Those who do not have a pet do not have a clue of what the care of a four-legged friend actually demands. Somewhat similar to those who do not have children. Pet owners perceive it as a full member of their family and for this purpose are not at all sparing in spending to meet the needs of the animal.
The turnover of this sector is frighteningly larger than the majority believe, as the total annual revenues exceed $ 100 billion. To make a comparison, it is enough to say that the respective annual revenues of airlines are $ 94 billion and electrical equipment is $ 80 billion. In fact we talk about "heavy" industry in terms of revenue. In fact, according to FactSet data, consumer spending that is related to pet care is growing at a much faster rate each year, compared to other consumer habits.
The industry has defensive characteristics as in both the health and general care sectors, the demand characteristics remain inelastic. 2021 is a great year for companies of the sector.