Top Ways to Invest in a $151 Billion Pet Boom
Americans absolutely love their pets—and they’re putting their money where their hearts are.
According to the American Pet Products Association (APPA), consumers spent a record-breaking $151 billion on their furry, feathered, and finned companions in 2024 alone. And more than half of that spending—over $75 billion—was allocated just to pet food and treats. That’s a staggering number and a reflection of how deeply embedded pets have become in the fabric of American life.
To put that in perspective, back in 2018, U.S. consumers spent around $91 billion on pets. By 2022, that number had ballooned to $137 billion. Now, in 2024, we’re at $151 billion—and according to APPA’s State of the Industry Report, spending could surge to $207 billion by 2030.
This isn’t just a cute cultural phenomenon—it’s a serious investment theme. With pet ownership growing and consumers increasingly treating pets like family, companies that cater to this sector could see explosive growth over the next decade.
Here are three standout opportunities for investors looking to capitalize on the pet care boom:
Company: Freshpet (SYM: FRPT) One of the most compelling opportunities in the pet space is Freshpet (SYM: FRPT), a company known for its high-quality, refrigerated pet food. Freshpet has carved out a niche in the booming premium pet food market, as more pet owners prioritize nutrition and ingredient quality for their animals—just as they would for themselves. This consumer shift toward fresh, healthy, and organic ingredients isn’t slowing down, and Freshpet is riding that wave. As of its most recent price of $93.66, FRPT looks technically oversold, and that could present a buying opportunity for savvy investors. Analysts are bullish. Just recently, DA Davidson reiterated a Buy rating on the stock and issued a $189 price target—suggesting a potential upside of over 100%.
Investors should note that Freshpet has made significant improvements in manufacturing efficiency, and continues to expand its distribution footprint. With pet parents eager to give their dogs and cats “real food,” FRPT is well-positioned for sustained growth. |
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Company: Chewy (SYM: CHWY) The Amazon of Pet Care Another standout in the pet care space is Chewy (SYM: CHWY), the leading online retailer for pet products. Chewy continues to be a dominant e-commerce force, offering everything from food and toys to medication and grooming supplies. But what really sets Chewy apart is its autoship feature—a subscription-like service that delivers pet essentials on a recurring basis. This model provides two massive benefits:
According to Argus Research, about 80% of Chewy’s revenue now comes from its autoship service, while 85% of total revenue stems from non-discretionary pet products and services—items that pet owners buy regardless of economic conditions.
With the stock last trading at $41.33, analysts are now looking for a retest of the $50 level in the near term, and potentially higher over the long run as pet ownership and e-commerce both continue to expand.
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