Tails Wagging Over the Strength of the Pet Care Industry

March 29, 2021, By fierce,

When it comes to pet care, we’re seeing substantial growth.

For one, “Annual pet spending per household could reach $1,292 by 2025 and $1,909 by 2040 based on pet spending and pet ownership trends, according to the firm. This would result in a total industry spending increase of 134% over the next 10 years. Specifically, Morgan Stanley expects pet product spending to increase 115% from $70 billion in 2019 to $151 billion in 2030,” as reported by Pet Food Processing.

Two, pet companies are reporting solid growth.

Look at Petco Health & Wellness (WOOF) for example.  According to MarketWatch, the company’s net loss came in at $6.2 million, or three cents a share, as compared to a year earlier loss of $7.2 million, or three cents.  Adjusted EPS of 17 cents was up 103% year over year, and was ahead of 13-cent expectations.  “Our category continues to grow powered by the millions of incremental new pets in households, which is creating an annuity for years to come,” said Ron Coughlin, CEO.

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