Quarterly market outlooks, transaction commentary, and structural perspective on the businesses shaping animal health and pet care. Direct from our advisory team.
Resilient, but increasingly selective
Animal health remains resilient, but growth has turned selective: diagnostics, next-generation therapeutics and premium nutrition are pulling ahead while core companion-animal demand normalizes. Five structural shifts — from food-as-medicine to the channel war around the veterinary pharmacy — are redirecting where value accrues. Plus a deep-dive on APAC and Latin America.
The same bet, made twice — through two very different doors
Two May transactions — Tractor Supply's acquisition of VIP Petcare and Bending Spoons' acquisition of Tractive — look unrelated. We believe they are the same bet made twice: own the recurring, data-rich relationship with the pet owner. Neither buyer is a traditional animal-health strategic.
Read more →
Growth normalizes, structural drivers intact
Growth is normalizing across animal health and pet care, but structural drivers remain intact. Diagnostics, integrated platforms, and long-acting therapeutics are pulling ahead. The affordability gap — vet prices ~50% above 2019 — is catalyzing the next care delivery cycle.
Read more →