Business
PetLife Pharmaceuticals Provides an Eye-Opening View on a Recession Resistive Industry
PetLife Pharmaceuticals Provides an Eye-Opening View on a Recession Resistive Industry.
About this update from Petlife Pharmaceuticals Inc
[{"type":"text","content":"\n \n PetLife \n Pharmaceuticals, Inc. (OTCQB:PTLF) (the \"Company\"), a developer of a \n new generation of high potency veterinary cancer medications and \n nutraceuticals for pets, released today an overview of the $63 billion \n companion pet healthcare industry. Empty nesters, reduced fertility, and \n pet owners prioritizing pet care over their own expenses all contribute \n to the resiliency of the pet care industry. PetLife’s continuous \n development of multiple product lines aims to serve the growing \n companion pet healthcare market, bolstering its market reach and thereby \n solidifying the company both on a revenue/financial point of view as a \n natural, solution-focused company.\n \n \n The pet care industry, from food and treats to veterinary care and \n boarding, continues to see tremendous growth. All you have to do is walk \n in to your local PetSmart or pet supply store to see the number of \n products and accessories available to pet owners; a sure sign of how \n much Americans adore their pets.\n \n \n Data from various research reports shows a staggering growth in pet \n spending:\n \n \n \n $8.4 \n billion in 1980\n \n \n $17 \n billion in 1994\n \n \n $63 billion in 2016\n \n \n \n This data falls in line with the American Society for the Prevention of \n Cruelty to Animals (ASPCA) report which indicates almost half of \n American households own a dog and around a third are cat owners. A \n graphical representation of this data is available here: https://fred.stlouisfed.org/series/DPETRC1A027NBEA.\n \n \n Studies have shown that during recessions and tough times, pet owners \n will cut back on their own expenses to continue to provide for their \n animals. Additionally, offspring from the Baby Boom generation are \n “leaving the nest,” and their parents are filling in the empty space \n with companion pets. Furthermore, reduced fertility in America is also \n contributing to the growing pet industry, as single \n (and no-children) households tend to have a higher rate of pet ownership.\n \n \n “Aside from making great companions, our household pets can actually \n point our business compass to fantastic investment opportunities,” said \n PetLife CEO, Dr. Ralph Salvagno.\n \n \n As pets are seen as an essential part of the household, owners are \n spending more and more on e...