November 27, 2020

As pet ownership booms, could these 3 stocks help you profit?

By haziqbinarif

A woman in coronavirus mask, sitting on the sofa with a large dog.

The number of households that own a pet is expected to increase from 68 million to 71 million by the end of this year. About 94% of the pet-owning households in the U.S. own either a dog or cat. That’s good news for companies that serve the market for pet supplies like food, medicine, and insurance.

Chewy(NYSE: CHWY), IDEXXLaboratories(NASDAQ: IDXX), and Lemonade(NYSE: LMND) are three companies benefiting from the trend of increased pet ownership in different ways. It’s no wonder Americans spent a record $96 billion on pet products and services in 2019 given that 77% of dog and cat owners viewing their fur babies as family members. There is no question that spending record will be broken in 2020 as the number of pet-owning households increases. Let’s look at how that growth will benefit these three companies.

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