Pet ownership is increasing and more people are adopting pets.
In addition, the purchasing decisions that consumers make about their pet products have changed dramatically over the past year. CPG pet companies that align with evolving consumer preferences will be the ones that win.
Let’s take a look at some of the biggest industry trends that will impact the CPG pet industry landscape in 2023.
More than 78% of pet owners got another pet during the pandemic. For so many, a pet provided comfort and purpose during the challenging time.
Many owners have become accustomed to being at home with their pets in remote work settings. Now, with some pet owners returning to the office, more are beginning to buy gifts for their pet who they are leaving back home alone for maybe the first time.
More than 66% of pet owners admit to an increase in spending out of guilt for leaving their pet behind while they are at work, or because they worry that their pets have started to exhibit anxious behavior as a reaction to being left alone. This translates to more toys, machines that automatically dispense treats throughout the day, and other “gifts.” CPG companies that offer pet products that add joy to pet’s lives and impact their overall wellness will be top-of-mind for consumers leading into next year.
New products and initiatives in the pet food industry that focus on pet wellness and health will pique consumers’ interest — from brands making fresh frozen foods and healthy meal mixes to supplements and CBD products designed for calming, mobility, digestion, and immunity. These brands align with consumer trends as health and wellness is a key attribute that is top-of-mind for many consumers around the world.
Everything from supplements to healthy food products that can be delivered in a direct-to-consumer (DTC) model will resonate with conscious consumers who are always on the go. A dog food brand that is better for your pup and available on a subscription model will intrigue Gen Z and millennial consumers compared to old, established brands.
A recent study found that 43.6% of consumers would give more priority to buying healthy food for their pet over themselves. Heart-healthy, plant-based and low calorie pet food startups will continue to eat into the market share owned by other major CPG brands in various food categories.
It’s not all about cats and dogs anymore.
Generation Z is more likely to own niche pets, including hamsters, birds, fish and more than older generations. More than 30% of Generation Z own a hamster compared to only 15% of millennials. Thus, food brands and pet supplies brands that cater to these niche pets will tap into a growing market segment.
CPG companies in the pet industry have the chance to own this category for these specific niche pet needs.
The CPG pet brands making decisions based on data will be the ones that come out on top.
Helio’s comprehensive CPG pet brand insights will provide you with a view of the market landscape and what you can do to stay ahead of your competition.
To learn more about Helio or get in touch, visitheliodata.com.