< Key Hightlight >

MARKET OUTLOOK

Based on Triton Market Research’s report, the pet food market in Canada is expected to advance at a compound annual growth rate of 5.33% in terms of revenue and 3.81% based on volume over the forecasting period of 2022-2026. 

During COVID-19, disposable income surged significantly across the country due to direct stimulus payments from the government. This rise in disposable income, especially among the middle-class, along with rapid urbanization, has increased pet adoption dramatically. This has ultimately enhanced the demand for pet foods. Furthermore, estimates suggest that owning pets help improve mental health, which surged their adoption during the lockdown period. The pet adoption trend has also increased the demand for premium pet foods among consumers, thereby driving the pet food market’s growth. 

Additionally, pet humanization is another trend driving the demand for pet food products. Several owners are seeking to offer their pets human-like products or experiences, encouraging companies to introduce new products in the market. Besides this, the rising focus on pet health has increased the demand for healthier food options, thereby creating opportunities for the pet food market. 

COMPETITIVE OUTLOOK

The key companies in the pet food market include Champion Petfoods, Mars Incorporated, and The JM Smucker Company.