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3 Pet Food Stocks Wall Street Predicts Will Rally by More Than 35% -Breaking

by Mike Robinson

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© Reuters 3 Pet Food Stocks Wall Street Predicts Will Rally by More Than 35%

The COVID-19 pandemic has led to a rise in pet ownership. The pet food industry will benefit from this increase in demand. So, pet food stocks Chewy (NYSE:), Petco Health and Wellness (WOOF), and Freshpet (NASDAQ:) could be good additions to one’s watch list. Wall Street analysts predict that these stocks will rise by over 35% within the next few months. Keep reading. The demand for pet adoption has increased significantly since the COVID-19 pandemic. People are spending more time at their homes due to their isolated lifestyles. One in five American Society for the Prevention of Cruelty to Animals survey data, released earlier this year shows that one-fifth of all households have adopted a pet cat or dog since the outbreak of the epidemic. Based on 2019 U.S. Census, this totals to approximately 23 million American homes.

This trend will likely continue in the immediate future, which is good news for pet food businesses. A Brandessence Market Research report states that the pet food market will reach $188.77 Billion by 2027. This is a 4.1% annual growth rate.

Wall Street analysts believe that pet food stocks Chewy, Inc., Petco Health and Wellness Company, Inc., WOOF, and Freshpet, Inc., will rise more than 35% in value over the next months. We believe it is a smart move to add these stocks now to your watchlist.

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