The pet industry has become accustomed to steady, consistent growth at high levels throughout the range of products and services offered. Richard Kestenbaum says that’s over. There will still be growth, but it will be more choppy and more selective. Certain product classes will grow. Others will shrink. Certain marketing channels will be an opportunity. Others not.
Consumers have been responding to inflation in pet products just as they have in other sectors.”
Source: Forbes, October 10, 2024. Link. Kestenbaum quotes NeilsenIQ sharing the three fastest-growing categories both online and in stores as bedding accessories, pet medicine and flea/tick products. The three slowest or declining categories are pet housing, bowls and aquatic supplies.