This chapter explores the complex and rapidly expanding pet economy, beginning with an overview of its global scale and structure. Even allowing for the speculative nature of industry-sourced data, the pet sector is undeniably vast: in the United States alone, it probably exceeds $150 billion annually, with comparable growth trends emerging in China, Europe, and beyond. This chapter examines the commodification of companion animals, the shifting boundaries between property and personhood, and the challenges of pricing beings that are both emotionally invaluable and economically significant. Drawing on interdisciplinary perspectives, it considers the positive and negative externalities of pet keeping—from emotional and health-related benefits to regulatory gaps, abandonment, and illicit trade. The chapter concludes by arguing for a more nuanced economic and policy framework that reflects the moral, emotional, and social roles pets play in human lives. Proposed reforms include subsidised veterinary care, stricter regulation of breeding and the exotic pet trade, improved adoption infrastructure, and the internalisation of pets’ public health contributions. Ultimately, the pet economy demands an approach that transcends market logic, integrating ethical stewardship with economic insight.