WOOF WOOF: The Multibillion-Pound Pet Business.

Alberto García M

September 7, 2023

If there’s a truly profitable and noble business that has grown exponentially in the last decade, it’s the pet industry, particularly that of “doggos,” followed by felines.

We can begin to analyze the business they represent from different perspectives: our income dedicated to their food, the number of furry friends parading in parks, and local businesses related to pet products and care.

Most people still don’t realize the amount of business generated by small traders to large corporations, including products such as food, treats, beauty items, home and care products, pharmaceuticals, veterinary clinics, toys, clothing, recreational spaces, and even insurance!

Within the “humanization” trend that exists for pets, everything that is common in basic human consumption, including cyclical patterns, has been transferred to domestic animals to the extent possible by various companies.

How large are the companies dedicated to this sector? Compared to traditional consumer companies, they are still relatively small, and some are divisions of large conglomerates, such as Purina, which belongs to Nestlé.

In our country, it’s worth mentioning that pet stores are often seen as small businesses (“sheds”) because there is no national company that stands out for providing pet-related products or services on a large scale with multiple branches, except for large insurance companies that already offer pet health and liability insurance.

On a global scale, there are indeed companies specializing in the commercialization of pet products, healthcare services, nutritional care, and pet development with an interesting market vision. This industry shows great potential for the future due to a growing demand in a market that is not fully exploited, where new ideas and specialization are waiting for key players to take the stage.

One factor to consider is the strong trend among young adults towards the childfree lifestyle, which has been replaced by the acquisition or adoption of pets, altering both family and individual consumption preferences.

Next, we will provide a description of the 11 most important companies according to their Enterprise Value or Brand Value.

Table 1. Enterprise Value of each company expressed in billions of dollars.

Source: Self-prepared with data from tikr.com and investing.com updated as of September 4, 2023

Zoetis – Zoetis Inc.

Origin: USA

In the past, it was a subsidiary of the Pfizer group and is recognized as the world’s largest producer of medications and vaccines for pets and livestock, with operations in nearly every corner of the world.

IDEXX Laboratories, Inc.

Origin: USA

Key products/services: Veterinary, livestock, and poultry diagnostics, water testing, and dairy products; presence in more than 175 countries worldwide. It is known for distributing SNAP tests and blood analyzers used for animal health diagnostics.

Chewy, Inc.

Origin: USA

It is a 100% online store that sells pet food and medications for a wide range of animals, including dogs, cats, horses, and reptiles, offering over 3,500 products; it is a relatively young company on the stock market, having started trading on the NYSE in 2019 with high expectations.

Dechra Pharmaceuticals PLC

Origin: UK

A pharmaceutical company that focuses its primary market on research and the development of specialized medications in areas such as analgesics, dermatology, cardiology, and metabolic drugs, among others, for domestic animals, horses, and livestock.

PETCO Health and Wellness Company, Inc.

Origin: USA

It is the most recognized brand in Mexico, and contrary to what most people might think, it is not the largest pet store in the world. Chewy currently holds a higher value, despite having more than 1,500 branches across the USA, Mexico, and Puerto Rico.

Covetous, Inc.

Origin: USA

It is a conglomerate with approximately 25 brands covering the distribution of pharmaceutical products, clinical instruments, laboratories, and animal care. It has a differentiated advantage against its main competitors: technological support implementation for veterinarians and service users through various applications.

Freshpet Inc

Origin: USA

This company specializes in “fresh” food for cats and dogs that require refrigeration. They have distribution channels both directly and through large retail chains in the USA, UK, France, and the Netherlands. They compete as an alternative to conventional kibble.

Pets At Home Group Plc

Origin: UK

This is a British pet supply retailer that sells all kinds of products, very similar to what we know in Mexico as PETCO. Its stores are mainly located throughout the United Kingdom, and it is part of the London FTSE 250, which gives us an indication of its current significance.


Origin: France

The only company in this list from outside the USA and UK, VIRBAC SA was founded in the late 1960s and is focused on the production of medications and dietary supplements for pets, livestock, and aquaculture. It has established itself as one of the leading companies in the sector, ranking as the 6th largest animal pharmaceutical company in terms of commercial volume, with a presence in more than 100 countries.


Origin: UK

CVS Group PLC is a healthcare group specializing in pets, equines, and livestock. It operates various laboratories, clinics, crematories, pharmacies, and specialist associates to address any clinical issues and veterinary assistance in the United Kingdom.


Origin: USA

Trupanion is a pet insurance provider with a presence in the United States, Canada, Australia, and Puerto Rico. With over 700,000 insured pets, it could be considered the largest pet insurer in the world under its brand.

In this list, we find the 11 most important companies in the animal world, with a combined brand value of approximately 170 billion dollars. This makes them significant corporations, although still far from companies like Amazon, which, on its own, is worth 8.8 times more than the sum of the companies in the article.

What is the appeal of investing in this sector?

If the projected increase in demand for pet and livestock services materializes, it could present a great market opportunity with immense potential. It’s possible that many savers and investors worldwide may have overlooked this sector.

For any additional topics related to economics, markets, and personal finances, feel free to contact me directly through:

Email: agarcia@hedeker.com

LinkedIn: Alberto García Medina

GRUPO HEDEKER is a specialized international investment advisory firm with the goal of educating, protecting, and growing the wealth of savers and investors in our country. Consult with us to learn more about what we can achieve.