MARKET OUTLOOK
The Canadian pet healthcare market is expected to proliferate at a CAGR of 3.20% during the forecasting period between 2019 and 2025.
Rising health and wellness trends relating to pets are driving market growth in the Canadian pet healthcare market. As per the Canadian Animal Health Institute (CAHI), the number of pets in Canada is on the rise. Additionally, as mentioned by CAHI in their report, 41% of families in Canada had at least one dog and 37% of families had at least one cat, between the period of 2006 and 2016. Therefore, the market has great potential to grow over the forecast period. In Canada, pet owners are continuously educating themselves regarding the health of their pets through the internet. They are seeking products that suit their pets’ health conditions. The last few years, however, have seen cases of import alerts and pet food recalls due to food safety hazards. Thus, pet food manufacturers now have to abide by stringent compliances set by regulatory bodies, which has proven to be detrimental to Canada’s pet healthcare market growth.
COMPETITIVE OUTLOOK
Few of the prime players in the Canada pet healthcare market are Cipla Limited, The J.M. Smucker, Co., Bayer AG, Zoetis, Inc. Beaphar, Ancol Pet Products and Ayurvet Ltd.