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1、2023 PET FOOD TRENDS 2he pet industry has seen significant growth in recent years.Shoppers spent more than$123 billion on pets in 2021 alone,$51 billion of which was attributed to pet food according to the American Pet Products Organization.Moving into 2023 and beyond,we see predictions that growth

2、will continue to soar,with an expected 8%CAGR in the pet industry by 2030.This is compared to the 3%CAGR in the last decade,which signals a strong upward trajectory for the industry.While pet care spending is predicted to grow and inflationary patterns from 2022 appear to be stabilizing,we expect to

3、 see a shift in more value-based purchasing habits in 2023.Pet owners are focusing less on the dollar amount and becoming more sensitive to the total value provided for their pets.Brands that value health,wellness,and genuine care for pets are more likely to win with younger demographics of pet pare

4、nts.When making purchasing decisions,this new generation expects natural and organic products along with a commitment to sustainability and social responsibility.Below,we outline five trends in the pet food industry to keep in mind in 2023:TPET OWNERS HAVE BECOME VALUE-DRIVEN AMID HIGHERTHANAVERAGE

5、INFLATION BRANDLOYAL MILLENNIALS AND GEN Z CUSTOMERS DRIVE PET INDUSTRY GROWTH PET PARENTS SEARCH FOR AUTHENTIC CONNECTIONS PETS HAVE A SEAT AT THE TABLE AS FAMILY+INNOVATIONS IN PET CARE AND PET HEALTH 2023 PET FOOD TRENDS 3PET OWNERS HAVE BECOME VALUE-DRIVEN AMID HIGHERTHANAVERAGE INFLATION In the

6、 last year across the consumer products industry,weve seen purchasing habits impacted by high inflation rates,particularly when it comes to non-essential items.Pet owners,however,tend to have a larger tolerance for pet essentials such as food,treats,toys,and supplies that create value for their belo