Rockville, MD (PRWEB) March 25, 2014 -- Canada’s $7 billion pet industry continues to grow despite being generally regarded as “mature” and is projected to exceed $8 billion by 2018 lead by solid growth in sales of pet food, pet supplies, and pet services, according to “Canadian Pet Market Outlook, 2014,” a report by market research publisher Packaged Facts.
In 2013, 57% of Canadian households—about 8 million households—owned pets (including dogs, cats and other household pets). Economic struggles and the rising costs of pet ownership haven’t been enough to curtail spending by these pet owners. Indeed Packaged Facts’ consumer survey data reveal that Canadian pet owners aren’t scrimping when it comes to their companion animals. When asked if they were spending less on pet products due to the economy, only 26% agreed, and only 8% strongly agreed. Likewise, 69% of pet owners agreed that they were willing to spend extra to ensure the wellness of their pet—a claim Packaged Facts believes could translate into increased spending on health and wellness products and services, functional foods and treats, and veterinary visits.
For all the positives stemming directly from Canada itself, other countries are increasingly playing a role in the success of the nation’s pet market, notes Packaged Facts research director David Sprinkle. For instance, as U.S. pet companies continue to look abroad northward for growth, and other foreign companies increasingly make inroads into Canada, the Canadian pet market is becoming even more global. And pet companies established in Canada are avidly mining less developed parts of the world for growth, especially the BRIC nations (Brazil, Russia, India and China). In addition, the U.S. pet insurance business now encompasses two major players crossing over from Canada—Pethealth and Trupanion (formerly Vetinsurance in Canada).
Canadian pet retailers have also been expanding into the U.S. market the past few years. Pet Valu, the third largest pet specialty store in North America, has made a major push into the U.S. market. The retailer, which operates close to several hundred stores in the two countries and focuses on smaller formats, noticeably grew its U.S. footprint during 2013. Another Canadian retailer, Global Pet Foods, entered the U.S. market just a few years ago.
For more information on “Canadian Pet Market Outlook, 2014," please visit http://www.MarketResearch.com or http://www.packagedfacts.com/redirect.asp?progid=86051&productid=7955280.
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.
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Daniel Granderson, media contact, Packaged Facts, http://home.packagedfacts.com/, 770-687-2578, [email protected]