Analyzing the sold production of dog or cat food in Denmark from 2013 to 2023, the market presents a fluctuating trend with an overall downward trajectory. In 2023, the market stood at 95.486 million euros, a slight decline compared to the previous year. Over the past two years, the market shrank with a year-on-year variation of -0.63% from 2022 to 2023. The compound annual growth rate (CAGR) over the last five years from 2019 to 2023 was -0.29%, indicating a slow but steady decline.
Future trends to watch for:
- Forecast data suggest a continual decline in the market, with a forecasted five-year CAGR of -2.32% from 2024 to 2028. - The overall growth rate is expected to be -11.09%, signifying a notable reduction in sales by 2028. - Factors such as changing consumer preferences, market saturation, and increasing competition from alternative pet food products could shape future market dynamics.
