Pet care has become big business.
Right now, “Seven out of 10 U.S. households today have pets, which is more than have children. And like parents with kids, pet owners will likely spare little expense to ensure their pets have lives as healthy and fulfilling as their own,” said Michael L. Sapir, co-founder and CEO of ProShare Advisors LLC, the advisor to ProShares, as quoted in a company press release.
“Pet owners are spending billions on premium-quality foods, state-of-the-art health care, insurance policies, luxury services and more. It’s causing a new pet care economy to emerge that could reach $203 billion by 2025.”
By 2028, according to Fortune Business Insights, the global pet industry could be worth up to $325.74 billion with a CAGR of 5.6%. In addition, “The increasing concerns regarding the spread of CV-19 in dogs have accelerated demand for dog healthcare products among dog owners. For instance, from 1 December 2019 to 1 February 2020, Fox News reported a tenfold increase in the sales of the total number of dog face masks in China.”
Look at Chewy Inc., for example. In its latest quarter, net sales grew 45% year over year to $1.78 billion. “Chewy’s relentless focus on execution and inventiveness resulted in record net sales and another quarter of positive adjusted EBITDA,” said Sumit Singh, Chief Executive Officer of Chewy.