1、OC&C PerspectivesOctober 2024Opportunities in US Pet2|OC&C Strategy Consultants 2022Why Investors Like PetPet remains an attractive category for investors,especially in times of economic turbulenceResilience through economic downturnsHigh margins(relative to other consumer goods categories)Continued

2、 premiumisation,driven by humanisationPet ownership surgeExpandability into new products and subcategoriesPrevalence of disruptive models2OCC_Consumer Perspectives_US Pet_July 2024 v23|OC&C Strategy Consultants 2022There are three key attractive areas for investors:food and treats,contract manufactu

3、ring and beyond food e.g.services,techBranded Food&TreatsPet Contract ManufacturingBeyond FoodIn summary:Large,growing and resilient category,with significant headroom in premium and a number of high growth segments In summary:Strong underlying growth with demand from both CPGs and niche disruptors,

4、and a number of clear value creation leversIn summary:Emerging platforms that represent interesting investment opportunities,alongside a number of other fragmented spaces that have scope for professionalizationSource:OC&C analysisKey Opportunities for Investors3OCC_Consumer Perspectives_US Pet_July

5、2024 v24|OC&C Strategy Consultants 2022AgendaPet Contract ManufacturingBeyond FoodOC&C ExperienceBranded Food&Treats45|OC&C Strategy Consultants 2022The US Dog&Cat Food&Treats market is large and the market outlook is strong with premium headroom remaining to go afterTotal US Dog&Cat Food Market(201

6、6-2028F)Source:Nielsen,Euromonitor,OC&C Market Model,OC&C analysisBranded Food&TreatsValue($bn)OCC_Consumer Perspectives_US Pet_July 2024 v22019202320282016$26bn$31bn$50bn$65bn+6%+12%+6%Market Dynamics US Dog&Cat Food&Treats is a c.$50bn market with Dog accounting for around two-thirds of spend,but