In recent years there has been a growing trend towards premium pet products. The COVID-19 pandemic has accelerated this trend. During the pandemic, there was a boom in pet adoptions which led to an increase in the range of products being offered for pets. Many pet owners see their pets as part of their families and are willing to invest in products that offer them a higher quality of life. Pet food and healthcare are forecast to be the biggest areas of expenditure for pet owners in the coming year. Many pet owners are also more concerned about the environmental impact of the pet food they purchase and are looking for pet foods made from sustainable ingredients such as insect protein or sustainably caught fish.
There has also been an increase in the number of pet owners who cook for their pets or feed them human-grade meat. These trends could present new opportunities for pet food manufacturers. Challenges facing the pet food industry include shipping delays, difficulties sourcing key ingredients like lysine and an aluminum can shortage which has affected the availability of canned pet food.
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