Jim Cramer Sees Bull Market In The Pet Food Sector (DLM, CL, PETM, PETS)

Jim Cramer said on CNBC's Mad Money that better than expected results from Del Monte Foods Company (NYSE: DLM) and Colgate-Palmolive Company (NYSE: CL) are signaling a bull market in the pet food sector.

Cramer pointed to American Pet Products Manufacturers Association data, that shows that the amount of money spent on pets in the US increased $2.3 billion to $45.5 billion in 2009, and could reach $47.7 billion in 2010.

Cramer thinks that investors should not buy Del Monte Foods (DLM) and Colgate-Palmolive (CL). They should go with pure play names like PetSmart, Inc. (NASDAQ: PETM) or PetMed Express, Inc. (NASDAQ: PETS). These stocks are very cheap, in Cramer's opinion, although they are close to their 52-week highs. PetSmart (PETM) fell 0.58% to $30.95. Its 52-week high is $30.95. PetMed (PETS) closed 3.05% up today at $20.92, and its 52-week high is $20.96