In the New Normal of economic moderation, pet industry players must walk a line between promotional pricing and product premiumization. While shoppers remain intently focused on value, numerous indicators suggest that the U.S. pet market has yet to come fully into its own. Notwithstanding the great recession, the pet product shopper base has continued to migrate into the higher-priced pet specialty channel, while supermarkets and discount stores have seen their pet product shopper base decline. Store brands are more important than ever, but pet food remains private-label resistant, an outpost of shopper loyalty to national brands. Natural, organic, and eco-friendly products continue to advance, as do pet health products and services including medications, supplements, and insurance. And 2011 was nothing less than a banner year for mid-level acquisitions.