Blue Buffalo Pet Products Inc (NASDAQ: BUFF) shares are up 22.09 percent at $22.66 on Wednesday. The rise comes on back of a positive fourth-quarter and full-year 2015 results. Q4 Highlights Highlights from the results include net sales up 11.4 percent at $265 million; net income down 54.4. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
10 Best Pet Stocks To Buy Now
The pet industry saw a huge growth in 2020 amid the coronavirus crisis. As people were forced to stay at home, they preferred to spend time with pets. In 2019, the pet care market reached $255 billion. The number is expected to increase to $358 billion by 2027 with a compound annual growth rate (CAGR) of 6%.
The pet industry consists of a broad variety of products such as food, clothing, grooming, and similar commodities. According to the US Bureau of Labor Statistics, the pet industry provides 189,384 jobs to the American economy.
Technology and the Pet Industry
Technology is rapidly changing the pet industry. In 2018, the global pet tech market was valued at $4.5 billion and is expected to grow over $20 billion by 2025. For instance, the online pet care company Rover helps coordinate dog sitters with pet owners. In 2018, the company raised a total of $91.5 million. The online pet care company is planning to go public through a merger with Nebula