The population of cats and dogs in the US is approximately 178 million.
Like other product categories across retail, the pet segment is seeing strong growth in private label sales as an increasing number of consumers seek quality products for their friends with four legs that also offer strong value.
At the recent Store Brands Webinar “Hot Trends in Pet Products,” sponsored by Simmons Pet Foods, panelists Paul Hunt, vice president of Private Brands at Chewy.comand Kurt McCracken, vice president at Simmons Pet Foodnoted that consumers remain focused on balancing product quality and price when shopping for pets.
“Pricepoints are going to be very important going forward,” Hunt said. “I think we’ll see pack sizes change over time because our customers will want to buy only what they need for a certain period of time. I am also watching closely (the growing demand) for multifunctional products. How can you get more value for what you buy?”
For example, the multifunctionality referred to by Hunt is food products that include supplements that can help a pet deal with a hip or joint issue. These products allow pet owners to purchase one product that serves two needs.
While some consumers may be looking for ways to save money when buying food for their pets, the supplement segment is one area where people are still willing to spend, Hunt said. The thought process, he says, is to keep their pets healthy and eliminate expensive vet bills.
“They’re looking for answers to their common problems,” Hunt added. “And when you earn their trust and then you bring a product that’s uniquely designed for them at a pricepoint that they’re comfortable with, you’re going to be a very loyal, very sticky customer.”
Creating sticky consumers is important at a time when the number of dogs and cats in American homes is in the neighborhood of 178 million (90 million cats, 88 million dogs), according to data cited by McCracken.
“When you see the (population) trend and then look at the categories, we see cat treats and food growing faster than dog items,” he said. “So that trend is emerging.”
For more insights into the pet segment, watch the complete webinar here.
