Inflation of dog, cat and other pet food prices has become one of the main headwinds for industry growth globally in 2022. Since May 2021, NielsenIQ analysts have observed a steady climb in pet food price inflation.
As premium dog, cat and other pet foods become more costly for consumers, their spending habits have changed. Yet, cash-strapped pet owners haven’t gone bargain shopping for value priced brands. In NielsenIQ’s “Q2 2022 Pet Trends Report,” analysts wrote that pet owners may find other ways to cope with higher prices on preferred brands.
“A NielsenIQ BASES study surveyed dog and cat owners in April 2022, finding that while price is always the top driver of pet food sales, two-thirds of these ‘pet parents’ surveyed said if their go-to pet food increases in price, they don’t expect to trade down. These consumer respondents also said that, despite increasing prices, they intend to prioritize purchases of treats, toys, vitamins, and supplements, which could be considered non-essential but still extremely important.”
Increasing pet food prices have changed one aspect of pet food buying behavior for some pet owners. Pet owners seem to be buying smaller packages of their preferred brands, saving money in the short term while missing out on bulk savings.
“NielsenIQ data for March 2021 to May 2022 showed that while the inflation rate continually climbed, pet care EQ units declined at a faster rate than total units, which can indicate that consumers are buying smaller pack sizes,” analysts wrote. “With inflation rising in June, that trend is expected to continue; it’s also notable that pet owners don’t plan on shifting their shopping behavior too much within the category despite the inflation rate.”
Tim Wall covers the dog, cat and other pet food industries as a senior reporter for WATT Global Media. His work has appeared in Scientific American, Live Science, Discovery News, Honduras Weekly, Global Journalist and other outlets. He holds an M.A. in journalism and an M.S. in natural resources, both from the University of Missouri - Columbia, along with a bachelor's degree in biology.
Wall served in the Peace Corps in Honduras from 2005 to 2007, where he coordinated with the town government of Moroceli to organize a municipal trash collection system, taught environmental science, translated for medical brigades and facilitated sustainable agriculture, along with other projects.
Contact Wall via https://www.wattglobalmedia.com/contact-us/
By Lindsay Beaton
Pet food safety is top-of-mind all along the production line, and everything from the ingredients to the equipment must offer solutions.
By Debbie Phillips-Donaldson
Many hours, efforts, dollars and brainpower go into pet food companies’ and regulatory bodies’ efforts to ensure that products on the market are safe and healthy for pets.