Cat Food Market will Gain Momentum to Surpass $ 41,924.6 Million – North America was the highest revenue contributor
The humanization of pets, increased awareness about the health of pet animals, growing trend of nuclear families, rising pet population
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, March 16, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Cat Food Market by Nature, Food Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global cat food market size was valued at $27,789.5 million in 2020, and is projected to reach $41,924.6 million by 2030, registering a CAGR of 4.4% from 2021 to 2030.
The cat food market is experiencing growth due to increased pet ownership globally. This is attributed to the rise in consumers’ disposable income. The major factors propelling the growth of the global cat food market are rapid humanization of pets, rise in trend of nuclear families, and increase in awareness about pet health. On the other hand, the rise in pet obesity is expected to hamper the growth of the cat food market growth during the forecast period.
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According to cat food market analysis, the market is classified on the basis of nature, food type, sales channel, and region. By nature, the market is segmented into organic and conventional. The conventional cat food is more nutritious as compared to organic cat food, which resulted into highest revenue generation in 2020. By food type, the cat food market is segregated into dry food, wet food, treats & snacks and others. Wet food holds the highest cat food market share by food type because it is one of the most convenient types of food that cats can easily chew.
By sales channel, the market is categorized into supermarkets & hypermarkets, specialized pet shops, online sales channel, and others. Region wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period.
The COVID-19 pandemic had a positive and negative impact on the global cat food market growth. The supply chain disruption had a negative impact, while the increase in adoption of pets had a positive impact on the market.
The variety of cat food includes vegetable-based proteins instead of meat, while natural and organic cat treats and snacks are used as an appetizer for cats with health issues such as diabetes, obesity, allergies, and gastrointestinal disorders. The wet cat food segment is expected to grow gradually during the forecast period due to the associated benefits. Wet food aids in general hydration and improves body mass in cats. Wet cat food is abundant in nutrients and proteins, which helps cats to fight against any kind of diseases. Cats are unable to consume more carbohydrates because they lack good digestive tract. It is projected to boost the growth of the wet cat food segment in the cat food industry during the forecast period.
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Population growth, rise in income in developing countries, and urbanization have all contributed to an increase in global cat food production. The rise in pet population has led to an increase in pet humanization. Thus, consumers are tending toward premium cat food products so as to minimize health associated risks. It also gives lucrative cat food market opportunities to producers to manufacture therapeutic and nutritional food concerning pets’ health and would allow them to gain high cat food market share in the industry.
The global cat food market is driven by rapid pet humanization, rise in pet ownership, and demand for therapeutic food. Pet humanization is a recent trend and has resulted in an increased focus on pet’s health, weight, and overall fitness. Therefore, the demand for premium and super premium cat food products has witnessed significant growth as pet owners believe that these are healthier for their pets.
The major players operating in the cat food industry are Affinity Petcare SA, Evanger’s Dog and Cat Food Company Inc., Fromm Family Food LLC, Hill’s Pet Nutrition, Mars Incorporated, Nestle Purina, Nutro Products Inc., Party Animal Inc., Rollover Premium Pet Food Ltd., and The J.M. Smucker Company.
Major firms are extending their presence in emerging markets to meet the growing demand for cat food and snacks. These major market players have adopted various marketing strategies to expand their market reach. The marketing strategies adopted in the cat food market are product launch, partnership, merger, investments, collaboration, joint venture, and acquisition.
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Key findings of the study
>The global cat food market size was valued at $27,789.5 million in 2020, and is projected to reach $41,924.6 million by 2030, registering a CAGR of 4.4% from 2021 to 2030.
>By nature, the conventional segment was the highest contributor to the market, with $18,274.1 million in 2020, and is estimated to reach $26,741.9 million by 2030, at a CAGR of 4.1% during the forecast period.
>By food type, the wet food segment was the highest contributor to the market, with $10,774.1 million in 2020, and is estimated to reach $15,964.0 million by 2030, at a CAGR of 4.3% during the forecast period.
>By sales channel, the specialized pet shops segment was the highest contributor to the market, with $11,192.1 million in 2020, and is estimated to reach $16,508.5 million by 2030, at a CAGR of 4.2% during the forecast period.
>By region, North America was the highest revenue contributor, accounting for $9,659.6 million in 2020, and is estimated to reach $14,690.4 million by 2030, with a CAGR of 4.5%.
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