Americans spent $56 billion on pets last year

The amount of money owners spend on their pets is at an all-time high.{} According to the American Pet Products Association, American's spent roughly $56 billion on their pets.

And analysts say that number could increase to $60 billion.

About $20 billion of that goes toward food followed by $15 billion for veterinary care, $2.3 billion on live animal purchases, and $4.5 billion on pet services such as grooming and boarding.

Officials also say owners are becoming more age and breed specific when it comes to purchasing food for their pet.