People Skimp on Baby Formula but Not Pet Food

I was in my Bloomberg doing some research on Conagra ($CAG US) and other food companies.  Yes, they are mostly cheap and yes, I'm worried about the effects on GLP-1 on the products these companies sell. 

Btu this chart about price elasticity hit me in the face like a brick.  Basically, price elasticity is the tendency to switch to a cheaper product or go without all together.   The highest price elasticity: baby formula, the lowest: pet food.   

So people will switch to a lower priced baby formula (or make their own) as prices rise.  But they will stick with their pet food with little regard for price movements.  I hope these are not the same people.   

Disclosures:  As of April 24, 2024 (current price $31.51), I own CAG in my fund.  I am analyzing thie and other similar foods staples companies for an exit.   So may trade the name.