The humanization of pets continues to influence the pet industry. Pet owners are eager to invest in products and services that meet their heightened expectations for pet care and ensure their pets’ wellbeing. Nevertheless, rising prices still impact purchase decisions, leading to a focus on essentials.
While the strong bond between pets and their owners is beneficial, treating pets as humans can lead to neglecting pets’ natural needs. Brands should maintain a pet-centric approach in their product development and marketing strategies, ensuring their offerings truly meet pets’ needs, rather than only cater to owners’ desires.
Driven by a focus on wellness and awareness about eating habits, there has been a slight rise in gut health-related medical conditions among pets. Which can lead owners to seek food and treats with functional health claims, personalized meal plans, and supplements. Additionally, other physical and emotional issues like joint health, anxiety and depression present further opportunities for the industry. By tracking trends influencing the population, brands can stay ahead of what the future holds for pets.
Caring for and appreciating animals is an intrinsic part of human nature. Despite financial challenges, Americans consistently prioritize their pets’ wellbeing.
Marisa Ortega, Analyst – Retail & eCommerce
The market segments include the following:
Market size figures do not include the sale of live pets, either through pet stores, breeders or other channels.
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