This pet market report contains expert industry commentary and in-depth interviews with public company CEOs, equity analysts and money managers about petfood trends, growth in pet retail, veterinary care and more.
According to Peter Keith, senior research analyst for hardline retail and consumer products and a vice president at Piper Jaffray & Co., companies with specific sales and margin drivers and pricing power, such as PetSmart, will be able to grow business, regardless of the economic environment. The trend of consumers trading up to premium petfoods means they are buying more expensive, higher-margin petfood products, which is favorable to PetSmart. Inflationary trends also contribute to PetSmart's success, driving some sales and extra EPS growth in 2011 and 2012.
New shelter data casts doubt on whether the pet population and pet ownership are truly growing.
While the pandemic caused unprecedented suffering worldwide in 2020, the disruptions to dogs, cats and other pets adoption numbers may normalize in 2021.