/strong><\/em>industry is pet insurance and is expected to grow rapidly.\u00a0 In 2011, insurance was estimated to be at $450 million and is expected to grow over $500 million in 2012.<\/p>\n Entrepreneurs and investors are also taking advantage of the growing pet <\/strong><\/em>industry as consumers are looking for creative and innovative products.\u00a0 Products such as puzzle feeders for dogs along with bionic toys for destructive toys are some of the new products the pet industry is seeing consumers go after.\u00a0 This proves people care about their pets enough to calm any type of separation anxiety or destructive issues.<\/p>\n