Because the remote lifestyle kicked off a pet adoption and parenting trend, there has been a substantial rise in the sale of pet supplies and pet care products. And because the pet care market is expected to continue growing, Wall Street analysts expect prominent players in this space, Freshpet (NASDAQ:), The Original BARK Company (BARK), and PetIQ (PETQ), to deliver substantial returns in the coming months. Let’s discuss.The COVID-19 pandemic-driven embrace of remote lifestyles heightened interest in pet adoption as homebound individuals yearned for furry companions. With stay-at-home and work-from-home dynamics deepening bonds between pet owners and pets, pet owners are spending generously on pet food products and veterinary services to keep their pets healthy and happy.
The global pet market is expected to reach $241.1 billion by 2026, registering a 5.2% CAGR. A shift in preference to branded pet products, the convenience of e-commerce platforms, and branding by pet suppliers are expected to further propel the industry’s growth.
Hence, Wall Street analysts are optimistic about the growth potential of several quality pet care stocks. Indeed, the Street expects the shares of Freshpet Inc . (FRPT), The Original BARK Company (BARK), and PetIQ, Inc. (PETQ) to rally by more than 30% in price in the coming months.
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