The market research company Euromonitor International expects that the price of dog and cat food will rise globally in the next few years by at least 4 per cent per year. Jared Koerten, who is responsible for the pet supplies sector at the company, made this comment in a webinar that was reported on in several media channels.
One reason cited by Koerten for the price increase is the trend above all to premiumisation of pet food. It has been observed that consumers in higher-income brackets in particular are spending a growing amount on their pets.
During the coronavirus pandemic, the market researcher has seen strong sales growth in pet products especially in the USA, Canada and Europe. The Asia-Pacific region, on the other hand, which has been a growth driver in previous years, has not proved as dynamic as before the coronavirus crisis either in terms of an increase in the pet population or with regard to pet product sales.
