Man and dog on leash walking in hard-ware store.
It takes more than stocking a few pet products to compete in today’s omnimarket pet arena: Health and wellness services must also be part of the equation, both in-store and online. | Erickson Stock | Shutterstock.com
Packaged Facts estimates that overall U.S. sales of pet products increased by 9% to US$96 billion in 2022, on top of a 14% surge in pet product spending in 2021, in the wake of COVID-19 pandemic-driven changes in work and home lifestyles. Inflation plays a significant role in current sales growth.
FIGURE 1: Entities outside of pet specialty will continue to have the advantage when it comes to pet product market share, thanks to online behemoths like Amazon and the omnichannel programs of stores that don’t specialize in pet, such as Target and Walmart.
