Birth rates fell for the sixth consecutive year to their lowest levels since 1979, according to the CDC. The number of births in the United States fell by 4% last year from 2019, double the average annual rate of decline of 2% since 2014, according to reports CNBC (May 5).
Interestingly, while birth rates are dropping, pet adoptions are on the rise. The 2019-20 National Pet Owner Survey found that nearly 85 million families in the United States own a pet. And with the increase in the number of pet adoptions, the sales of premium pet products are also increasing.
ANIMAL NUTRITION COUNTS FOR OWNERS
Many pet owners are increasingly focusing on feeding their four-legged friends as the number of pet food recalls has doubled from 16 in 2017 to 32 in 2019.
And with pet owners focusing more on the ingredients their pets consume, the pet food supplements market is expected to grow at a CAGR of around 6% through 2031 and reach a valuation of 6.9. Billion dollars, according to Transparency Market Research.
PREMIUMIZATION OF PET FOOD
Brands have taken notice of this trend and more and more premium lines of pet food are entering the market. For example, Walmart recently launched a line of pet foods formulated by vets under its private label Pure Balance, reported. Pet food processing (May 5).
The new line, which addresses a variety of specific needs, such as sensitive skin, weight loss and age, includes four formulas for cats and five formulas for dogs. These new diets for dogs and cats contain added vitamins and minerals and are free of fillers and artificial ingredients, according to Walmart, which markets the products as “super premium.”
Meanwhile, KKR & Co. bought up a New Zealand premium pet food company, Natural Pet Food Group. The move will not only support the brand’s international expansion, but bring it into the category of high-meat, sustainably-sourced pet food.
“Our business is all about providing pet owners with the best in natural, meat-rich nutrition for the four-legged members of their families,” said Neil Hinton, CEO of Natural Pet Food Group in a press release.
Ben & Jerry’s even entered the pet food market earlier this year with its Doggie Desserts offering. The treats are just as premium as their human counterparts, made from the same ingredients used in Ben & Jerry’s ice cream, but with a sunflower base that’s gentler on dogs’ stomachs.
VEGAN AND CBD OPTIONS
As herbal and CBD trends continue to grow for humans, the category is growing in the pet world as well.
Transparency market research has found that the growing preference of many pet owners to opt for vegan pet foods is leading to a number of herbal dietary supplements as CBD gains traction. in the pet supplement industry as owners grapple with anxiety and other issues. among their furry friends.
For more on this topic, keep an eye out for the Food Institute’s upcoming video on the humanization of companion animals. Future.