The average expenditure per household on pet food in Canada was CAD 300 in 2023. Predictions for 2024 to 2028 indicate a steady increase, with expenditures rising from CAD 305.51 in 2024 to CAD 320.88 in 2028. This represents a consistent growth rate with year-on-year increases of approximately 1.3%. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is about 1.5%, indicating moderate stability in the market.
Future trends to watch for include:
- An increase in premium pet food consumption as pet owners seek higher-quality nutrition, possibly accelerating expenditure growth.
- Sustainability trends could drive the demand for eco-friendly pet food products.
- Potential market disruptions from economic conditions affecting consumer spending power.
