COVID-19: Pet Ownership in Canada
The latest predictions regarding the pet industry, especially pet food, indicate that this market will rebound and grow after the pandemic subsides. This expected growth is driven mostly by people's awareness of their pets' health.
Pet Industry Predictions
- Yantai China Pet Foods Co. Ltd.'s main brand, Wanpy, which includes foods and treats for dogs and cats that are sold globally, has maintained its domestic business strong and the pandemic has not affected its production facilities located in the U.S., Canada, New Zealand, and Cambodia. The company "expects an increase in production orders for those factories even above original projections" and its founder, Hao Zhongli, thinks that the market "will rebound and enjoy new growth" after the pandemic.
- A new study, published in May 2020, predicts that the global pet food market will grow at a CAGR of 3.1% to reach $38,700 million in 2024.
- Another study, which takes into account the effect of COVID-19 in this industry, predicts that the global pet market will grow at a CAGR of 4.74% to reach $116.44 billion by 2024. This growth is smaller compared to the 6.36% CAGR presented between 2014 and 2018.
- According to information published in May 2020, the global pet food packaging industry, which involves the packaging of pet animal food to ensure product freshness, is expected to grow at a CAGR of 4.5% over the next five years, reaching $7,930 million in 2024.
- As per another study published in May 2020, the global pet care products market, which includes pet food, cleaning products, toys, accessories, dietary supplements, and medical care products, is expected to grow at a CAGR of 5.25% to reach $115.25 billion by 2024. This growth is driven by "the increasing awareness of pet health among the pet owners:"
- The global food and beverage market, which includes pet food, is expected to recover from the COVID-19 pandemic economic downturn and grow at a CAGR of 7% from 2021 and reach $7527.5 billion in 2023.
Since information regarding recent predictions on Canada's pet industry is limited, we provided predictions for the global pet industry, with a focus on pet food. We also looked for predictions that were published after the COVID-19 outbreak emerged and selected the most recent publications (April and May 2020).