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Veterinary Forum April 2009 (Vol 26, No 4)

Pet care spending predicted to increase

    GREENWICH, Conn. — Veterinary care leads the way in owner spending for their pets, according to the American Pet Products Association (APPA).

    In its annual comprehensive industry survey, the APPA predicts nearly 10% growth to $12.2 billion in spending on veterinary care alone for 2009, primarily because of medical advances yielding a broader selection of services. Pet owners have more medical choices and spending options than ever before, according to the APPA.

    Veterinary pet insurance, currently estimated at $271 million, is projected to grow into a $500 million business by 2012.

    The APPA shows total pet spending in 2008 was $43 billion, almost double the amount 10 years ago. Pet care is one of the fastest-growing industries, with a projected 4.9% increase in total spending to $45.4 billion in 2009.

    Higher-quality products and services and a strong consumer focus on the well-being of pets make health and wellness the most powerful trend in 2009 across the entire pet care industry.

    NEXT: Pet insurance becoming critical issue for owners


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