BILLINGHAM, England — “The Pet Market — Market Assessment 2007” conducted by NEMS Market Research here found that the pet market is forecast to grow slowly over the next five years, with pet insurance predicted to be the best-performing sector to 2011. The number of pet owners is falling due to the trend toward smaller households and busier lifestyles. A more positive trend for the overall market is that pet owners are becoming increasingly likely to want to indulge their pets just as parents are having fewer children, but are prepared to spend more on them. Market growth within the pet insurance sector has also been fueled by the trend toward humanization of pets, and by increases in the cost of veterinary treatment.
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