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Seeking wellness, younger pet “parents” spur pet food growth trends
Billy Roberts
Key Points
- Pet food spending increased nearly 12% over the past year, according to Circana, primarily driven by price increases. Volume sales, however, fell 2.7% YoY as consumers stretched their pet food dollar.
- Roughly two-thirds of U.S. households have at least one pet. Spending on pet food still has considerable room to grow, both in sales and households.
- Younger generations (Millennials and Generation Z) now are as likely to have a pet as are older generations. Among all generations, GenZ spends the second-highest percentage of their income, suggesting they are prioritizing their pets’ needs.
- As birth rates have dropped, the perception of pets as the new kids is taking hold. Pet health/wellness is foremost on the minds of pet “parents.” Pet foods and treats are showcasing a variety of functional benefits, ranging from dental health to weight management.
- Pet foods brands have potential to build on wellness-oriented claims resonating with younger consumers, extending into the areas of calmness, plant-based options, weight control or healthy aging.
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