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The trend is expected to be sustained in the near term, benefitting pet food companies. Furthermore, according to a Brandessence Market Research report, the global pet food market is expected to reach $188.77 billion by 2027, growing at a 4.1% CAGR.
Given this backdrop, Wall Street analysts expect pet food stocks Chewy, Inc. (CHWY), Petco Health and Wellness Company, Inc. (WOOF), and Freshpet, Inc. (FRPT) to rally by more than 35% in price in the coming months. So, we think it could be wise to add these stocks to one’s watchlist now.
