Video series highlights challenges, opportunities facing the pet industry
Packaged Facts has created a short video series in which David Sprinkle, research director, and David Lummis, senior pet market analyst, discuss impacts to various segments of the pet industry during and after COVID-19.
“We were both positioned to and compelled to rethink what was going to happen [and] what to expect in the pet market because of COVID-19,” Sprinkle said.
Packaged Facts released dismal predictions for most pet industry segments, especially with regards to discretionary purchases and services. However, pet food and treats are not expected to bear the brunt of these impacts as pet owners continue to stock up on pet food and treats during the course of the pandemic.
The market research firm decided to alter its projections to account for potential COVID-19 impacts, although the situation globally and in the United States remains volatile.
“It was just becoming very clear to us and everyone else that this was going to be much more serious and much longer-lasting than anyone had previously thought,” Lummis said.
To watch the video’s click on this link