Pet parents trade down

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The pet food market is slowing down after a strong run during the pandemic.

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According to a recent filing, General Mills is downgrading the value of its True Chews and Top Chews brands due to “lower future sales and profitability projections."

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Dollars in the pet category are declining because the treats portion has declined.

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Treating used to be an everyday thing when parents worked from home, but now that they are back in the office, there are fewer opportunities to cave into their pet’s wishes. Additionally, wet pet food, which many parents use to top off their pet’s kibble, has decreased as pet parents cut down on discretionary spending.

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The once-booming pet industry that greatly benefited from the pandemic and the “humanization” of pet food, now needs to find new ways to grow.