Spins shares 4 pet trends from new Neighborhood Pet Channel
With pet owners spending $49 billion on pet care products annually, according to Statista, insights company Spins has built out its offerings to include a new comprehensive Neighborhood Pet Channel that is focused on independent pet stores. It also has identified four trends in the space based on insights gleaned from the channel, which Spins said offers a united voice for independent pet retailers.
"SPINS continues to make substantial investments in the Natural Product Industry's full ecosystem of innovation by supporting brands and retailers through access to market, benchmark, and product intelligence data," said Tony Olson, owner and CEO of Spins. "Now, with the introduction of our Neighborhood Pet Channel, Spins builds upon our mission to increase the presence and accessibility of Natural and better-for-you products through education for pets owners, which also translates into success for both pet brands and retailers."
All of the insights that Chicago-based Spins shared highlight a new key truth about pet retailing — that succeeding with pet parents means going beyond a transaction to offer innovative pet food products that focus on wellness and pet lifestyles.
The trends Spins identified are:
- The Rise of Natural — Natural products continue to see sales increase and independent pet food stores have adapted well. Currently, 70% of their dollar sales from natural, specialty and wellness products;
- Customizing the Pet Diet — Pet owners are eyeing high-protein foods, natural ingredients, few or no preservatives and products that aren’t artificially flavored. Currently, Spins said natural, specialty and wellness-positioned products are driving twice the growth that conventional products are;
- Sustainability in Focus — As customers focus on what goes into their food and its impact on the environment, they are doing the same thing with their pet’s food — and they’re willing to pay a premium for products that deliver. A First Insight study found that 73% of Gen Z shoppers and 68% of millennials are willing to spend more for sustainable products; and
- Enriching the Neighborhood Store Experience — Neighborhood pet stores are seeing increased competition from online — which saw $11 billion in pet product sales last year. Spins highlighted the importance of e-commerce as a critical element of a larger omnichannel approach that reaches customers online and in-store.
"The pandemic has created a unique opportunity and a captive audience for both pet brands and retailers to experience expedited growth as people acquired all available pets from shelters and stores — a trend that is expected to continue for the foreseeable future," Olson said. "Now more than ever, having the right data and expert insights, like those available through the Spins Neighborhood Pet Channel, at their fingertips will help businesses make decisions that will position them for success in the future."