It’s a nearly $60 billion industry and Millennials are key trendsetters shaping what’s next. We’re talking pets.
Per GFK research posted in PetFoodIndustry.com – Millennials have recently passed Boomers as the largest generation of pet owners. And from their food to boarding to toys – and everything in between – quality has inched its way in front of quantity. It’s all about the health and happiness of their ‘fur baby,’ and they’ll spend up for them.
Some examples from a PetFoodIndustry.com article – “rising pet food categories in US pet specialty for 2014 included grain free (23.9% sales growth), fresh/raw (18.2% growth) and dehydrated (35.1%)” – and these categories are not inexpensive. What else are Millennials looking for in their pet food – it’s following the trends in what they are eating themselves – fresh, natural, organic.
In a recent survey we did of 107.7 The End Think Force members and other listeners – when asked “Do you feed your pet natural/organic/raw foods?” – 31% said “Yes, all the time” 34% “Never” and 35% “Sometimes.”
Expect pet ownership and the industry in general to grow at a swift pace in the coming years – all led by Millennials.