Luxury pet food trend entices human food giants General Mills, Mars – Axios

Pet food is looking pretty tasty to human food companies.
Why it matters: Facing pressure to diversify their businesses as consumers gravitate toward products viewed as healthier, packaged food companies are eager to find new markets.
Driving the news: Human food companies like General Mills, known for making Cheerios cereal and Yoplait yogurt, and Mars, known for making M&Ms and Snickers candy, are among the food giants charting a growth path in pet food.
State of play: With the economy potentially veering toward a recession, pet sales can play an important role in propping up companies that might otherwise be vulnerable to a pullback in consumer spending.
Zoom in: Human food companies are specializing in premium pet food, aiming to fetch a premium profit.
💭 Our thought bubble: In the spirit of anthropomorphism, the gap between human food and pet food is shrinking.
The bottom line: People prioritize their pets. Human food companies are getting the message.

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