Pet care is one of the fastest-growing consumer markets. Global spending hit $246 billion in 2023 and is projected to reach $368 billion by 2030. In the U.S., veterinary services totaled $38 billion, with pet food and products surpassing $147 billion. The market remains highly fragmented, as more than 70% of veterinary practices are independently owned, leaving room for consolidation and expansion. E-commerce adoption is rising, pet insurance is still underused, and premium health and nutrition products are capturing a larger share of household spending. These trends combine to create a multi-channel growth story that continues to outperform the broader consumer sector.
With those trends in mind, here are four companies showing how investors can get exposure to the growth of the pet economy.
Inspire Veterinary Partners (Nasdaq: IVP) is carving out a unique position in the fast-growing pet health industry by rethinking how veterinary practices are owned and operated. The company is the only publicly traded operator in the sector and has built its strategy around what it calls a “bottom-up” model. Rather than following the traditional corporate or private equity approach that prioritizes short-term returns, Inspire emphasizes employee ownership. As the company explains, “Traditional veterinary hospitals, both privately and corporately owned, have run on a top-down model. Ours is bottom-up. Welcome to the first employee-owned veterinary group. The only thing it changes is everything.”
That ownership model could become a meaningful differentiator as consolidation continues. The global pet care market reached $246 billion in 2023 and is projected to climb to $368 billion by 2030. In the U.S., spending on veterinary services alone exceeded $38 billion in 2023, and more than 70% of practices remain independently owned. That leaves significant opportunity for acquisitive operators like Inspire.
The company is already showing momentum. Q2 2025 revenue was $4.3 million, up 20% sequentially, with comparable clinic sales up 5.7% year over year. Net loss narrowed 10% to $3.0 million, supported by stronger liquidity and an improved capital structure. CEO Kimball Carr said, “We started to see the rewards of our new initiatives, processes, and hard work over the past 18 months with sequential revenue growth of 20% and year-over-year organic growth of 5.7%. I believe this quarter will mark the turning point for our business model and that our top-line growth will accelerate going forward.”
Expansion also continued during the quarter. Inspire acquired a Florida hospital expected to generate $1.8 million in annual revenue and signed a letter of intent for a New Jersey hospital with potential revenue of $2.0 million, bringing its total clinic count to 14. To support growth, the company secured a convertible preferred stock agreement for up to $10 million.
Beyond financial results, Inspire is reinforcing its culture with a new incentive and recognition program designed to deepen employee engagement and build long-term wealth across its network. The company also integrated an AI platform in partnership with Covetrus, which it believes is the only such system offered by a publicly traded veterinary network.
With industry tailwinds, a differentiated ownership structure, and a growing footprint, Inspire Veterinary Partners (Nasdaq: IVP) stands out as a small-cap stock with room to scale. Its combination of employee ownership, operational growth, and industry consolidation positions it well in the long-term expansion of pet health care.
Trupanion, Inc. (Nasdaq: TRUP) is a leading provider of medical insurance for cats and dogs across the United States, Canada, and select European countries, with more than 1,000,000 pets currently enrolled. Founded in 2000 and headquartered in Seattle, Washington, Trupanion has built a reputation for giving pet owners peace of mind, enabling them to focus on their pets’ recovery rather than financial concerns. The company offers unlimited lifetime payouts and uses a patented process to pay veterinarians directly in seconds at checkout, a capability unique among North American providers.
The second quarter of 2025 marked one of Trupanion’s strongest financial periods, driven by top-line growth, margin expansion, and improved retention. Total revenue rose 12% year over year to $353.6 million, with subscription business revenue up 16% to $242.2 million. Subscription-enrolled pets increased 4% to over 1,066,000. Net income for the quarter reached $9.4 million, or $0.22 per share, compared to a net loss of $5.9 million in the same period last year. Adjusted EBITDA more than doubled to $16.6 million, while operating and free cash flow reached $15.0 million and $12.0 million, respectively. CEO Margi Tooth highlighted, “These results create a strong foundation to invest in this globally underpenetrated market and bring the benefits of Trupanion to more pets and pet parents.”
For the first half of 2025, total revenue was $695.5 million, with subscription revenue rising 16% to $475.2 million. Net income for the period reached $7.9 million, compared with a net loss of $12.7 million in the first half of 2024. Adjusted EBITDA climbed to $28.8 million, while operating and free cash flow reached $31.0 million and $26.1 million, respectively. The company held $319.6 million in cash and short-term investments at the end of June 2025, with an additional $15 million available under its credit facility.
Trupanion’s combination of market leadership, proprietary technology, strong financial performance, and exposure to an underpenetrated global pet insurance market positions it as a compelling opportunity for investors seeking to benefit from the growing pet care economy.
Chewy, Inc. (NYSE: CHWY) is a leading online destination for pet products, supplies, and prescriptions, serving nearly 21 million active customers in the United States. The company partners with roughly 3,200 trusted brands while offering its own private-label products. Through its websites and apps, Chewy provides about 130,000 products and services, giving pet owners convenient access to high-quality offerings and tools to manage their pets’ health and wellness.
The second quarter of fiscal 2025 demonstrated Chewy’s ability to grow in a competitive e-commerce landscape. Net sales reached $3.10 billion, up 8.6% year over year, with Autoship sales growing 15% and representing 83% of total net sales. Adjusted EBITDA increased $38.4 million to $183.3 million, while adjusted net income rose $36.4 million to $141.1 million. CEO Sumit Singh highlighted, “Chewy’s differentiated value proposition was once again on display, with both active customers and share of wallet growing 4.5% year over year to reach nearly 21 million customers and $591, respectively.”
Chewy continues to expand its offerings, recently launching Get Real, a minimally processed, fresh dog food line with human-grade recipes created by certified pet nutritionists, tailored to various dogs’ needs, and delivered directly to customers. Chief Brand Officer Orlena Yeung said, “We are proud to offer Get Real, making fresh food easy for pet parents and delicious for pets. Backed by our signature customer care, we are excited for dogs across the country to enjoy this new premium offering.”
With a dominant online presence, high repeat purchase rate, and strategic expansion into premium pet food, Chewy is well positioned to capitalize on the growing pet care market. Its combination of convenience, product breadth, and customer-focused innovation offers investors exposure to the long-term expansion of the pet economy.
Petco, Inc. (Nasdaq: WOOF) has been a trusted destination for pet owners for more than 60 years, operating over 1,500 stores across the United States, Mexico, and Puerto Rico. The company offers a broad selection of pet care products and services, both in stores and online, and extends its mission through Petco Love, which supports thousands of local animal welfare organizations and has helped roughly seven million animals find homes through adoption events.
Petco is positioned to benefit from continued growth in pet ownership and spending, trends driving demand for premium products, wellness services, and specialized care. Its scale, selection, and membership programs give it an edge in capturing these trends while reinforcing customer loyalty.
Second quarter 2025 results reflected stability and progress. Net sales reached $1.5 billion, down 2.3% year over year, while comparable sales decreased 1.4%. Gross profit margin expanded roughly 120 basis points to 39.3%. Operating income improved by $40.6 million to $43.0 million, and GAAP net income rose $38.8 million to $14.0 million. Adjusted EBITDA increased $30.3 million to $113.9 million. CEO Joel Anderson noted, “The first half of this year established a solid foundation for our transformation as we continued to strengthen our economic model and improve retail operating fundamentals.”
Looking ahead, Petco maintained its full-year net sales outlook and raised its earnings forecast. Adjusted EBITDA is expected to be between $385 million and $395 million, with capital expenditures of $125 million to $130 million and roughly 25 net store closures planned. Petco combines a leading retail footprint, strong brand recognition, and improving profitability with exposure to a resilient pet care market, providing a solid foundation for long-term growth.
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