OPCO Positioned for Growth Within the $60 Billion Pet Industry
The future of OurPet’s Company (http://dtn.fm/1Ypil
) (OTCQX: OPCO), a producer of innovative pet related products, is looking bright thanks to the growth of the pets industry since 2014. Since its foundation in 1995, OurPet’s Company has been dedicated to providing nutritional, medical, physical, and emotional stimulation and value to pets across the U.S.
But, the pet industry has never looked as strong as today. As warmer weather than usual crosses the U.S., sales have boomed in both veterinary and non-medical services. Spending for 2015 came in at a record $60.28 billion, and this figure is expected to grow by the end of 2016, according to the American Pet Products Association (APPA) (http://dtn.fm/7hsjN
The APPA report includes information regarding market categories such as food, supplies, over-the-counter medications, veterinary care, animal purchases, and more. Although food, veterinary services, supplies and over-the-counter medications still remain at the top of pet industry spending, pet services have shown a record growth of 11.8% between 2014 and 2015 and over 5% growth from 2015 so far this year.
Additionally, according to Pet Business (http://dtn.fm/tf10Q
), the industry is predicted to continue to grow as millennials now enter their prime spending years. Generation Y and the millennials are going to be the primary audience for the pet industry, both of which are highly influenced by advances in technology. Fortunately, OPCO’s product line is diverse. The company prides itself on offering the highest quality products to its animal friends, and current industry growth has allowed the company to focus on more innovative technological products such as its OurPets® Intelligent Pet Care™ (http://dtn.fm/X356d
For more information, visit the company’s website at www.OurPets.com