Retailers look for their piece of the $100 billion market
During the pandemic, there was a boom in pet adoptions that led to an increase in pet products and a new look at the products being offered for pets. Pets were already being looked at as members of the family but after spending 24/7 with their pets, pet owners have caused sales of pet food and products to balloon.
Overall retail pet sales increased 6.7% in 2020, to $103 billion, surpassing $100 billion for the first time, according to the American Pet Products Association’s State of the Industry Report. Sales of pet supplies in the grocery channel increased 12.4% in that time, according to IRI, to about $1 billion, and sales of pet treats were up 10.4%, to $1.4 billion.