August 8, 2024
(press release)
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A nationally representative, bilingual survey fielded by Packaged Facts in June 2024 shows 68% of Canadian dog or cat owners are willing to spend more on pet foods with extra health and wellness benefits. Rockville MD, August 8, 2024—Over the past 18 months, Canadian pet owners have been pushed to their limits when it comes to pet spending. Packaged Facts survey results from June 2024 show that 70% of pet owners in Canada agree that they are spending more on pet products than they used to, a situation brought on by inflation-related price increases. At the same time, other pet owners have had to cut back, with nearly 40% agreeing to spending less on pet products because of the economy, pressured by pandemic-related economic stressors followed by over a year of price hikes, according to the Canadian Pet Market Survey report just released by Packaged Facts. Canadian retail sales of dog and cat food approached US$3.9 billion in 2023, up 2% over 2022, but this increase was the result of rising prices as sales volume decreased. Thankfully, pet owners remain devoted to their pets, valuing them for their companionship and in most cases considering them part of the family. Heightened awareness and appreciation of the role pets play in our own mental and physical well-being translates into a continued willingness to buy premiumized pet products and services, to return the favor. “Pet owners are looking for products that will keep their pets happy and healthy,” explains Packaged Facts’ Pet Brand Manager, Shannon Landry. “Many pet owners will go to great lengths to ensure their pets’ wellness, even if it means cutting back on purchases for themselves”. A nationally representative, bilingual survey fielded by Packaged Facts in June 2024 shows 68% of Canadian dog or cat owners are willing to spend more on pet foods with extra health and wellness benefits. In the pet food arena, this mentality underpins various product “humanization” trends. Notably, the fresh, gently-cooked pet food movement that has taken the U.S. market by storm is making headway in Canada as well. Fresh pet food pioneer Freshpet remains available in Canada through Walmart, PetSmart, and major grocery store chains, but the marketer now faces more serious competition as smaller players such as Tom&Sawyer encroach on its market share. Retailers are realizing the opportunity fresh pet food presents, as illustrated by Pet Valu’s entry into the segment with its Performatrin Culinary fresh pet food line. Wallets aren’t being emptied indiscriminately, however; pet owners are also seeking value, with many looking out for sales and participating in loyalty programs. Pet owners are also increasingly conscious of their spending on veterinary and non-medical services, with the latter the largest share of pet owners who have decreased spending over the past year. For more information about these and other Canadian pet market trends, check out Packaged Facts’ fully revised report, Canadian Pet Market Survey, 3rd Edition, available now. About Packaged Facts For more essential insights from Packaged Facts be sure to follow us on X (@packaged_facts), LinkedIn, and YouTube. Media Contact: cgangloff@freedoniagroup.com
Packaged Facts, a division of The Freedonia Group, 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, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased through our website, freedoniagroup.com/packaged-facts, or directly from freedoniagroup.com.
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