RiceBran Technologies (RIBT)

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$RIBT Premium Pet Food Still in Demand

https://www.foodprocessing.com/industrynews/2022/premium-pet-food-still-in-demand/

People may be trading down to store brands for their own food, but they’re still out to pamper their pets.

Two leading pet retailers told CNBC that they have not seen any trend away from premium food, despite inflation. Both Petco and Chewy said most of their customers are not looking to save on food, although both said that they had been drop in spending on non-food items like leashes and toys.

Petco is expanding its offerings in premium pet food. It is partnering with Clif to make snack bars for dogs, and recently launched a line of frozen dog food.

“Pet parents are driving one of the biggest trends the pet industry has seen as they increasingly seek out fresh, human-grade food for all members of the family,” Petco CEO Ron Coughlin said in a release quoted by CNBC.

In fact, both Chewy and Petco reported year-over-year sales rises of 13% and 3.2%, respectively, for the most recent quarter. Both said consumer shifts toward more premium food were a factor in those increases.