Economic downturn no cause for concern for pet industry executive

Denise Wolin, the founder and CEO of Royal Pets Market & Resort, has the luxury of operating in what she considers a recession-resistant business. “Where other industries decline,” she says, “the pet industry actually increases.”

That’s not hyperbole. The U.S. pet industry’s growth has been remarkably robust and consistent over time: According to the American Pet Products Association, sales grew from $90.5 billion in 2018 to $97.1 billion in 2019, an increase of nearly 7.3%; from 2019 to 2020, revenue jumped by more than 6.6%, from $97.1 billion to $103.6 billion.