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1、THE DEAL HOUNDExplore M&A Activity,Capital Market Conditions and Current Trends for the Pet Industry1H 2023Investment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.720.221.9220|SDRVENTURES.COMTHE DEAL HOUND2H 2022 2H 2022|VOL 13|ISSUE 2720.221.9220|SDRVENTURES.COMInves
2、tment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND 1H23:WHAT TO KNOW InflationInflation is is real,real,andand costscosts areare up,up,yetyet petpet productproduct revenuerevenue continuescontinues toto riserise duedue inin partpart toto thoseth
3、ose higherhigher pricesprices.PetPet ownersowners appearappear willingwilling toto keepkeep spendingspending asas newnew productsproducts andand servicesservices emergeemerge andand producersproducers largelarge andand smallsmall areare focusedfocused onon innovationinnovation.AdvancementsAdvancemen
4、ts inin petpet foodfood is is a a trendtrend worthworth watchingwatching.A A bagbag ofof chowchow fromfrom thethe farmfarm supplysupply storestore doesntdoesnt cutcut it it anymoreanymore.ThinkThink customcustom menus,menus,freshfresh foodfood subscriptions,subscriptions,rawraw goatgoat milk,milk,an
5、dand probioticprobiotic digestivedigestive aidsaids.SustainableSustainable packagingpackaging is is onon thethe move,move,challengingchallenging producersproducers andand distributorsdistributors toto findfind better,better,moremore environmentallyenvironmentally friendlyfriendly waysways toto packa
6、gepackage andand deliverdeliver productsproducts withoutwithout sacrificingsacrificing marketingmarketing andand safetysafety.PricierPricier Pups,Pups,CostlierCostlier KittensKittens:HigherHigher CostsCosts DriveDrive PetPet RevenueRevenue If pet parents are learning anything in this period of heigh
7、tened inflation,its that theres no such thing as a free puppy.The pet they got for nothing at a shelter or even from someone with a cardboard box on the roadside is going to cost plenty later in services,food,and supplements.This year,were seeing that come to roost as higher prices and higher priced
8、 food and supplements drive revenue.True,the pet supply and services sector has traditionally proven resistant to inflationary pressures,and pet parents will pay to maintain their pets health,but were watching to see how much is too much.Are pet owners cutting back?Were not seeing it.During the pand
9、emic,we saw a boom in pet acquisition.Amid post-pandemic inflation,shelters are anecdotally reporting an increase in pet relinquishments with some owners saying its expensive to care for those newfound friends.But look beyond the anecdotes,and the numbers tell a different story as a wave of pet owne
10、rs appear willing to pay whatever it costs.1Even as prices rise,people continue to treat their pets as members of the family,spending what it takes to keep them happy and healthy.The pet sector has been called“one of the most attractive and rapidly growing sectors in todays market,”especially in fra
11、nchise operations.Private equity has been exceptionally active in the sector,and the pandemic launched a string of acquisitions and rollups.We believe activity will continue to power M&A opportunities.While there are reports that units of pet products sold declined recently,we are seeing revenues in
12、 pet product sector increase,fueled by those rising prices as pet owners lean toward premium products and supplements.If trends continue,well keep watching for new niche products,things we never imagined.The pet industry continues to show promise,with some anticipating additional growth at least unt
13、il 2030.There are 5 million more pets in the U.S.than before the pandemic.Pet owners are expected to spend,on average nearly$2,000 a year,on their pets by the end of the decade.No doubt2Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers
14、 transaction advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Marke
15、t ActivityAbout SDR VenturesDEAL HOUND CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any securities.Scott
16、MitchellScott MitchellManaging DirectorPet TLogan BohlenderLogan BohlenderVice PresidentPet TMorgan HoffmanMorgan HoffmanAssociatePet T1H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 20
17、22 1H 2022|VOL 13|ISSUE 23many will spend much more.Were intrigued by the evolution of fresh and customized meal plans for pets,pet health insurance,medicines,and topicals.2,3,4That doesnt mean we wont see some shifts.Legacy players may look to slim down and divest some lower margin positions and se
18、ek new products and niches,shedding older brands to focus on higher growth areas.But when theres a seller,there are buyers eager to get a foothold in the sector.We saw just that in a review of M&A activity in 1H23.Selling means buying,and that signals activity and openings for potentially smart move
19、s.Well also be watching for tangential activity as producers look for more sustainable ways to package and move products,which may create opportunities for those in packaging developing and manufacturing.It seems everyone,big and small,is talking sustainability.Local,independent pet product retailer
20、s may position themselves as more sustainable through their local outlets as opposed to big box and online outlet sales with home delivery.But Amazon is making a splash with its 5,000 new EV delivery vehicles from Rivian.Pet owners are a big market,and big markets can throw their weight around.If Am
21、azon starts touting environmentally friendly home delivery of sustainably produced and packaged pet supplies,and consumers respond,its a sure bet Walmart and Costco will have to follow.Where will that lead?Well be watching for opportunities in niche products,environmentally focused services and prod
22、ucts,and continued gains.5Producers are noticing and continue to add directors of sustainability to their leadership teams.Nothing stays the same.Todays pet owners are not your grandparents pet owners.As Millennials delay or reduce the number of children,pets are filling a gap.And theyre spending mo
23、re on those pets than our parents.Opportunity may be waiting for those with their eyes,and mind,open to spot and embrace new ideas and trends.6,7 UpscalingUpscaling:BeyondBeyond thethe SoggySoggy TennisTennis BallBall andand CatnipCatnipWeve talked about the emergence of new products for pets in the
24、 past.Items such as CBD infused products with a$195 million market in 2022 are looking like a 30%compound annual growth rate(CAGR).But now were watching high quality,nearly human-grade food for pets created with customizable menus and home delivered by subscription.Fresh from the fridge.Tune in to p
25、ublic radio and you cant get away from ads for the premium pet food supplier The Farmers Dog pitching an alternative to the“burnt,brown ball”in the old school bags of pet food.While the companys website is packed with cute pictures and huggable pets,youve got to dig to find out what this“real food”c
26、osts.By one example,its$2.80 a day for an 11-pound ankle-biter and$10.39 a day for a burly 75-pound retriever mix,so thats$311 a month or,carry the one almost$3,800 a year for that big boy.Thats just in food,never mind veterinary care,grooming,medicines,and of course,more tennis balls.8,9 To help di
27、gest that delicious meal,consider the rise in“biotics.”There are probiotics,live bacteria or yeasts that help pets digest food,and now prebiotics,fuel for those little beasties in your besties belly that activate the probiotics.Companies such as Solid Gold are pitching plant-based prebiotic formulas
28、 to pair with probiotics.How about some raw goat milk for digestive help?And keto for metabolic help?Its the“Keto Raw-Volution,”according to one producer.A five-ounce can of goat milk for dogs or cats runs just under$17 from Amazon where the site showed 4,300 customer ratings for the product.Think a
29、bout that.Thats half the size of a can of soda for$17.People are showing a willingness to spend what it takes for the latest pet health trends.8,10,11,12 Developments worth watching include the development of raw and fresh foods,natural foods,foods made with meat,and foods made with meat alternative
30、s like mealworms and crickets.Theres home delivery,customized(“tailored”)meal plans,“calming supplements,”Omega-3s,puffed collagen balls,and food made from mushrooms(not the psychedelic kind).The$200 million doggie daycare franchise Dogtopia announced the opening of its 500th center with plans for m
31、ore.How deep is that consumer wallet?By one estimate,pet food is a$144 billion global market,$57 billion in the U.S.alone,and its growing.13,14,15,16 PawsPaws forfor thethe Cause,Cause,TheThe DriveDrive forfor SustainabilitySustainabilityPet owners,the people who buy all that stuff,are increasingly
32、thinking about the kind of world theyll leave for their pets.1H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2022 1H 2022|VOL 13|ISSUE 24Or at least their
33、pets descendants.Theres a growing concern for the environment,the planet,and how sustainable packaging for pet products fits in.For manufacturers,thats creating a delicate dance between sustainability and appealing,eye-catching packaging.The other challenge is finding the right materials that protec
34、t pet foods keeping the pets who eat it safe while somehow creating less trash and using less petroleum and chemical based packaging.That may create a drive for more-easily recycled materials and incorporating more recycled materials,“post-consumer waste.”One packaging giant,Pouches and Bags,has set
35、 a goal of 100%sustainable alternative packaging by 2025.But sustainability goes beyond the material,the composability,inks and resins.Manufacturers are also looking at the size and form of the packaging.Simply moving from rigid containers to flexible packaging could save space and increase shipping
36、 efficiencies.Overseas many human products are already sold in flexible bags instead of cans and bottles,including laundry detergent,mayonnaise,jams,and pasta sauce.One nonprofit group,the Pet Sustainability Coalition,includes leaders in the pet care products field on its board of advisors and began
37、 in 2018 focusing on sustainable packaging.The organization urged leaders across the sector to sign its Packaging Pledge,a drive toward sustainable packaging by 2025,pushing pet product producers to move to 100%recyclable,reusable,or compostable packaging.The move has achieved acceptance and coopera
38、tion across the pet products industry.17,18Governments,too,are nudging manufacturers toward sustainability with regulations and even fines.Rising energy costs,hence rising prices,are also a“stick”prodding manufacturers to get their game on.And the carrot is consumer demand.Pet owners want sustainabl
39、e packaging.More than 9 out of 10 pet product consumers told NeilsenIQ researchers that sustainability matters.The concept of sustainability covers a lot of ground.While it was slower to catch on in pet products than in human food,consumers are starting to demand reduced pollution,environment-friend
40、ly products,protection of natural resources,lower emissions up and down the chain,protection of wildlife,and even attention to social issues such as better working conditions,giving back to society,and better opportunities for minorities.Language on packaging is catching up,pitching moves to recycle
41、d and recyclable packaging,plastic-free,100%recycled paper products,and the elimination of BPA,a chemical in plastics that presents potential health risks.Brands that are committing to sustainability and environmental responsibility are showing consumer gains.2,19 FromFrom ChihuahuasChihuahuas toto
42、GreatGreat DanesDanes:MergersMergers andand Acquisitions,Acquisitions,BigBig andand SmallSmall As some of the larger players made deals in 1H23,we are seeing a renewed focus on paring down and finding efficiencies and profit in concentrated,growing niches.In April,the J.M.Smucker consumer goods cong
43、lomerate shed several pet food brands,including the Rachael Ray Nutrish,9Lives,Kibbles n Bits,Natures Recipe,and Gravy Train brands as well as its private label pet food business to Post Holdings,Inc.The$1.2 billion deal included$700 million in cash and about 5.4 million shares of stock of Post Hold
44、ings,Inc.The deal,which including Smuckers manufacturing and distribution centers,will allow the company to focus on pet treats,including Meow Mix and Milk Bones.Post Holdings,based in St.Louis,says the acquisition establishes a foothold in the pet food sector for the consumer packaged goods company
45、,which produces ready-to-eat foods for people such as Peter Pan peanut butter.20,21 Also in April,we saw the private equity firm Gryphon Investors wolf down pet supplement producer Vetnique,based in Naperville,Illinois in an undisclosed deal rumored to be valued at$140 million.Vetnique makes a varie
46、ty of products including supplements and ointments for pet digestive health,allergy care,skin care,and ear care.Vetnique sells its products worldwide through veterinary offices,pet stores,and direct to consumer.Gryphon partner Mike Ferry said the acquisition represents Gryphons belief the pet supple
47、ment sector is poised to grow.Vetnique founder and CEO,veterinarian James Bascharon,will remain with the company as CEO and retains a significant stake.22 It wasnt all about food and supplements.In May we saw a big move in the rapidly growing pet health insurance market.JAB Holding Company took a st
48、ake rumored to be around$110 million in Pumpkin Insurance Services,a global player in the pet insurance industry.Zoetis,a publicly traded animal health company which launched Pumpkin in 2020,retains a minority stake.With the acquisition,JAB now insures more than 3.3 million pets with a goal of reach
49、ing 4 million by the end of next year.JAB Senior Partner Frank Engelen said the acquisition is part of the1H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2
50、022 1H 2022|VOL 13|ISSUE 25 companys plans to expand and capitalize on Pumpkins existing tech,data,and diagnostics expertise.JAB is also a large holder in consumer products and services companies including Keurig,Dr.Pepper,Krispy Kreme donuts,Peets Coffee,Panera Bread,as well as National Veterinary
51、Associates.23 And its not always about mega deals.Acquisitions in the sector run the gamut from small to big.In February,Feeders Pet Supply agreed to acquire Phydeaux Pet Shops,a small group of independent pet supply stores concentrated solely in North Carolina.The acquisition marked an acceleration
52、 of Feeders Pet Supplys steady expansion.With the recent announcement of a new Tennessee location,North Carolina marks the sixth state for Kentucky-based Feeders Pet Supply stores.24LikeLike a a CatCat ChasingChasing a a LaserLaser PointerPointerMonitoring the broad pet services industry,from fancy
53、food to veterinary visits,takes a keen eye and sharp reflexes.But when things evolve this fast,opportunities are there to be discovered.As the sector and consumer tastes evolve,were watching for new niches,products,services,and ways to better serve the worlds growing population of pet owners.Pet hea
54、lth supplements and foods continue to surprise,whether thats what pets eat or how they eat it.(Remember“food mats”from last year?The mats owners smear food into for a dog to lick off?)Private equity remains intensely interested in buying up veterinary practices.And vets who want to take care of pets
55、 not deal with the headaches of running a small corporation are finding eager buyers with deep pockets.Consumers continue to demand producers meet them where they shop,whether thats online or in person,and omni channel marketing and delivery challenges perceptions at every turn.The pet sector has co
56、me a long way in a relatively short time from the neighborhood pet store.The pet sector is showing strong growth in the U.S.and abroad,and some of the biggest players in the industry are committed to innovation and new products pet owners may not even know they need,or at least want.Bird-dogging the
57、 latest trends,products,services,and consumer tastes is a never-ending pursuit.25,26,27 1H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2022 1H 2022|VOL 13
58、|ISSUE 26TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTION ACTIVITY5 or more transactions3-4 transactions1-2 transactions0 transactionsSource:PitchBook Financial Data and Analytics Note:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically repr
59、esentative of the industry.TRANSACTIONS BY LOCATIONIf You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices
60、 at 720.221.9220.Strategic37%Financial63%12 6 2 3 19 6 3 -5 10 15 20Pet Foodand TreatsRetailersHardGoodsAnimalHealthVeterinaryServicesPet CareServicesPet Tech1H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital
61、Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2022 1H 2022|VOL 13|ISSUE 27ACTIVE BUYERSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSSource:PitchBook Financial Data and Analytics Note:This data represents recorded transactions only,and is not all-inclusive.Neverthele
62、ss,they are typically representative of the industry.FIRMPLATFORM COMPANYSELECT SUBSIDIARY BRANDS1H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1FIRMSELECT SUBSIDIARY BRANDS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC
63、.THE DEAL HOUND1H 2022 1H 2022|VOL 13|ISSUE 28PET SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsPET FOOD AND TREATSSource:PitchBook Financial Data and AnalyticsRETAILERSPUBLIC BASKET-25%-20%-15%-10%-5%0%5%10%15%20%25%Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Ap
64、r-23May-23Jun-23Pet Food&TreatsRetailersHard GoodsAnimal HealthS&P 5001H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2022 1H 2022|VOL 13|ISSUE 29PUBLIC BA
65、SKET(CONTINUED)HARD GOODSANIMAL HEALTHSource:PitchBook Financial Data and Analytics1H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2022 1H 2022|VOL 13|ISSU
66、E 247%54%42%50%10%10%11%9%43%36%47%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEquity10U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data i
67、s as of May 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics2020202220212023*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B5001,5002,5003,5004,5002
68、022 Q22022 Q32022 Q42023 Q12023 Q2Deals ClosedDeals ClosedCapital Invested5.9x6.1x6.5x6.5x6.8x7.0 x7.1x7.7x8.0 x8.3x8.5x8.1x8.6x9.0 x9.1x10.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2020202120222023 YTD$10-25mm$25-50mm$50-100mm$100-250mm1H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Bank
69、ing and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2022 1H 2022|VOL 13|ISSUE 211SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGCOMPREHENSIVE PET EXPERTISEThe pet industry has become a hot space in re
70、cent years,but we have been involved in the industry for over a decade.Our experience and drive have placed us at the leading edge of information in the market,giving you an advantage when the time comes to buy,sell or seek investments to grow your pet-related business.Our pet industry investment ba
71、nking expertise includes the following segments:SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions throughout the pet industry,including:CONTACT US Pet Food Retailers Hard Goods Animal Health Veterinary Services Pet Care Services Co-Packers Pet Treats Pet TechScott MitchellScott Mi
72、tchellManaging DirectorPet TLogan Logan BohlenderBohlenderVice PresidentPet T20222022202220212020Morgan HoffmanMorgan HoffmanAssociatePet T1H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member
73、FINRA and SIPC.THE DEAL HOUND1H 2022 1H 2022|VOL 13|ISSUE 2ADDITIONAL REFERENCES121.“Pandemic And No-Kill Policy Worsen Overcrowding At Animal Shelters,”NPR,Haya Pajwani,Jul.5,2023 https:/www.npr.org/2023/07/05/1185979652/pandemic-and-no-kill-policy-worsen-overcrowding-at-animal-shelters 2.“Consumer
74、,Sustainability Trends Set To Propel The Pet Industry Into The Future,”Pet Food Processing,Nicole Kerwin,Apr.4,2023 https:/ 3.“Inflation To Fuel Pet Food Industry,”Pet Food Processing,Nicole Kerwin,Apr.10,2023 https:/ 4.“The Pet Industry is a Recession-Resistant Category for Investors Seeking Long T
75、erm Gains Heres Why,”NASDAQ,Mark Van Wye,Feb.9,2023 https:/ 5.“Everything You Need To Know About Amazons Electric Delivery Vans From Rivian,”Amazon,Amazon staff,Jul.6,2023 https:/ 6.“Demand for Sustainable Pet Products,Manufacturing and Services Is Soaring,But Is the Industry Ready?”Pet Product News
76、,Paula Hendrickson,Apr.18 2023 https:/ 7.“Puppy Love Boosts Pet Care Industry,”Morgan Stanley,staff,Nov.2,2022 https:/ 8.“6 Trends Driving The Pet Industry:Takeaways From Global Pet Expo,”Forbes,Yvethe Tyszka,May 2,2023 https:/ 9.“The Farmers Dog Cost And Value,”The Farmers Dog,accessed Jul.6,2023 h
77、ttps:/ Your Pet,Inside And Out,”Solid Gold,accessed Jul.6,2023 https:/ 11.“The Keto Raw-Volution,”Bones and Co.,accessed Jul.6,2023 https:/ Honest Kitchen Instant Goats Milk with Probiotics for Dogs and Cats 5.2 oz,”Amazon,accessed Jul.5,2023 https:/ 13.“3 Pet Food Trends For 2023,”DVM360,Julia Burk
78、e,Apr.20,2023 https:/ 14.“Top Trends Seen At Global Pet Expo 2023,”Pet Food Processing,Jordan Tyler,Mar.31,2023 https:/ 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEA
79、L HOUND1H 2022 1H 2022|VOL 13|ISSUE 2ADDITIONAL REFERENCES(CONTINUED)1315.“Dogtopia Surpasses 500 Signed U.S.Franchise Agreement,”PetB,May 23,2023 https:/ 16.“Pet Food Worldwide,”Statista,accessed Jul.6,2023 https:/ 17.“Pet Food Packagings Multi-Pronged Approach To Sustainability,”Packaging Strategi
80、es,Brad Addington,Apr.10,2023 https:/ 18.“Pet Sustainability Coalition,”Petsustainability.org,accessed Jul.6,2023 https:/petsustainability.org/19.“Nutrition And Healthy Eating,”Mayo Clinic,Brent Bauer,accessed Jul.6,2023 https:/www.mayoclinic.org/healthy-lifestyle/nutrition-and-healthy-eating/expert
81、-answers/bpa/faq-20058331 20.“The J.M.Smucker Co.Completes The Divestiture Of Several Pet Food Brands To Post Holdings,Inc.”PR Newswire,Apr.28,2023 https:/ Holdings To Acquire Rachael Ray Nutrish,Natures Recipe And Other Select Pet Food Brands From The J.M.Smucker Co.”Post Consumer Holdings,Feb.8,20
82、23 https:/ Investors Acquires Vetnique Labs,”PR Newswire,Apr.20,2023 https:/ 23.“JABs Pet Insurance Platform Acquires Pumpkin,Expanding Its Global Leadership In The Fast-Growing Pet Insurance Industry,”Bloomberg Business Wire,May 16,2023 https:/ 24.“Feeders Pet Supply To Acquire Phydeaux Pet Shops,”
83、Pet Product News,Feb.27,2023 https:/ 25.“The Top Pet Products of 2022,”Pet Business,staff,Dec.1,2022 https:/ 26.“Do You Know Who Owns Your Vet,”Freakonomics,Stephen J.Dubner and Ryan Kelley,Jan.25,2023 https:/ Key Trends to Watch in the Global Pet Food Market,”MarketR,Mordor Intelligence,Jan.24,2023 https:/ 1H 2023 1H 2023|VOL 14|ISSUE 11H 2023|VOL 14|ISSUE 1