Most pet owners have been noticing both supply issues and increasing prices when they shop for pet food. But according to a report on the petfoodindustry.com website, pet food price hikes are well below those for human food.
Pet food prices rose by 2.4% by the end of 2021, while the cost for our food rose 7%. At the end of February 2022, pet food prices were up 3.7%, compared to an 8.6% rise in human food.
Economists say that, compared to other sectors, the US pet food industry is faring well overall. The rising prices we are seeing are mostly due to supply chain problems. High prices for products used in pet food manufacturing, like beef and chicken, as well as high transportation costs, such as gas, are influencing pet food prices.
Experts say that pet food prices may continue to rise, as the industry does tend to mirror the human food industry in many ways. They also note that the growing trend among pet owners to spend more on high-quality pet food is likely to continue, despite rising costs.
While higher-income pet owners may be willing to accept rising prices for pet food and supplies, experts note that this is offset by reduced spending on pets among lower-income pet owners, both in terms of the products they buy and, sadly, the relinquishment of pets due to financial hardship.
Here in San Diego, FACE is working with local non-profits to ensure that all members of the community have access to pet food, supplies, and veterinary treatment. You can check out a recent community outreach event HERE.