The animal feed industry website All About Feed reports on research published by IBISworld which confirms the continued growth of the pet industry; several of these trends have been noted in the Dog Marketing blog previously. Veterinary services are growing fastest, with a trend toward continued specialization; increased owner awareness of these specialties further drives utilization.
Pet food sales are expected to reach $15.2 billion in 2009 and show steady growth over the next five years. The migration to more expensive specialty and organic foods which was fueled by the 2007 tainted pet food scandal is creating a richer mix. Pet stores are forecast to reach $11.45 billion in sales this year. It is interesting to note that income from the sale of pets is the smallest category and declining as concerns about the origins of pet store pets grow, leading to partnerships between pet stores and rescue organizations.
Fueling all this growth is the increased population of pet dogs and cats, estimated to reach 169 million in 2009.