Higher pet treat prices may be driving some pet owners to cut back on their spending, leading to falling sales growth.

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Pet treats have been one of the fastest-growing categories for several years. In 2023, U.S. sales of dog and cat treats rose more than 10% both online and in stores, according to NielsenIQ. That was on top of double-digit growth in 2022, helping U.S. pet treat sales reach US$11 billion, per Packaged Facts.