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Americans’ Pet Obsession Is Fueling Rally for a Cat Litter Stock

Doggone Well Staff by Doggone Well Staff
April 8, 2024
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Americans’ Pet Obsession Is Fueling Rally for a Cat Litter Stock
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(Bloomberg) — Americans are having fewer children but taking on more pets, fueling gains for a little known stock.

Oil-Dri Corp., a miner of clay used in everything from cat litter to the production of refined cooking oils, has seen its stock double last year and hit a record in March. The Chicago-based company says cat litter sales are increasing about 3.5% to 4% a year, beating the pace of growth of the US population.

There are already more than twice as many dogs and cats as kids under 18, according to data from researcher IBISWorld and the US Census Bureau. While inflation has eroded spending — and even driven a surge in pets being sent to shelters — consumers are still buying, according to Oil-Dri, which makes Cat’s Pride and Jonny Cat litters, and supplies a number of private labels.

“People aren’t getting rid of their cat, but maybe they’ll trade down” and buy cheaper litter, Oil-Dri Chairman and Chief Executive Officer Dan Jaffee said in an interview at Bloomberg’s Chicago office. “Guess what? We do private label, so trading down isn’t so bad for us.”

Sales of cat litter at US retail stores jumped almost 10% in the year ended March 23 to about $2.9 billion, according to NIQ data, formerly known as Nielsen. The increase was fueled by both price hikes and higher volumes.

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Pet ownership has risen steadily since the mid-1990s, with the Covid-19 pandemic spurring more adoptions. There are currently about 192.3 million cats and dogs in the US, 5.8% more than in 2019, and more than double the 73.5 million children under the age of 18.

People now have more pets than kids, partly because “it’s easier on their lifestyle,” Jaffee said, adding that some Americans are treating their animals as their children.

Oil-Dri uses calcium bentonite clay to make its litters — a material it mines and manufactures at facilities across the US. In its most recent earnings report, the company said cat litter for helped drive its net sales up 4% from a year earlier. 

The company, which has a market value of about $500 million, has gained 74% over the past year, while the Russell 2000 Index has climbed 18% in the same period.

–With assistance from Alex Tanzi and Gregory Korte.

©2024 Bloomberg L.P.





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