As noted elsewhere, it's pretty much only Mahayana Buddhism (especially Chinese, Korean, Vietnamese Buddhism) where vegetarianism as an ideal is the norm. So I'm answering from that standpoint.
The Upaseka Precepts Sutra* does have something to say about pets. They essentially promote divesting of your animals, specifically singles out carnivores as allowableunallowable animals to own, and suggests releasing them back to the wild. In practice, some lay followers donate the animals to temples, which let the animals live out their life on the monestary.
I'm a vegan, but out of accident of family history I own a cat, who kills mice in my apartment and eats cat food from a bag, the label says it is 20% plant matter, so which is 20% more than a cat would eat in the wild. Obviously I'm a pragmatist and prefer harm reduction over harm rationalization.
A random observation is that my cat loves corn. Some of the cat food brands he has eaten use corn gluten as the source of protein and he really likes the flavor of corn.
- An Upsaksa is a lay person, this sutra is for lay people who takes on more than the 5 precepts, but fewer than the Bodhisattva Precepts or the vinaya precepts, which are for monastics.
ref: http://www.sutrasmantras.info/sutra33c.html
(16) If an upāsaka who has accepted this precept raises animals, such as elephants, horses, cows, goats, camels, or donkeys, and refuses to give them away to someone who has not received the [upāsaka] precepts, he has committed the sin of negligence.
ref: http://www.ic.sunysb.edu/Clubs/buddhism/bns/bnstext.htm
- On Harming Sentient Beings A disciple of the Buddha must not sell knives, clubs, bows, arrows, other life-taking devices, nor keep altered scales or measuring devices. He should not abuse his governmental position to confiscate people's possessions, nor should he, with malice at heart, restrain or imprison others or sabotage their success. (82) In addition, he should not raise cats, dogs, foxes, pigs and other such animals. (83) If he intentionally does such things, he commits a secondary offense.