3 Stocks to Profit From the Pet Economy
Small, continual changes often go unnoticed until they are too big to ignore. One such consequential shift in America has been the concept of the nuclear family, notably as it relates to parenthood. In 1950, the U.S. birth rate was approximately 24 children per 1,000 people, versus 12 children per 1,000 people in 2020.
But what hasn't changed is fundamental human nature. At our core, we're social beings with the need to connect, develop bonds, and provide care. If you've been scrolling through your social media feeds in recent years, you've likely noticed our pets are quickly filling in as members of the family.
Spending on our "fur babies" is a nearly $100 billion industry, according to the American Pet Products Association, growing approximately 6% year over year in 2019. Growth this year could be even stronger due to the tremendous demand for pets during the pandemic. Three stocks to cash in on this trend are Chewy (NYSE: CHWY), Freshpet (NASDAQ: FRPT), and Elanco Animal Health (NYSE: ELAN).
Source Fool.com
