Pet owners are drastically changing the way they care for their pets, creating momentum for companies like Better Choice Company (OTC:BTTR), Trupanion Inc. (NASDAQ:TRUP), Chewy Inc. (NYSE:CHWY), Amazon.com Inc. (NASDAQ:AMZN), and the ProShares Pet Care ETF (BATS:PAWZ). In fact, according to the Pet Care ETF, “Seven out of 10 U.S. households today have pets, more than have children, and owners are providing pets with premium foods, luxury services, state-of-the-art health care, insurance policies and more. The pet care industry could reach $270 billion in global sales by 2025.” In addition, the industry has “grown steadily every year since 2001, even during the Great Recession.” In short, growth does not appear to be an issue for the pet industry.
Better Choice Company (OTC:BTTR) Expanding Freeze-Dried Products Internationally
Better Choice Company Inc., an animal health and wellness company, today announced its plans to enter the freeze-dried market for dog and cat food internationally, adding to its strong lineup of products already sold to Asian consumers under the Halo brand.
This expansion opportunity represents potential upside to the previously announced minimum purchases with the Company’s Asian distribution partners, which total $25.6m in aggregate sales over the next two years. Better Choice anticipates that these products will be sold under the popular Halo brand through its existing distribution partner network in Asia, with a particular focus on the Chinese, Korean and Japanese markets. Halo’s commitment to product quality has resonated strongly with Asian pet parents that desire an easier to digest food for their pets with certified ingredients from a brand they trust. This opportunity is particularly compelling as freeze-dried raw dog food is one of the fastest growing sub-categories of premium pet food, with Packaged Facts reporting 39% YoY growth in the sub-category in 2019 in the United States.
Scott Lerner, CEO of Better Choice, stated “Our existing freeze-dried offering has proven to be very successful in the United States, and as we look to at the high level of growth in the Asian premium pet market we believe this success can be replicated to great effect. In 2020, domestic sales of our freeze-dried food and treats represented roughly 20% of Better Choice’s total sales, and we are eager to offer these products to our distribution partners in Asia to meet the ever-expanding needs of pet parents worldwide.”
Other related developments from around the markets include:
Trupanion Inc., the leading provider of medical insurance for cats and dogs, announced financial results for the fourth quarter and full year ended December 31, 2020. “The fourth quarter capped off a strong year for Trupanion. We’re set up well to capture the growing opportunities within our large, underpenetrated market,” said Darryl Rawlings, founder and chief executive officer of Trupanion.
Chewy Inc., a trusted online destination for pet parents and partners everywhere, announced it will report fiscal fourth quarter and full year 2020 financial results after the market close on Tuesday, March 30, 2021. Management will host a conference call and webcast to discuss the Company's financial results at 5:00 pm ET.
Amazon.com Inc. (NADAQ:AMZN) plans to open a new fulfillment center in Amarillo, Texas. The new operations facility is expected to create over 500 new, full-time jobs with industry-leading pay and comprehensive benefits starting on day one. “We look forward to becoming part of the fabric of the Amarillo community and are thrilled to be able to expand our operations in the Texas panhandle,” said Mark Marzano, Director of Operations at Amazon. “We’re grateful for the support we’ve received from local and state leaders and look forward to creating over 500 new, full-time jobs for the local community.”
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