Delivered December 11, 2019. Contributor: Hanine K.
To identify the values and worries related to spending on pets for millennial pet owners in the United States, including values when selecting pet foods and products and a list of brands they trust the most.
According to Nielsen, the annual spending per household on pet food increased by 36% between 2007 and 2017.
This increase was accompanied by an increase in the average price of pet food from $1.71/lb in 2011 to $2.55/lb in 2017.
The top three drivers for choosing pet food are healthy food, veterinarian recommendation, and pricing.
Millennials prefer premium pet food brands, willing to buy more expensive pet food. Thus, legacy pet-food brands like "Mars’ Pedigree, Nestle’s Purina, Smucker’s Gravy Train, and Kibbles ‘n Bits" are reporting fewer sales in the American market.
In 2017, the top three brands, in terms of market share, are Nestle's Purina (21.2%), Mars' Royal Canin (23.9%), and Colgate's Hill's (4.7%). These brands are facing increased competition as consumers are demanding healthier pet food.
"General Mills' Blue Buffalo is picking up some major traction with consumers, and is posing a threat to the top three sellers." The company's market share increased from 1.1% in 2012 to reach 2.5% by 2017.
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