Pet food is a structurally attractive category: ~$60bn market growing steadily, driven by pet humanisation and rising single-person households.

Grocery retailers are losing share fast (−5.5pp in 5 years), with e-commerce and specialists capturing disproportionate growth.

The category punches above its weight: ~2% of sales but delivers significantly higher margins (driven by premiumisation and strong loyalty).

Premium and functional segments dominate (~⅔ of sales), creating a clear opportunity to trade shoppers up and increase basket value.

Winning requires a strategic shift: elevate pet food through premium assortments, private label, manufacturer partnerships, and dedicated formats