Pet care explosion: Why we're spending more on pets than children

Quick Summary:

Mars, the chocolate giant, earned two-thirds of its revenue from pet-care in FY23, with holdings in Royal Canin and a vast network of vet clinics.

Unlike fads such as virtual yoga or meal-kit subscriptions, pets became permanent fixtures in households, even as lockdowns eased.

William Cyr, Freshpet’s CEO, attributes this to the ‘humanisation’ of pets.“Canned dog food was invented in 1922.

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Article Details

Category: BusinessFinance

Markets: IndiaAustraliaUnited States

Topics: Bureau of Economic Analysis Millennials and pets Pet family members Butternut Box Pet spending 2030 Colgate pet care Nestle pet care Mars pet care Pet care industry US pet spending Zoetis Animal pharmaceuticals Pandemic pet adoption Pet investment trends Premium pet food Vegan pet care Pet-care revenue Pet spending Pet industry growth Veterinary clinics Private equity in pet care Givaudan pet food Freshpet Dog by Dr Lisa Pet humanisation Gen Z fur babies Pet grooming Morgan Stanley pet spending projections Gourmet pet food Royal Canin

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-26 @ 11:28:29 (1 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 652 words

Reading Time: 4 minutes read

Sentences: 35 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22717396

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Official Website: business-standard.com

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