U.S. online retailer Chewy also lowered its annual revenue forecast for 2023, citing “ongoing macro pressures across the industry.” The company also acknowledged the loss of active customers.

In the six months to October 2023, pets-at-home accessories revenue amounted to £241.6 million (€281.8 million/$306.8 million), which is £7.2 million (€8.4 million/$9.2 million) less than in the same period in 2022. The U.K. pet retailer predicted sales would grow this year, in line with its 7% medium-term target.Lt said it would use its data capabilities to increase the company's share of wallet by allowing more consumers to choose its products over those of its rivals I - and enabling cross-selling and up-selling options.

Grain markets remain in flux Global uncertainty will continue to affect commodities this year. Analysts at PETS International Consulting agree that they are only “cautiously optimistic” for 2024.

According to Holland International Group's Commodity Outlook 2024, corn prices are expected to remain under pressure despite a projected increase in global corn production of nearly 64 million tons in 2023/24. Experts also agree that after a year of gains, soybean prices are likely to fall in the coming months.

New EU animal welfare standards

Europe wants to harmonize regional standards for the keeping, breeding and handling of dogs and cats in pet stores, breeding facilities and shelters.

The European Commission is proposing strict rules and automated checks on online animal sales, which currently account for around 60% of all transactions. Identification and registration of dogs and cats in national databases will also be mandatory in order to combat illegal trade and better control the animal welfare situation. According to official figures, the trade in dogs and cats in Europe has increased significantly in recent years, reaching €1.3 billion ($1.4 billion) per year