No matter the economy, recent polls continue to confirm that many people’s pets are so important to them that they would pay any amount to save their lives. In fact 47% of people polled confirmed this belief.

Given this information, one would think these same people would surely all have pet insurance, but the fact is that this is not the case and that pet insurance is still in its infancy.

Although rising policy sales over the past few years suggest there is growing interest in pet insurance among American pet owners, the U.S. market still has a long way to go if it is to achieve the level of penetration seen in Great Britain (25% of dog owners). - Packaged Facts

Despite one of the worst economic downturns in decades, the pet industry continues to remain robust. Total pet spending topped $43 billion in 2008, and a 4.9 percent increase to $45.4 billion is projected in 2009, according to the American Pet Products Association.

APPA estimated that in 2009, Americans will spend an approximate $45.4 billion on their pets… a $2.2 billion increase from what pet owners shelled out in 2008. Pet food and pet supplies are the top expenditures.
Estimated 2009 Sales within the U.S. Market

For 2009, it estimated that $45.4 billion will be spent on our pets in the U.S.

Breakdown:
Food                                                      $17.4 billion
Supplies/OTC Medicine                           $10.2 billion
Vet Care                                                 $12.2 billion
Live animal purchases                             $2.2 billion
Pet Services: grooming & boarding           $3.4 billion   Source: APPA

Vet care takes third place in the projected spending bracket for 2009. Pet owners are expected to spend more than $12.2 billion to maintain their animals’ health, as opposed to the $11.1 billion they spent in 2008!  Pet insurance would seem to be a strategic move, wouldn’t you agree? Find out more here about why it is important to buy pet insurance.