Quick Hits · Deep Dive · Trends
Wednesday Pro +Report · 7/15/26 · Issue #368
Pro Report
From The Underbite
Pet-industry M&A is moving again in 2026, but not the way the last cycle moved.
Our Pro Report walks every verified deal of the year and the findings underneath. Private equity showed up only as the seller or bolting add-ons onto platforms it already owns, every buyer was a builder rather than a flip fund, and the financing math that made the old buy-and-flip playbook work has broken. Every figure is sourced or graded, no forecasts.
Now updated with the latest deals, from Jane Lauder's debut pet acquisition to Bending Spoons' $900M for Tractive.
It's the clearest read we've published on who is actually buying in pet, and what it means if you're building something you eventually want to sell. Pro members can read it now.
Quick Hits

🍼 Japan's baby product manufacturers are pivoting to pets as pets now outnumber children under 15 by more than 2M

🥩 The UK raw feeding sector is growing 10% a year and just got its first awards show

👏 Senior pets are 44% of the U.S. market and just got their first dedicated conference with Virbac, Purina, and Loyal on the sponsor list

🏨 Luxury hotels are charging $250 pet fees on top of $1,600 room rates and the margins on dog room service dwarf the human menu

📈 Halo Collar hit $100M in 2025 and is projecting $140M this year after pivoting from aggressive fundraising to profitability

🍃 Futureproof Pet launched a $89 USDA organic daily detox chew built by a vet with 16 years of clinical practice

Deep Dive · Diagnostics
The race to own your dog's health data
Cancer screens, gut tests, fur panels, and wearables are pulling testing out of the vet's office and onto your porch.
13 min read

A little over two years ago, Oncotect launched what it billed as the first at-home cancer screen for dogs, a mail-in urine test, for $249.99. Today that test runs about $90 and is still drifting down. It proved that an owner would mail in a sample and pay to know, and the price has dropped by roughly two thirds since.

A few of the companies that followed are doing something genuinely different. They are reading a dog's blood, its gut, and even its fur, and reaching past cancer toward organ decline, joint disease, and gut health. Some are built on proprietary methods and PhD science with clinical studies underway. Others have taken a lab panel that has existed for years and wrapped it in a clean app. Same shelf, very different things underneath.

The pitch is the same across all of them. Testing that used to mean a vet drawing blood, then days of waiting for a phone call and an emailed report you can barely read, now means a kit on the porch and a result in an app that feels closer to an Oura ring than a lab printout. It is cheaper, it is easier to make sense of, and it spares an owner an extra visit and an extra panel fee. The appeal is real.

The trouble is that these are not one product doing one job. They run on different science, they measure different things, and they do not even agree on what your dog's normal is. Two questions are worth holding onto as you look. Is the biomarker actually measuring something real, and is the test comparing your dog to a breed-average chart or learning what is normal for your specific pup?

What follows is a closer look at the field, the very different businesses sharing one shelf, the size of the opportunity they are chasing, and what is worth watching as the category takes shape.

logo

This one's for Pro members.

The Underbite Pro is how the pet industry's sharpest operators stay ahead.

Unlock This Post

Pro members get:

  • Exclusive founder interviews and operator case studies
  • Weekly deep-dive analysis on the trends moving the industry
  • Data-driven insights reports you won't find anywhere else
  • Masterclasses & live Q&As
  • Full access to The Underbite's pro archive

Keep Reading