BarkBox CEO: Pet products are booming
Americans' growing appetite for health and wellness products is extending to their pets, says BarkBox CEO Matt Meeker.
According to a new interview on CNBC, Meeker, whose company offers a subscription service for pet products, says the nearly $70 billion pet products industry is growing. He says his company's customer base has gone from millennials and urban moms to now including rural pet owners.
Last year, the pet food industry grew three times as fast as the packaged food industry, according to Euromonitor.
David Lenhardt, the former president and chief executive officer of PetSmart, said Friday on CNBC's "Closing Bell" that "consumers are moving to more natural products in human food, and it absolutely is happening in the pet space, where people treat their pets like a family member."
Last week General Mills announced it would buy the Wilton, Connecticut-based company Blue Buffalo Pet Products for about $8 billion in cash. Blue Buffalo is known for its natural pet foods.
Watch the interview with BarkBox CEO Matt Meeker here.