In 2024, U.S. households are projected to spend nearly $40 billion on veterinary care and pet pharmaceuticals, making it the second-largest spending category after food. The total pet market is anticipated to reach $173 billion by 2027. Chewy, initially an online pet-food retailer, has transformed into a public company with a $16 billion market cap and over 20 million customers. With a significant share in the pet pharmacy sector, Chewy has room for growth, especially as pets adopted during the pandemic age and require more medical attention.
In 2024, U.S. households spent nearly $40 billion on veterinary care and pet pharmaceuticals alone, making it the second-largest category of pet spending after food and treats.
Chewy has also become the largest online pet pharmacy in the U.S., with $1.1 billion in annual sales and a 7% market share.
The ASPCA estimates Americans adopted 23 million pets during the pandemic, and these animals are now reaching middle age, fueling demand for more frequent vet visits, medications, and specialized care.
Chewy's foray into veterinary clinics, branded as Chewy Vet Care (CVC), is off to a promising start, with the first 11 clinics averaging 4.8 out of 5 stars out of more than 1,000 reviews on Google.
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