Pet food has proven to be one of the most economically resilient industries out there. Through a pandemic and wars, supply chain issues and inflation, labor challenges and consumer-level uncertainty, the pet space — especially pet food — has continued to grow. But resilience isn’t immunity, and economic challenges (current and forecast) are playing a significant role in pet food predictions for 2023.
Sales growth in the overall consumer packaged goods (CPG) space is being largely fueled by rising prices as consumption declines due to consumer reticence. However, consumers are axing discretionary spending first, doing their best to focus on the essentials — and as we know, pet owners consider their pets’ food to be just that. So how is inflation affecting purchasing patterns in the pet food space?
