In the world of pet care, a quiet revolution is taking place in the pet food industry. For years, pet owners have sought the perfect balance of high-quality, clean-label ingredients and nutrition for their furry companions. Recently, a shift has become apparent: a return to value beyond mere price.
value of value
Pet food sales are on the rise, reaching a four-year high of $49 billion in the 52 weeks ending April 29, 2023, according to Nielsen IQ. While this number may give the impression that people are spending more on pet food, another part of the equation also includes the fact that more people have become pet parents over the course of the pandemic. ing. Add to this the fact that pet food inflation was about 6.5% from October 2022 to October 2023, according to the U.S. Bureau of Labor Statistics, which makes some pet owners think it's worth it. It tells you what you are looking for more and more. I'm here to buy pet food.
In fact, according to Packaged Facts' U.S. Pet Food 17th Edition 2023 Report, 32% of dog owners and 28% of cat owners surveyed have turned to cheaper pet food in the past 12 months. He said he bought a new one.
“As inflation slows, slowing growth in big-ticket sales is likely due to lower spending and “We will no longer be able to hide the rate of decline.”
Currently, retailers and manufacturers of consumer packaged goods “need to recognize that a hybrid view of the concept of 'value' exists,” Fernandez wrote. “Economic polarization between affluent and vulnerable consumers is expanding the search for value options that offer a unique blend of quality and affordability. 2024 (and beyond) We anticipate demand for a new tier of affordable product assortments.”
Beyond price: transparency, quality and sustainability
Consumers, now more informed than ever about their pets' nutritional needs, are paying more attention to labels. Clean, transparent and recognizable ingredients are the new currency in the pet food market value equation. The days of scouring long lists of ingredients with mysterious names are giving way to an era of simplicity.
Alison Albert Ward said that the company's “transparency and engaging stories detail the company's products and purpose, including its ingredient selection process, commitment to sustainability, and commitment to pet health.” From a consumer perspective, he says, it's what differentiates one pet food brand from another. , CEO of Pet Krewe, Inc. and its subsidiaries.
Sourcing high-quality ingredients that provide nutritional value for pets continues to be a priority for Pet Krewe, as well as being transparent with consumers about the production process through labels displaying nutritional information, certifications and quality seals. It is the same.
To strike a fine balance between affordability and maintaining high standards, Pet Krewe creates pet food products that meet the needs of both budget-conscious consumers and those seeking quality nutrition for their pets. Ward says they are taking a three-pronged approach to doing so.
“Premium ingredients can be expensive, but we strive to develop long-term relationships with our suppliers so we can negotiate favorable prices without compromising quality,” Ward said. “We are making efforts to eliminate traditional ingredients,” he added. [such as] Create cleaner, more robust value labels with color additives. ”
Pet Krewe is also focused on streamlining its operations to minimize waste and optimize resources, which will help keep costs down “while maintaining consistent product quality.” also contributes, Ward explains. “As we have grown and our production has increased, we have benefited from volume-based cost reductions. We pass these on to our buyers, leveraging our quality products in the value market.
Recognizing changing consumer preferences, manufacturers are reevaluating their products. It does more than just deliver on the nutritional promise. It's about doing so with integrity. Value that was once synonymous with low price is now more nuanced, and with a renewed emphasis on value beyond mere cost, the pet food aisle may start to look different this year. unknown.
Related article:
________________________________________________
If you liked this article, sign up to receive SmartBrief's food and beverage newsletter. These are one of over 250 industry-specific newsletters on SmartBrief.
