PET PRODUCTS REPORT
DRESSED TO THE FOURS STORE BRANDS ARE CATERING TO DEMAND FOR PREMIUM PET PRODUCTS AND SERVICES WHILE RIDING A WAVE OF SUCCESS IN THE PET CARE CATEGORY.
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By Michael Applebaum
t the Petco Reddy SoHo store in downtown Manhattan, Fido gets the four-star (or fourpaw) treatment. He can spend the afternoon relaxing at the high-end boutique, testing out the comfy doggie beds and getting a custom fitting for a monogrammed vest, all while slurping fresh water and snacking on a whipped cream cup for pups. When Petco extended the Reddy brand (part of the retailer’s owned brand portfolio that also includes WholeHearted, a nutrition brand, and Well & Good, a grooming, supplies and supplement brand) into its flagship store last October, the move spoke volumes about the strength of the overall pet category. The U.S. pet care industry, which includes pet food, supplies and treats, grooming and veterinary services, surpassed $100 billion in sales for the first time in 2021, reaching an estimated $109.5 billion, according to Statista. The momentum from the pandemic-induced adoption boom did not slow down, as growth rates within the category were comparable to those of 2020, according to data from IRI. Reddy has seen double-digit growth since its introduction in 2018, driven by category expansion across apparel, travel, home and accessories, according to Nick Konat, chief mer28
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chandising officer at Petco. That success is emblematic of underlying growth trends in the category —namely the desire among pet owners to have the best for their furry friends and to treat them like members of the family. “Macro trends such as the humanization of pets and premiumization of pet products are driving consumers’ purchasing decisions,” said Konat. “Reddy specifically addresses a white space in the market across both national and private brands by delivering clever, effortless solutions for pet parents, with an aesthetic that fits seamlessly into the urban millennial lifestyle. We know that Reddy shoppers care about sustainability [and engage in] on-the-go and outdoor activities, so we’ve created a brand that perfectly caters to this audience.”
www.storebrands.com
2/9/22 9:29 PM
