New, far-reaching trends in consumer behaviors are bringing about a myriad of changes in the pet industry at a pace never seen before. These changes are being driven to a large extent by the “humanization” of pets by their owners, adaptations to the humanization dynamic throughout the pet supply chain, and the related reconfiguring of sales channels. In this paper, Houlihan Lokey describes how the unique convergence of these trends is redefining the pet industry, and how the evolution of the pet industry could impact the market’s view of businesses.
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