summaryIn this episode, Clayton and Sam discuss the challenges facing the pet food industry, focusing on Nature's Menu's decline due to private equity influence, Bella and Duke's efforts to penetrate the veterinary market, and Canigan's acquisition of McAdams. They explore the implications of these developments for the future of pet food, particularly in the premium segment.takeawaysPrivate equity often harms the brands it acquires.Nature's Menu has strayed from its pioneering roots.Bella and Duke face challenges in educating vets about raw food.The veterinary market is heavily influenced by kibble companies.Logistical challenges exist for raw pet food in veterinary practices.Consumer trust in vets regarding nutrition is misplaced.The premium pet food market is shrinking due to trading down.McAdams' high prices may limit its market reach.The quality of ingredients in premium pet food is crucial.The future of premium kibble remains uncertain.titlesThe Downfall of Nature's MenuBella and Duke's Veterinary StrategySound Bites"They're just a cashback business.""Are they a premium company?""It's the easy thing to do."Chapters00:00The Downfall of Nature's Menu05:34Bella and Duke's Veterinary Strategy10:56The Challenges of Veterinary Nutrition12:59Kanigan Acquires McAdams: A Strategic Move?18:03Market Trends in Premium Pet Food

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