January 13, 2022
An estimated 90 million U.S. families have a pet in the home, so it’s safe to say Americans love their animals. This fondness for furry, feathered or scaly companions has resulted in a massive pet industry that the American Pet Products Association (APPA) pegged at $109 billion last year. With January 14th observing National Dress Up Your Pet Day, we thought it would be fun to look at animal-friendly companies.
If your BFF meows, barks, chirps, or oinks, you’re bound to want to patronize one or more of these companies.
Whether fish food, dog toys, cat litter, snake aquariums, lizard bedding or bird feeders, Chewy Inc. (Tii:CHWY) has all that and more. The online pet marketplace has almost anything your pet could want, whether “Little Fluffy” is a dog, hermit crab, horse, or rabbit. The company, which went public in 2019, generated more than $7 billion in revenues last year, thanks to its selection of more than 45,000 items. Last year, the online retailer launched a veterinarian-only marketplace to streamline pharmacy operations and grow veterinary clinic revenue. The Practice Hub platform provides veterinarians a complete e-commerce solution for their clients and leverages Chewy’s delivery, customer care team, and Autoship subscription service.
If you’ve taken your pet to the vet recently, the final bill may have surprised you, and not in a good way. Even a mild illness can create a four-digit, budget-breaking expense. As a leading provider of medical insurance for cats and dogs, Trupanion Inc. (Tii:TRUP) has more than 600,000 pets enrolled. Its policies cover dogs and cats, offering high coverage and direct vet pay to their monthly subscribers. The company’s business is building strong momentum. Total revenue for Trupanion’s third quarter ended September 30, 2021, increased 40% to reach $181.7 million.
Would you want to eat dry, boring kibble every day? No? Well, that’s the answer Freshpet Inc. (Tii:FRPT) banks on for its success. It takes a different stance in the pet food space by promoting its fresh food products to beloved cats and dogs. Freshpet provides fresh meats, poultry, and vegetables farmed locally that are cooked in small batches at lower temperatures to preserve key nutrients. The company’s fresh products can be found in 20,000 refrigerated displays in many large retailers across North America. Natural ingredients like chicken, spinach, eggs, carrots, and blueberries are the sources for their food and treats. Freshpet announced last week that preliminary fourth-quarter 2021 net sales are expected to reach $115.9 million, representing a 37.1% rise compared to the prior year. Preliminary full-year 2021 net sales are expected to be $425.5 million, representing 33.5% growth compared to the prior-year period.
A global leader in animal health, Elanco Animal Health Inc. (Tii:ELAN) creates products and services to prevent and treat disease in farm animals and pets. These products include vaccines, treatments for pet allergies, flea control, chronic kidney disease-related weight loss, dermatitis, canine osteoarthritis and more. Formerly an Eli Lilly & Co. (Tii:LLY) business before its 2019 divestiture, Elanco’s business is gaining momentum in the industry. Elanco reported that third-quarter revenues increased 27% on increased scale and diversification with the addition of Bayer Animal Health, which the company acquired in 2019 for $7.6 billion.
If you’re a dog owner, you’ve probably done business with BARK, Inc. (Tii:BARK), even if you didn’t realize it. Launched in 2012, its main product, Barkbox, is a popular monthly subscription service that ships dog toys, natural treats, and other canine-related goodies to you. Its lesser-known products are a monthly meal plan, a health subscription, and tough toys for enthusiastic chewers. Dogs can’t seem to get enough, as the company served over a million dogs per month at last count. This company is newly public as of 2021 when Bark commemorated the milestone by giving away limited-edition bags of “BARK Stonks” jerky treats to the first 10,000 dog owners that signed up for new subscriptions. The company boasts 1.8 million active subscribers.
Animal lovers know the joy that their pets bring to their lives every day. These companies create, manufacture, and distribute products and services to help our four-legged friends lead longer, happier, more fulfilled lives, which earns them four paws up.
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