Manufacturers have slowly increased their prices, spurred by challenges in acquiring ingredients, packaging materials, and other items that go into making and selling pet products.
In this pandemic era, the number of pet-owning households jumped unusually among upper-income households.
Premiumization, and even reinvention, of products has driven the growth in dry pet food and in dog treats, along with increases in pet population.
The pet population boom that resulted from COVID-19 was especially pronounced in the “other pet” (non dog/cat) market, such that products for reptiles, small mammals, and fish were snapped up at historically high rates.
When the initial impacts of COVID-19 started being felt beginning around March 2020, the pet industry anticipated that dog ownership especially would get a boost among a national population that found itself homebound, socially isolated, and well aware of the mental and physical health benefits of pet ownership, including in relation to stress.
Even before the pandemic, e-commerce sales were a primary pet market driver. David Sprinkle, research director for Packaged Facts, discusses this and other trends at Global Pet Expo Digital Access on March 24.
Packaged Facts expects the pet durables market to increase 10% in 2020 bringing sales to $5.7 billion, with steady annual gains projected for the market through 2024.
Older pets have a profound impact on the U.S. pet industry.
COVID-19 has wrought vast and ongoing changes and challenges for U.S. businesses. Nevertheless, the pet food market has been living up to its recession-resistant reputation, highlighting the “silver lining” the overall pet market has experienced as a result of the pandemic.
Pet reptile owners are among those most likely to benefit from increased online connection with pet product companies and retailers, reports Packaged Facts