The pet treat market has experienced significant growth, reaching over $11 billion in sales in 2022, with e-commerce holding the largest share at 34%. While increased interest in treating during COVID-19 has increased the demand for pet treats, inflation rather than higher unit sales is largely to blame for the growth. Concerns about rising pet treat prices have prompted pet owners to explore value-added options like multi-functional treats and dental chews. Private label dog treats have also seen growth as owners pay closer attention to their spending on pet products. Cat treat sales are growing at a faster pace than dog treats, indicating a rising demand for more cat-specific treats. The top trends fueling the pet treat market include humanization, health, and wellness, with sustainability and ingredient transparency becoming significant factors. Advertisers can capitalize on this trend by reaching out to pet retailers and promoting their food products, especially value-positioned, cat-specific, and alternative protein treats, highlighting their functional health attributes to appeal to pet parents seeking quality products for their beloved pets.
***Opportunity:
Pet Supply Stores, Online Pet Retailers, Specialty Pet Treat Brands
