The inflaction continue to affect pet food purchases. Different studies confirm this trend
A study carried out in the United States reveals that although the inflation has slowed in 2024, the contraction in purchasing capacity continues to significantly affect pet owners. Despite a slight price reduction of 0.2% in April compared to March, costs remain high, forcing many to drastically change their spending habits.
The impact of inflation on pet food
A MarketWatch survey revealed that 60% of pet owners have some difficulties in affording pet care, while 77% of them have changed their spending habits. This data shows the importance that owners give to the well-being of their animals despite the economic difficulties.
Personal adaptations to support your animals
Many pet owners have reduced personal expenses to support their pets. 31% of pet owners avoid spending their money to go to restaurants; 19% of pet owners have compromised the quality of pet food with the aim of saving money. Additionally, 11% of pet owners is even considering the relocating to reduce overall expenses.
Demographics of pet owners
The survey found that 79% of respondents own dogs while 59% own cats. This shows a prevalence of dog owners over cat owners, and different needs and spending habits between these two categories.
The situation in Italy according to the Assalco-Zoomark 2024 report
Inflation has had a significant impact on the pet food market also in Italy. The “Assalco-Zoomark Report 2024” highlights an overall stability in volumes, despite an increase in turnover due to inflation. In particular, the wet food segment recorded a volume increase of +1.1% in 2023. However, other segments showed a decline in volumes. Furthermore, the size bags between 9-15 kg showed a volume growth of +1.5%, while the larger cans (601-1060 g) recorded a volume growth of +10.9%. However, other segments and sizes showed a slight decline or stability in volumes.
Innovation and Premiumization
The demand of premium and customized products for specific animal needs is increasing. This trend reflects shows a change in consumers preferences who look for high-quality products despite the increase of prices.
Inflation and pet food purchases
Inflation has led to a 9.7% increase in pet food prices in 2023, with important consequences in consumer choices. Some dry and wet dog and cat food sizes had a drop in volumes showing how consumers are responding to pricing dynamics in the market.
Future scenario
Inflation continues to affect pet food purchases, forcing many pet owners to do personal sacrifices in order to ensure the well-being of their four-legged friends. Despite slowing inflation, prices remain high, and pet owners must adapt themselves to this new economic reality. In United States and Italy, the pet food market situation reflects a growing awareness and concern for the care of pets with particular attention to quality and innovation in products.
With a growing demand for premium and personalized products, the pet food market will continue to evolve, responding to the increasingly sophisticated needs of consumers, despite the challenges of inflation .
How to respond to the needs of different consumers
You need to know how to immediately identify the consumer with whom you are dealing with (see past insights). In order to satisfy the most demanding and high-spending customers, we need to have high quality short supply chain products in our assortment such as such as our new Naxos line, Monoprotein and Wellenss..
For customers who take care of their dog but can no longer spend high amounts, Eryx line with its 15 kg sizes is the perfect solution.
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