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Premium pet food sustains category
Volume sales of pet foods have been flat, but a rash of premium brands have kept the category profitable for retailers. Dog owners spend an average of $239 annually, and cat owners spend $209 annually on pet food, according to American Pet Products Association.
While consumers are price sensitive, they won’t cut corners when it comes to what they feed their pets. A recent report by Mintel found that healthy eating trends are driving innovation and marketing strategies in the pet food market. The trend also is driven by the soaring obesity rates among cats and dogs.