Pet Food Processing - May 2024 - 15

TRENDS
CHANGING
demographics, changing behaviors
The persona of the pet parent continues to evolve,
shaped in part by expanding omnichannel options.
By Jennifer Barnett Fox | petfoodprocessing@sosland.com
T
The US pet food industry remains strong with growth
projections of $126.66 billion in 2024, but changing
demographics and consumer behaviors are creating
ripples across the industry. Economic uncertainty is
forcing some to consider meaningful changes, including
the 97% of pet owners who consider pets a part of
the family. These are potentially big impacts, especially
when you consider in 2023, 62% of Americans owned a
pet and 35% owned more than one pet, according to the
Pew Research Center, Washington, DC.
While pet owners who belong to higher tax brackets
remain less susceptible to economic uncertainty,
more seasoned pet owners are seeking out the best
value for their money with inflationary pressures
complicating what once might have been a straightforward
purchasing decision. This means pet food
processors can no longer just rely on affluent households.
They also need to court lower-income households
who are looking for lower prices, special offers
and sales, with many feeling pet products are becoming
too expensive.
However, when talking about a shift to lower-cost pet
care products and services, it's important to note that pet
owners may want to save money, but they don't want to
sacrifice quality to do so, according to Shannon Landry
Brown, pet brand manager for Packaged Facts under
The Freedonia Group, a division of MarketResearch.
com, Cleveland.
Product quality is a prime consideration when looking
for what pet products to buy. This may even find
consumers cutting back in other areas in order to keep
purchasing more premium food. But depending on the
needs of the pet, a consumer could be both willing and
forced into premium categories for their pet's health
and nutrition, said Melanie Torres, research analyst,
food and pet care, Euromonitor International, London.
www.petfoodprocessing.net | May 2024 | PET FOOD PROCESSING 15
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Pet Food Processing - May 2024

Table of Contents for the Digital Edition of Pet Food Processing - May 2024

Pet Food Processing - May 2024 - Intro
Pet Food Processing - May 2024 - 1
Pet Food Processing - May 2024 - 2
Pet Food Processing - May 2024 - 3
Pet Food Processing - May 2024 - 4
Pet Food Processing - May 2024 - 5
Pet Food Processing - May 2024 - 6
Pet Food Processing - May 2024 - 7
Pet Food Processing - May 2024 - 8
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https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-may-2024
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-march-2024
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-january-2024
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-november-2023
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-september-2023
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-july-2023
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-may-2023
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-march-2023
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-december-2022
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-october-2022
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-september-2022
https://digital.petfoodprocessing.net/sosland/pfp/-pet-food-processing-june-2022
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-march-2022
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-december-2021
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-october-2021
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-september-2021
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-june-2021
https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-march-2021
https://digital.petfoodprocessing.net/sosland/pfp/2020_12_01
https://digital.petfoodprocessing.net/sosland/pfp/2020_10_01
https://digital.petfoodprocessing.net/sosland/pfp/2020_09_01
https://digital.petfoodprocessing.net/sosland/pfp/2020_06_01
https://digital.petfoodprocessing.net/sosland/pfp/2020_03_01
https://digital.petfoodprocessing.net/sosland/pfp/2019_12_01
https://digital.petfoodprocessing.net/sosland/pfp/2019_10_01
https://digital.petfoodprocessing.net/sosland/pfp/2019_09_01
https://digital.petfoodprocessing.net/sosland/pfp/2019_06_01
https://digital.petfoodprocessing.net/sosland/pfp/2019_03_01
https://digital.petfoodprocessing.net/sosland/pfp/2018_12_01
https://digital.petfoodprocessing.net/sosland/pfp/2018_09_01
https://digital.petfoodprocessing.net/sosland/pfp/2018_06_01
https://digital.petfoodprocessing.net/sosland/pfp/2018_03_01
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