From an estimated $150 billion of spending in 2024, the category is expected to mushroom up to roughly $200 billion by 2030, according to estimates from Bloomberg Intelligence.

General Mills Inc., known for cereal brands such as Cheerios, made its fifth acquisition in the pet food sector since 2018 by buying the North American unit of Whitebridge Pet Brands in a deal valued at $1.

General Mills said it had agreed to acquire a North American cat feeding and pet treating business from European private-equity firm NXMH in a deal worth $1.45 billion.

General Mills agreed to acquire Whitebridge Pet Brands' North American cat food and pet treat business from NXMH for $1.45 billion. Why it matters: Both the cat food and pet treat segments continue to grow,