General Mills investor day: Company chases growth in pet food

The pet segment represents the largest growth opportunity for General Mills. Liz Mascolo, President of the North America pet segment, explained during General Mills’ Investor Day on 14 October that the business accounts for “only” 7% of the national pet food market.

The multinational firm also pointed to resumed sales growth in its pet business during 2025. General Mills’ pet portfolio generated $2.5 billion (€2.2B) in FY2025, an increase compared to $2.4 billion (€2.1B) in 2024, matching 2023’s performance.

According to Chairman and CEO Jeff Harmening, this figure tends to increase even more. “We acquired and grew a pet portfolio that is approaching $3 billion (€2.6B) in net sales”, he said during the event, referring to the acquisitions of Edgard & Cooper and Whitebridge Pet Brands.

In line with that, Dana McNabb, Group President for North America Retail and North America Pet units, said that the company’s focus is to “leverage our pet portfolio to tap into the pet humanization trend and accelerate our company’s growth.”

Dog vs. cat

Dog food remains the dominant category in General Mills’ pet segment, followed by cat food and treats.

Mascolo highlighted the investments in its Life Protection Formula line, especially salmon, which is “the fastest growing protein in dog dry feeding.”

The company is aiming to capture a share of the $3 billion (€2.6B) fresh food market, which is “significantly outpacing the overall pet category,” Mascolo said.

She underlined a strong investment in the launch of Love Made Fresh, with a distribution plan that will include the new line in more than 5,000 coolers by the end of the year. Launched in June, Love Made Fresh is part of the Blue Buffalo brand.

Although it comes in second, the cat segment is outpacing the dog category’s growth, increasing from low single-digit growth in FY2025 to mid-single digits in the first quarter of FY2026.

Financial update

In September, General Mills reported $4.5 billion (€3.8B) in net sales for the first quarter of FY2026, a 7% year-over-year (YoY) decline in general.

The pet food business, anchored by the Blue Buffalo brand, experienced revenue growth but saw a decline in organic net sales. While cat food and pet treats’ net sales were up double digits, dog food was down.