Jul. 15 at 8:20 PM
$CHWY We also see opportunity for pharmacy to capture more spending as pets age, pushing the dollar amount per consumer higher,” the analysts wrote. “We estimate that even a modest
$10 increase in the amount customers spend on Chewy Pharmacy equals a
$50 [million] opportunity.”
The veterinary-care and pharmaceuticals business was a roughly
$40 billion market overall last year, the analysts said, citing figures from the American Pet Products Association. That market is expected to expand by another 4% this year, with more growth in the years ahead.
Pet adoptions surged during the pandemic. But the cost of caring for a pet has risen in recent years, as private-equity firms and other corporations consolidate their ownership of vet clinics. Clinics are also dealing with higher drug, labor and technology costs and a higher standard of care overall for pets.
