Though pet meals inflation eased in Canada throughout 2023, costs remained excessive in 2024. The price of pet possession could also be influencing Canadian canine and cat house owners’ buying selections. Packaged Info analysts reviewed the Canadian pet meals market and reported outcomes from their survey of pet house owners in Canada.
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Pet meals and merchandise outpaced total inflation through the pandemic and its aftermath. At its peak, Canadian pet meals inflation elevated practically 13% between January 2022 and January 2023. Examine that to pre-pandemic inflation development of two% between January 2019 and January 2020. Quarterly shopper spending on pet meals, provides, veterinary and different pet companies ranged from a low of CAD2,996 million within the first quarter of 2022 to a excessive of CAD3,284 within the first quarter of 2024. Packaged Info referenced the Shopper Worth Index from Statistics Canada for this information.
“Though inflation has diminished, the ensuing excessive costs persist,” analysts wrote. “In Packaged Info June 2024 survey, 70% of respondents reported spending extra on pet merchandise than they used to.”
Within the Packaged Info survey, greater than half of pet house owners said that they’d spent extra in 2023 than in 2022.
“Packaged Info survey outcomes verify rising considerations about pet bills, with over three-quarters of pet house owners agreeing that many pet merchandise have gotten too costly,” they wrote. “A technique that pet house owners have been coping with larger costs is by looking for out extra value-focused merchandise.”
As Canadian pet house owners embrace premium private-label manufacturers, they more and more base their buying selections on the supply of these manufacturers.
Concerning the Canadian pet meals business
The Canadian pet meals business has skilled regular development over current years. The market is characterised by a choice for pure advertising claims, reflecting broader shopper traits towards well being and wellness. Pet house owners are more and more looking for merchandise that not solely meet their pets’ dietary wants but additionally align with their very own values, equivalent to sustainability and moral sourcing. Canadian pet house owners additionally more and more demand transparency, with producers offering extra detailed data on sourcing and manufacturing processes.
Innovation drives the Canadian market, with corporations investing in analysis and improvement to introduce new merchandise, together with various protein sources like bugs and plant-based components. E-commerce continues to develop as a distribution channel, with many pet house owners preferring the comfort of on-line buying. Nonetheless, brick-and-mortar shops stay vital, particularly for premium and specialty merchandise.Â
