This is an incredibly competitive market. Look at the players in the pet food market: Mars, Nestle, Ebos. Look at how much money is being tossed around by WOW, WES and a bunch of PE firms to muscle in on pet retailing. These guys are underfunded, spread far too thinly across too many business lines and now they're trying to reach profitability. The whole humanisation of pets meme is actually a very small segment of the overall pet business. And it has a lot of subscale players in it.
This business is a by-product of the free money era. If they are too have any chance then they're going to need to go niche not macro.
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