We've seen a dramatic increase in pet ownership since the inset of the coronavirus pandemic. With that in mind, today I'll analyze and compare Chewy (NYSE:CHWY) and BARK (BARK) to see which is the better pet stock to buy now.The demand for pet ownership has risen greatly during the COVID-19 pandemic. For example, Today's Veterinary Business research revealed that around 11.3 million Americans got a new pet during the pandemic. Consequently, this trend has increased spending on pet food and medications.
According to Fortune Business Insights, the global pet food market is projected to reach $136.82 billion, growing at a CAGR of 4.96% between 2021and 2028. So, companies from the given industry should capitalize on this growth. The pet care industry, which is represented by the ProShares Pet Care ETF (PAWZ), has demonstrated moderate returns of about 5.3% since the beginning of the year.
Keeping that in mind, today, I intend to analyze and compare two pet stocks: Chewy, Inc. (CHWY) and BARK, Inc. (BARK). Based in Dania Beach, Florida, CHWY is an e-commerce company that offers over 70,000 products for pets from 2,500 partner brands, including pet food and treats, pet medications, and other pet-related services. Its shares are down 37.3% year-to-date.