Millennials are killing Pet Food Brands
Millennials are buying more expensive pet food than the generations before them, causing problems in the pet food industry Pedigree and Purina are among the brands suffering due to the shift
Millennials are killing different pet food brands, as they buy more expensive pet food for their beloved pets.
Pet food brands like Pedigree and Purina have seen a decline in sales as millennials take their business to premium pet food brands.
Because millennials are waiting for marriage and children, they are becoming pet owners and, according to Beverly Petrunich, the owner of a doggy day care center, “they treat them like their first born child.”
Spending on pet food by pet owners has increased by 36% in the last ten years alone, further proving this.
Due to the shift in the market, the door has been opened for more and more brands to enter the market and sell premium food and snacks. Brands go so far as to sell gluten free snacks for pets, while using high end ingredients that millennials shell out for.
4,500 new pet food products rolled out in the past year, in almost a 50% jump from 2017. Many were premium pet food products.
As a result, the average price of pet food has increased by almost a dollar per pound over 6 years, jumping from $1.71 to $2.55. Spending also continues to rise, with pet owners spending almost $30 billion more per year this year than they did 10 years ago.
Join our list
Subscribe to our mailing list and get interesting stuff and updates to your email inbox.