The report revealed that high adoption rates in the time frame from 2003 to 2005 created a “holdover effect” and created a demand for pet-related supplies and services even through the economic hard times of 2009 and beyond. Pet store revenue, it is reported, grew at an annualized rate of 2.8 percent.

Although revenue growth slowed for veterinarians in the past few years, growth remained positive. Revenue, in fact, per establishment rose for the practices that managed to control costs, although there were veterinary practices that did close over the previous five years.

Pet food and supplies has been a market that has continued to show growth throughout the recession. The e-commerce sector showed the most growth and demand for premium food for animals along with online pharmaceutical sales for animals have shown increase over the past five years. With per capita income increasing by 1.5 percent in 2007 to 2008, it took a sharp downward turn in 2009, going down 3.2 percent.

Pet services are poised to continue growing, which is in sync with a report issued by the American Pet Products Association (APPA). According to APPA, pet owners continue to pamper their pets with things like pet hotels, pet sitting, grooming, and boarding, and growth in this sector rose 7.9 percent over 2010.

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