Packaged Facts: Canadian Pet Market Achieves Highest Growth Rate Since Great Recession, Hits $7 Billion in Sales
ROCKVILLE, Md., June 25, 2015 /PRNewswire/ -- A stronger economy in 2014 sparked the largest growth in pet product and service sales in Canada since the 2008–2009 recession, as the market climbed 6% to reach sales of $7 billion. A second major factor supporting this strong market increase was the fast growth in sales of pet foods and supplies, particularly pet food, while a sluggish veterinary services category impacted growth.
The findings were published in Canadian Pet Market Outlook, 2nd Edition, a report by market research firm Packaged Facts. The report can be purchased by visiting: http://www.packagedfacts.com/redirect.asp?progid=87612&productid=9022139.
Two major trends drove the Canadian pet market in 2014: a greater number of pet owners moving to premium and superpremium pet foods over traditional mass market brands, and a continuation of the humanization trend, which has led to a strong increase in the use of both traditional and luxury pet services. Pet food was the shining category, climbing 10% over sales in 2013, with steady growth also occurring in the non-medical services and pet products categories. Within the largest category, veterinary services, increased prices only slightly outweighed the continued decline of active clients. This was opposite to the U.S. market in 2014, where veterinary services was the second strongest category behind non-medical pet services in terms of growth while pet food grew the least.
Continued uptake of premium and superpremium products, and more interest in pet services will be the factors driving the Canadian pet market over the next five years. Packaged Facts forecasts sales of pet products and services will enjoy stronger sales again in 2015, rising almost 6%. By 2019, the Canadian pet market will reach sales exceeding $9 billion, posting a compound annual growth rate (CAGR) of roughly 6%, slightly above the CAGR of 5% seen between 2010 and 2014.
Canadian Pet Market Outlook, 2nd Edition provides recommendations regarding the future of the pet market in Canada, contrasts drivers and sales in the Canadian and U.S. pet markets, and pinpoints ways current and prospective players can capitalize on current trends and spearhead new ones. No other market research report provides both the comprehensive analysis and extensive data Canadian Pet Market Outlook offers. Plus, you'll benefit from extensive data, presented in easy-to-read and practical charts, tables, and graphs. For more information or to purchase Canadian Pet Market Outlook, 2nd Edition or other reports in Packaged Facts' industry leading catalog of research reports on pet products and services, visit: http://www.packagedfacts.com/pet-products-services-c124/.
About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at www.PackagedFacts.com and are also available on www.marketresearch.com and www.profound.com.
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