It's the most famous dog competition in the world and a significant part of the booming $43 billion pet industry. CNBC's "American Originals: Westminster Dog Show" reports on the big business of this beloved American pastime.

CNBC First in Business Worldwide delves into the inner workings of the competition, which takes place at New York City's Madison Square Garden every February, with perspective from dog owners, trainers and the people who make the event such a widely viewed spectacle.

CNBC explores the cost of doing business at Westminster, the return on investment, and America's love affair with dogs that has helped turn the pet industry into one of the largest retail sectors in the country.

Featured in the program are "Uno," the 2008 "Best in Show" winner (the first beagle ever to secure the honor), and "James," the prior year's title-holder, who visit hospitalized children as part of the Westminster Kennel Club's Angel on a Leash charity. Interviews with experts include Westminster Kennel Club historian William Stifel and dog show judge Don Jones.

Charles Schaeffer is Executive Producer of "American Originals: Westminster Dog Show." Sharon Barrett is the Executive Producer and Laura Wiessen is the producer for Kurtis Productions.