Pet food market surges as owners treat pets like family members
Experts assert that pet owners are beginning to care for their four-legged friends' diets just as much as their own. Spending on pet food is also growing at a rapid pace. The effect? Manufacturers are experimenting with snacks that can be placed on your plate and poured into your pet's bowl.
6:39 PM EDT, May 30, 2024
The discovery at the latest Interzoo trade fair in Nuremberg turned out to be food for dogs and humans, writes Wiadomości Handlowe. Experts attribute this popularity to the growing trend of pet humanization, which means treating pets the same as all "human" household members.
Owners "humanize" pets
"Although pets have long been part of the family, their role as cherished family members continues to evolve. Terms like "granddog" have emerged to indicate pets are loved as much as grandchildren, for example. Anyone who’s scrolled through social media recently has likely seen Instagram accounts written from animals’ point of view and TikTok videos of pets enjoying painstakingly crafted meals," explained Anthony Balderrama of Circana, a company that studies consumer preferences, last year.
The pandemic partly explains this change in approach to four-legged friends. During the lockdown, pet owners spent much time with their animals. This changed after returning to offices, but the deep bond formed with dogs and cats remained.
As a result, premium pet food is gaining a larger market share. Manufacturers showcased food that enhances immunity or improves gut function at the Interzoo fair. The offerings now include vegan, gluten-free, and GMO-free foods.
Pet owners are not saving money
The pet food industry is convinced that this trend will continue to strengthen. Last year, sales of products that positively affect the health of dogs and cats grew from several percentage points to even over 30% (data from SPINS Pet).
According to the Bloomberg Intelligence Pet Economy Report, global sales of pet products will rise from $320 billion to $500 billion by 2030.
This growth may partly be because more and more households are deciding to add a dog or cat to their family. According to the European Pet Food Industry Federation report, there are 340 million pets across Europe, of which 104 million are dogs.
