Impact of COVID-19 Outbreak On Pet Snacks & Treats Market
The global pandemic, COVID-19 is deemed to create a chaotic environment thereby resulting in the advent of global rescission. This pandemic situation has been affecting different industries in different ways. Reports have shown that the coronavirus can infect the companion animals when in April 2020 two pet cats in New York state tested positive. According to World Health Organization (WHO), there’s no evidence that any pet can transmit COVID-19. However, pet owners are highly worried about the health of their companion animal and how COVID-19 might affect them. This has resulted to a shift in serving homemade food to the pets in this situation of global crisis.
Pet snacks & treats are the chewable and eatables offered to pets as a mode of appreciation and even as health supplements. Pet snacks are mainly eatables, whereas treats are available in the form of both eatables and chewable. According to MRFR, the US is the major contributor to the market revenue of pet food market. With the growing adoption of pets in the country, the US pet food market has witnessed high growth till 2018, however the outbreak of COVID-19 brough high concern among the pet owners for product availability which led to a sudden decline in the growth of overall pet food market.
US pet food market size, 2015-2020
The outbreak of COVID-19 has created a panic situation among the customers with temporary closures of retail stores in an attempt to slow the spread of virus. Moreover, in response to coronavirus pandemic, customers are put under lockdown with several countries imposing stay-at-home orders. These factors have negatively impacted the sales of pet snacks & treats market. The pet owners are adopting habits of serving homemade food to their companion pets to replace pet snacks & treats.
The manufacturers are also facing production issues to meet the market demand as they have either shut down production to ease employee concerns or are running production under-staffed. Procurement of ingredients have also become a cause of concern for the manufacturers owing to COVID-19 impact to logistics. The manufacturers which are highly dependent on imports of ingredients from other countries are facing massive challenge in this pandemic situation with no cross-border transactions taking place. These factors are likely to impact the pricing of the products. Thus, the hike in prices will influence the pet owners to substitute pet snacks & treats with homemade food for next few years.
Source: MRFR Analysis