On April 18, PetLife, Inc., a developer of a veterinary cancer medications and nutraceuticals for pets, finalized negotiations for the acquisition of dog and cat food company, Dr. Geoff’s Real Food for Pets, according to a press release. The closing of the acquisition of the trademarked brands and the natural pet food product line is projected to occur within two weeks.
PetLife has expanded plans for a national rollout to the public by summer 2017 with canned food and two superfood supplements, ImmunoPower and Antioxidant Boost. PetLife will, over time, roll out a complete product line of 25 foods, treats, supplements, and pet accessories. These include nutraceuticals, shampoos, creams, sprays, and other natural products (i.e., supplements) for dogs and cats.
“According to a March 2017 IBISWorld report, rising disposable income, coupled with the tendency for family members to treat pets like family members and an increase in wanting to feed their pets all-natural food, are expected to increase profits for all-natural pet product providers over the next five years,” said Ralph Salvagno, CEO of PetLife Pharmaceuticals, in a press release. “Additionally, the number of pet-owning households is expected to grow from the current 65 percent of US households that currently own a dog, increasing the potential consumer demand for Dr. Geoff’s Real Food for Pets.”
Dr. Geoff’s Real Food for Pets already includes six SKUs of retail-ready products, including both canned food and antioxidant supplements. Since 1969, veterinarian Dr. Geoffrey Broderick has been involved in the premium, natural pet food industry.
Geoffrey Broderick, Jr., the son of Dr. Broderick, has resigned as president of PetLife in order to focus on the development of PetLife’s new subsidiary, Dr. Geoff’s by PetLife, Inc.
While cat trends continue, the pandemic has added to overall slow-growth treatment of the cat food market.
Premiumization and humanization, as well as automation, fueled continued operation growth in spite of the COVID-19 pandemic.