The American Pet Products Association's annual comprehensive review of spending data for the pet industry shows spending for pets grew by 6.2 percent from $45.53 billion in 2009.
Veterinary care has the largest anticipated growth and the APPA estimates $14 billion in spending in 2011 for pet healthcare.
Pet health is a priority for pet owners and many proactive with regard to veterinarian care and using specialty formula foods, supplements, as well as advanced, and sometimes costly treatment options to ensure their pet remains healthy.
Supplies and over-the-counter medications showed steady although slower than anticipated growth in 2010 at 5 percent.
"Pet owners aren't just looking to provide a home for their pets, they are investing in their pets' quality of life," Bob Vetere, president of the APPA, says in a statement. "Often times they do this at their own expense, cutting personal expenses, but not those affecting their faithful companions."
Notable deaths of 2014 [PHOTOS]
Apple CEO Tim Cook: I'm proud to be gay