Central Garden & Pet contains numerous distinct businesses within its two namesake segments. In part 3 of this podcast, we spend nearly two hours breaking down the pieces within these segments, and provide granularity so you can appreciate how various rivals compete in each niche. Along the way, we explode the myth that dog food market, in which Central doesn’t have much of a presence, has unappetizing growth and profitability. “Big dog food” is also the principal actor in the treat sector, but still Central has innovated and enjoyed success in treats and inedibles. In Garden, we devote much time to describe controls and grass seed. Part 3 also devotes much of its discussion to special ingredients, which mostly pertain to the flea and tick area.