We love our pets—perhaps even more than some of our human family members. And we go to great lengths to make sure our furry friends have the very best. In fact, the American Pet Products Association estimates that the U.S. pet product industry will eclipse $60 billion this year. And this has retailers and manufacturers positively purring over sales figures—particularly in hot categories like pet medicine, pet grooming, cat litter, dog treats and pet houses/carriers.
But pet products aren’t just dominant in their own categories. Some are outperforming others as well. Pet medicines, for example, are growing the fastest in the pet care category, and they’re one of the fastest-growing categories across the entire CPG landscape!
Premium represents another growth area in the pet industry, as sales have been trending higher among luxury products, healthy treats, and specialty pet foods and litter. Although pet products sell better in some retail channels than in others, it’s clear that anyone who thinks that pet sales are dwindling is simply barking up the wrong tree.