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.