<p>2025 年，美国宠物支出表现出比许多其他消费类别更强的韧性，即使家庭面临 持续的可负担性压力，这进一步增强了该行业的防御吸引力，同时也暴露出资金使用方式和地点的明显变化。</p>
<p>根据 <strong>劳工统计局</strong> 的数据，11 月份宠物及宠物产品的通货膨胀率同比降至 0.3%，低于 9 月份的 1%，在经历了多年的高成本后提供了适度的缓解。然而，生活成本的更广泛压力依然存在，动物福利组织警告称，尽管美国仍有近 9400 万户养宠家庭，但 “宠物贫困” 现象正在上升。</p>
<p>尽管如此，需求依然强劲，情感依附是其支撑因素。<strong>人类与动物关系研究所</strong> 的一项调查发现，97% 的美国狗猫主人将他们的宠物视为家庭成员，这有助于解释为何对动物的支出保持相对独立。</p>
<h2><strong>假日数据显示韧性但也有消费结构的变化</strong></h2>
<p>这种韧性在 2025 年假日季节中显而易见。根据 <strong>美国宠物产品协会</strong>（APPA）的数据，约一半的狗主人和四成的猫主人计划购买圣诞礼物，平均每件礼物的支出约为 30 美元。</p>
<p>需求不再偏向新奇玩具和冲动购买，而是倾向于宠物科技、丰富工具和健康导向的产品，如 GPS 项圈、自动喂食器，甚至宠物保险——这些被视为实用的长期投资，而非节日的奢侈品。</p>
<p>“年轻的宠物主人正在向科技和 DIY 解决方案转变，因为他们试图在健康和可负担性之间取得平衡，”<strong>Mintel</strong> 的高级消费者生活方式分析师 <strong>Hiro Takemasa</strong> 在一份报告中表示，并补充说，价值已成为一个核心考虑因素。</p>
<h2><strong>2025 年出现了双速宠物经济</strong></h2>
<p>行业专家和分析师表示，这一年也澄清了宠物支出日益明显的分化。</p>
<p>“收入最高的四分之一群体的消费模式实际上没有改变，”<strong>Brown Gibbons Lang &amp; Company</strong> 消费者组负责人 <strong>John Tilson</strong> 对 Benzinga 表示。“他们继续购买超高端食品、零食和配件。”</p>
<p>相比之下，Tilson 表示，其余大约 75% 的家庭则选择降级，从高端和超高端产品转向价值和自有品牌——这一趋势悄然惠及了许多由私募股权支持的自有品牌生产商和低价平台。</p>
<p>这种分化影响了整个行业的运营表现，并日益影响投资者的资本部署。</p>
<h2>进入 2026 年的宠物护理股票关注</h2>
<p>银行家们认为，宠物护理在消费品中结构性突出，受到韧性需求的支持，且对关税和进口波动的暴露程度低于许多其他消费品类别。这一动态帮助限制了利润压力，并维持了投资者的兴趣，即使在 2022 年初后交易活动放缓。</p>
<p>2025 年，公共市场广泛反映了这些趋势。以下是投资者在宠物护理行业进入 2026 年时关注的关键股票，数据来源于 Benzinga Pro。</p>
<ul>
<li>宠物电子商务零售商 Chewy Inc.(NYSE: CHWY) 在 2025 年受益于 以价值驱动的消费者行为，增长主要来自于更高的单位销量和其自动订购订阅服务，而非价格上涨。尽管该股票的估值较高，分析师指出其几乎有 62% 的上涨空间，反映出在可负担性压力持续的情况下对其经常性收入模式的信心。</li>
</ul>
<ul>
<li>动物健康和兽医药品公司 Zoetis Inc.(NYSE: ZTS) 的业绩喜忧参半，超出盈利预期，但提到兽医就诊次数减少和消费者支出谨慎。该股票的市盈率为 20.8，预计有约 10% 的上涨空间，被 广泛视为该行业的防御性支柱，吸引了优先考虑稳定而非高增长的投资者。</li>
</ul>
<ul>
<li>宠物医疗保险提供商 Trupanion Inc.(NASDAQ: TRUP) 通过将保险定位为预算工具，利用兽医费用上升的机会，支持了订阅收入的增长，尽管注册增长有所放缓。分析师认为该股票有近 59% 的上涨空间，尽管其 104.9 的高市盈率突显了 对长期渗透的预期，而非短期盈利能力。</li>
</ul>
<ul>
<li>高端新鲜宠物食品制造商 Freshpet Inc.(NASDAQ: FRPT) 通过强劲的销量增长显示出高端需求依然存在，尽管分析师警告称竞争和经济压力可能限制上涨空间，因为消费者仍然保持选择性。</li>
</ul>
<ul>
<li>兽医诊断和检测公司 IDEXX Laboratories Inc.(NASDAQ: IDXX) 继续被视为一家高质量的复合型公司，具有经常性收入特征，尽管 2025 年的诊所流量减弱影响了增长预期。该股票的市盈率为 54.1，分析师指出与长期对诊断和预防护理的需求相关的上涨空间超过 24%。</li>
</ul>
<p>除了 IDEXX，所有股票在 2025 年结束时都将下跌，但分析师表示，回调使投资者更加关注基本面，而不是短期价格表现，特别是在需求保持稳定的情况下。要比较这些股票在增长、价值、质量和动量方面的表现，请查看 Benzinga 的专有边缘排名.</p>
<h2><strong>2026 年和 2027 年会是转折点吗</strong>？</h2>
<p>根据 Tilson 的说法，过去三年的并购活动低迷反映了估值僵局，而不是基本面的恶化。</p>
<p>“最大的问题是买家是否愿意支付 2022 年前的估值，还是会出现向下调整，而这种调整实际上还没有发生。”</p>
<p>因此，潜在卖家的积压在整个行业中逐渐增加，特别是在接近持有期结束的私募股权拥有的企业中。</p>
<p>“我们认为 2026 年和 2027 年将是交易活动非常强劲的年份，” Tilson 表示，一旦价格预期重置，资本可能会流向高端、价值和合同制造领域。</p>
<p>不过，并非所有类别都预计会同等受益。配件中许多产品主要来自中国，仍然面临关税风险以及来自海外制造商通过 <strong>Amazon.com Inc</strong> (NASDAQ: AMZN) 和 <strong>Temu</strong> 直接销售的竞争加剧，给利润和估值带来压力。</p>
<p><strong>接下来阅读：</strong></p>
<ul>
<li><strong>美国消费者信心降至历史低点：经济焦虑在可负担危机和劳动市场压力中加深</strong></li>
</ul>
<p><em>图片来源于 Shutterstock</em></p>

CHWY

硕腾

TRUP

<p>尽管通货膨胀，美国的宠物支出在 2025 年依然强劲，且出现了向宠物科技和健康产品的转变。2026 年值得关注的关键宠物护理股票包括 Chewy、Zoetis、Trupanion、Freshpet 和 IDEXX Laboratories。分析师指出，强劲的需求和较低的关税风险是该行业的积极因素</p>

<p>U.S. pet spending proved more resilient than many other consumer categories in 2025, even as households faced persistent affordability pressures, reinforcing the sector’s defensive appeal while exposing clear shifts in how and where money is being spent.</p>
<div class="lb-trans"><p>2025 年，美国宠物支出表现出比许多其他消费类别更强的韧性，即使家庭面临 持续的可负担性压力，这进一步增强了该行业的防御吸引力，同时也暴露出资金使用方式和地点的明显变化。</p>
</div><p>According to the <strong>Bureau of Labor Statistics</strong>, pet and pet product inflation eased to 0.3% year over year in November, down from 1% in September, offering modest relief after years of elevated costs. Broader cost-of-living pressures persist, however, with animal welfare groups warning of rising &#34;pet poverty&#34; despite the U.S. remaining home to nearly 94 million pet-owning households.</p>
<div class="lb-trans"><p>根据 <strong>劳工统计局</strong> 的数据，11 月份宠物及宠物产品的通货膨胀率同比降至 0.3%，低于 9 月份的 1%，在经历了多年的高成本后提供了适度的缓解。然而，生活成本的更广泛压力依然存在，动物福利组织警告称，尽管美国仍有近 9400 万户养宠家庭，但 “宠物贫困” 现象正在上升。</p>
</div><p>Still, demand held firm, underpinned by emotional attachment. A survey by the <strong>Human Animal Bond Research Institute</strong> found that 97% of U.S. dog and cat owners consider their pets family members, helping explain why spending on animals has remained comparatively insulated.</p>
<div class="lb-trans"><p>尽管如此，需求依然强劲，情感依附是其支撑因素。<strong>人类与动物关系研究所</strong> 的一项调查发现，97% 的美国狗猫主人将他们的宠物视为家庭成员，这有助于解释为何对动物的支出保持相对独立。</p>
</div><h2><strong>Holiday Data Shows Resilience But Also A Shift In Mix</strong></h2>
<div class="lb-trans"><h2><strong>假日数据显示韧性但也有消费结构的变化</strong></h2>
</div><p>That durability was evident during the 2025 holiday season. According to the <strong>American Pet Products Association</strong> (APPA), about half of dog owners and four in ten cat owners planned to buy Christmas gifts, spending roughly $30 per gift on average.</p>
<div class="lb-trans"><p>这种韧性在 2025 年假日季节中显而易见。根据 <strong>美国宠物产品协会</strong>（APPA）的数据，约一半的狗主人和四成的猫主人计划购买圣诞礼物，平均每件礼物的支出约为 30 美元。</p>
</div><p>Instead of novelty toys and impulse purchases, demand skewed toward pet technology, enrichment tools, and health-oriented products like GPS collars, automated feeders, and even pet insurance— positioned as practical, longer-term investments rather than festive indulgences.</p>
<div class="lb-trans"><p>需求不再偏向新奇玩具和冲动购买，而是倾向于宠物科技、丰富工具和健康导向的产品，如 GPS 项圈、自动喂食器，甚至宠物保险——这些被视为实用的长期投资，而非节日的奢侈品。</p>
</div><p>“Younger pet owners are moving toward technology and DIY solutions as they try to balance wellness with affordability,” <strong>Hiro Takemasa</strong>, senior consumer lifestyles analyst at Mintel, said in a note, adding that value has become a central consideration.</p>
<div class="lb-trans"><p>“年轻的宠物主人正在向科技和 DIY 解决方案转变，因为他们试图在健康和可负担性之间取得平衡，”<strong>Mintel</strong> 的高级消费者生活方式分析师 <strong>Hiro Takemasa</strong> 在一份报告中表示，并补充说，价值已成为一个核心考虑因素。</p>
</div><h2><strong>A Two-Speed Pet Economy Emerged In 2025</strong></h2>
<div class="lb-trans"><h2><strong>2025 年出现了双速宠物经济</strong></h2>
</div><p>Industry experts and analysts say the year also clarified a growing bifurcation in pet spending.</p>
<div class="lb-trans"><p>行业专家和分析师表示，这一年也澄清了宠物支出日益明显的分化。</p>
</div><p>“The upper quartile of earners really hasn't changed their consumption pattern,” <strong>John Tilson</strong>, head of the Consumer group at <strong>Brown Gibbons Lang &amp; Company</strong>, told Benzinga. “They continue to buy super-premium food, treats, and accessories.”</p>
<div class="lb-trans"><p>“收入最高的四分之一群体的消费模式实际上没有改变，”<strong>Brown Gibbons Lang &amp; Company</strong> 消费者组负责人 <strong>John Tilson</strong> 对 Benzinga 表示。“他们继续购买超高端食品、零食和配件。”</p>
</div><p>By contrast, Tilson said the remaining roughly 75% of households have traded down, shifting from premium and super-premium offerings toward value and store brands— a trend that has quietly benefited private-label producers and lower-priced platforms, many of them backed by private equity.</p>
<div class="lb-trans"><p>相比之下，Tilson 表示，其余大约 75% 的家庭则选择降级，从高端和超高端产品转向价值和自有品牌——这一趋势悄然惠及了许多由私募股权支持的自有品牌生产商和低价平台。</p>
</div><p>That divergence shaped operating performance across the sector and increasingly influenced where investors deployed capital.</p>
<div class="lb-trans"><p>这种分化影响了整个行业的运营表现，并日益影响投资者的资本部署。</p>
</div><h2>Pet Care Stocks To Watch Heading Into 2026</h2>
<div class="lb-trans"><h2>进入 2026 年的宠物护理股票关注</h2>
</div><p>Bankers argue that pet care continues to stand out structurally within consumer discretionary, supported by resilient demand and lower exposure to tariffs and import volatility than many other consumer goods categories. That dynamic has helped limit margin pressure and sustain investor interest, even as deal activity slowed after early 2022.</p>
<div class="lb-trans"><p>银行家们认为，宠物护理在消费品中结构性突出，受到韧性需求的支持，且对关税和进口波动的暴露程度低于许多其他消费品类别。这一动态帮助限制了利润压力，并维持了投资者的兴趣，即使在 2022 年初后交易活动放缓。</p>
</div><p>Public markets broadly reflected those trends in 2025. Below are key pet care stocks investors are watching as the sector heads into 2026, compiled using data from Benzinga Pro.</p>
<div class="lb-trans"><p>2025 年，公共市场广泛反映了这些趋势。以下是投资者在宠物护理行业进入 2026 年时关注的关键股票，数据来源于 Benzinga Pro。</p>
</div><ul>
<li>Pet e-commerce retailer Chewy Inc.(NYSE: CHWY) benefited from value-driven consumer behaviour in 2025, with growth led by higher unit volumes and its Autoship subscription service rather than price increases. While the stock trades at a premium valuation, analysts point to nearly 62% upside, reflecting confidence in its recurring-revenue model as affordability pressures persist.</li>
</ul>
<div class="lb-trans"><ul>
<li>宠物电子商务零售商 Chewy Inc.(NYSE: CHWY) 在 2025 年受益于 以价值驱动的消费者行为，增长主要来自于更高的单位销量和其自动订购订阅服务，而非价格上涨。尽管该股票的估值较高，分析师指出其几乎有 62% 的上涨空间，反映出在可负担性压力持续的情况下对其经常性收入模式的信心。</li>
</ul>
</div><ul>
<li>Animal health and veterinary pharmaceuticals company Zoetis Inc.(NYSE: ZTS) delivered mixed results, beating earnings expectations but citing fewer vet visits and cautious consumer spending. Trading at a P/E of 20.8 with roughly 10% upside, the stock is widely viewed as a defensive anchor within the sector, appealing to investors prioritizing stability over high growth.</li>
</ul>
<div class="lb-trans"><ul>
<li>动物健康和兽医药品公司 Zoetis Inc.(NYSE: ZTS) 的业绩喜忧参半，超出盈利预期，但提到兽医就诊次数减少和消费者支出谨慎。该股票的市盈率为 20.8，预计有约 10% 的上涨空间，被 广泛视为该行业的防御性支柱，吸引了优先考虑稳定而非高增长的投资者。</li>
</ul>
</div><ul>
<li>Pet medical insurance provider Trupanion Inc.(NASDAQ: TRUP) capitalized on rising veterinary costs by positioning insurance as a budgeting tool, supporting subscription revenue growth even as enrolment gains moderated. Analysts see nearly 59% upside, though the stock's elevated P/E of 104.9 underscores expectations for long-term penetration rather than near-term profitability.</li>
</ul>
<div class="lb-trans"><ul>
<li>宠物医疗保险提供商 Trupanion Inc.(NASDAQ: TRUP) 通过将保险定位为预算工具，利用兽医费用上升的机会，支持了订阅收入的增长，尽管注册增长有所放缓。分析师认为该股票有近 59% 的上涨空间，尽管其 104.9 的高市盈率突显了 对长期渗透的预期，而非短期盈利能力。</li>
</ul>
</div><ul>
<li>Premium fresh pet food maker Freshpet Inc.(NASDAQ: FRPT) showed that premium demand still exists through strong volume-led growth, though analysts have warned that competition and economic pressure could constrain upside as consumers remain selective.</li>
</ul>
<div class="lb-trans"><ul>
<li>高端新鲜宠物食品制造商 Freshpet Inc.(NASDAQ: FRPT) 通过强劲的销量增长显示出高端需求依然存在，尽管分析师警告称竞争和经济压力可能限制上涨空间，因为消费者仍然保持选择性。</li>
</ul>
</div><ul>
<li>Veterinary diagnostics and testing company IDEXX Laboratories Inc.(NASDAQ: IDXX) continues to be viewed as a high-quality compounder with recurring-revenue characteristics, even as softer clinic traffic weighed on growth expectations in 2025. The stock trades at a P/E of 54.1, with analysts pointing to more than 24% upside tied to long-term demand for diagnostics and preventative care.</li>
</ul>
<div class="lb-trans"><ul>
<li>兽医诊断和检测公司 IDEXX Laboratories Inc.(NASDAQ: IDXX) 继续被视为一家高质量的复合型公司，具有经常性收入特征，尽管 2025 年的诊所流量减弱影响了增长预期。该股票的市盈率为 54.1，分析师指出与长期对诊断和预防护理的需求相关的上涨空间超过 24%。</li>
</ul>
</div><p>Except for IDEXX, all the stocks will have ended 2025 lower, but analysts say the pullback has sharpened investor focus on fundamentals rather than short-term price performance, particularly as demand holds steady. To compare these names across growth, value, quality, and momentum, check out Benzinga's proprietary Edge Rankings.</p>
<div class="lb-trans"><p>除了 IDEXX，所有股票在 2025 年结束时都将下跌，但分析师表示，回调使投资者更加关注基本面，而不是短期价格表现，特别是在需求保持稳定的情况下。要比较这些股票在增长、价值、质量和动量方面的表现，请查看 Benzinga 的专有边缘排名.</p>
</div><h2><strong>Will 2026 And 2027 Mark A Turning Point</strong>?</h2>
<div class="lb-trans"><h2><strong>2026 年和 2027 年会是转折点吗</strong>？</h2>
</div><p>According to Tilson, muted M&amp;A over the past three years reflects valuation gridlock, not deteriorating fundamentals.</p>
<div class="lb-trans"><p>根据 Tilson 的说法，过去三年的并购活动低迷反映了估值僵局，而不是基本面的恶化。</p>
</div><p>“The biggest question is whether buyers will pay pre-2022 valuations or whether there’s going to be an adjustment downward, and that adjustment really hasn't happened yet.”</p>
<div class="lb-trans"><p>“最大的问题是买家是否愿意支付 2022 年前的估值，还是会出现向下调整，而这种调整实际上还没有发生。”</p>
</div><p>As a result, a backlog of potential sellers has built up across the sector, particularly among private-equity-owned businesses approaching the end of their hold periods.</p>
<div class="lb-trans"><p>因此，潜在卖家的积压在整个行业中逐渐增加，特别是在接近持有期结束的私募股权拥有的企业中。</p>
</div><p>“We think 2026 and 2027 will be very strong years for transaction activity,” Tilson said, with capital likely to flow across premium, value, and contract-manufacturing segments once pricing expectations reset.</p>
<div class="lb-trans"><p>“我们认为 2026 年和 2027 年将是交易活动非常强劲的年份，” Tilson 表示，一旦价格预期重置，资本可能会流向高端、价值和合同制造领域。</p>
</div><p>Still, not all categories are expected to benefit equally. Accessories, many of which are heavily sourced from China, remain exposed to tariff risk and intensifying competition from overseas manufacturers selling directly through platforms such as <strong>Amazon.com Inc</strong> (NASDAQ: AMZN) and <strong>Temu</strong>, pressuring margins and valuations.</p>
<div class="lb-trans"><p>不过，并非所有类别都预计会同等受益。配件中许多产品主要来自中国，仍然面临关税风险以及来自海外制造商通过 <strong>Amazon.com Inc</strong> (NASDAQ: AMZN) 和 <strong>Temu</strong> 直接销售的竞争加剧，给利润和估值带来压力。</p>
</div><p><strong>READ NEXT:</strong></p>
<div class="lb-trans"><p><strong>接下来阅读：</strong></p>
</div><ul>
<li><strong>US Consumer Sentiment Falls To Historic Low: Economic Anxiety Deepens Amid Affordability Crisis, Labor Market Strain</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>美国消费者信心降至历史低点：经济焦虑在可负担危机和劳动市场压力中加深</strong></li>
</ul>
</div><p><em>Image via Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源于 Shutterstock</em></p>
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