Seeking Wellness, Younger Pet “Parents” Spur Pet Food Growth Trends

Billy Roberts

April 1, 2024

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.

Read the Report

 
 

Disclaimer: The information provided in this report is not intended to be investment, tax, or legal advice and should not be relied upon by recipients for such purposes. The information contained in this report has been compiled from what CoBank regards as reliable sources. However, CoBank does not make any representation or warranty regarding the content, and disclaims any responsibility for the information, materials, third-party opinions, and data included in this report. In no event will CoBank be liable for any decision made or actions taken by any person or persons relying on the information contained in this report.

 
 
 
 

Stay ahead of the game in your field. Subscribe today.

Get CoBank's industry-leading Knowledge Exchange research reports delivered straight to your inbox as soon as they're released.

Subscribe to Reports

Have a comment or question about these reports?

Contact CoBank's Knowledge Exchange team to ask questions, engage with analysts or receive additional information.

Contact Us