NetworkNewsWire Editorial Coverage: Pets are the loyal, much-loved companions we humans can’t seem to live without, and when a beloved pet becomes ill, owners will generally do whatever it takes to restore these beloved companion animals to health. Various public companies are accomplishing the two-fold mission of improving the health of our four-footed friends while giving investors the opportunity to capitalize on a multibillion-dollar industry. India Globalization Capital, Inc. (NYSE: IGC) (IGC Profile), VCA, Inc. (NASDAQ: WOOF), PetMed Express, Inc. (NASDAQ: PETS), Blue Buffalo Pet Products, Inc. (NASDAQ: BUFF) and IDEXX Laboratories, Inc. (NASDAQ: IDXX) are just some of the companies blazing lucrative trails in the pet health market and successfully tapping into its virtually limitless opportunities.
In 2016 alone, U.S. consumers spent over $65 billion on pet-related products (1). According to a 2013 study published by the U.S. Bureau of Labor Statistics, U.S. households own approximately 218 million pets, and pet-related expenses for the average U.S. household amounts to about 1 percent of their total annual spending. Further, the North American Pet Health Insurance Association reports that pet health insurance premiums hit $774 million in the U.S. in 2015, with 1.6 million pets being insured by the end of that year. Clearly, consumers are interested in the health and wellbeing of their pets, and they’re showing it with dollars.
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Paws Firmly Planted for Growth in Multibillion-Dollar Pet Health Market
