The prepared pet foods market in Finland has experienced a series of fluctuations over the past decade. From 2013 to 2023, the market showed an overall upward trend despite intermittent downturns. The year 2016 saw a notable increase of 3.58%, while 2020 recorded a significant decline of 10.29% due to market disruptions. A recovery phase followed with positive growth, reaching 90.325 million kilograms in 2023.
A closer analysis of recent years reveals a year-on-year increase:
- 2022 saw growth of 6.26%.
- 2023 continued this upward trend with 3.07% growth.
The Compound Annual Growth Rate (CAGR) over the last five years stood at 1.15%, reflecting a gradual but steady increase. Future projections indicate continued growth at an average rate of 0.71% per year over the next five years, culminating in an estimated market size of 94.453 million kilograms by 2028, marking a growth rate of 3.6% over this period.
Future trends to watch for:
- Innovations in pet food formulations focusing on health benefits.
- Increasing consumer preference for premium and organic pet food products.
- Impact of potential economic fluctuations on consumer spending power.
