DUBAI, UAE, Aug. 24, 2021 /PRNewswire/ — Future Market Insights, Dubai: As per Future Market insights (FMI), the global market for cat food is anticipated to surpass a valuation of US$ 65.2 Bn by 2031 in comparison to the valuation of US$ 40.78 Bn registered in 2021, expanding at a CAGR of 4.8% over the forecast period 2021-2031.
The cat adoption rate is phenomenally increasing, especially on account of increasing pet humanization trends coupled with growing millennial population. Due to growth reported in the number of cat owners, the demand for nondiscretionary and discretionary products is on a rise, which in turn, is driving growth of the cat food market.
Some of the leading manufacturers are focusing on introducing a wide variety of premium food products including, vegan, organic, and gluten-free variants to feed cats with healthier meals. Other market players are also joining the bandwagon by launching innovative packaging solutions to gain competitive.
Among various types, wet cat food segment is gaining traction in the market due to its balanced flavor profile covering vitamins, and minerals. As per the study, it is expected to register a CAGR of around 5% over the forecast period 2021-2031.
With advancements in e-commerce, consumers are now transitioning towards online retailers for purchasing cat food products, which, in turn is spurring sales prospects. As per FMI, it is forecast to expand at a CAGR of 5.9%, reaching a valuation of US$ 8,939.4 Mn by the end of 2031.
Growth prospects are likely to remain positive in China driven by growing urbanization, widespread pet humanization trends and rise in pet ownership trends especially among younger generation. FMI has estimated that, China will account for over 50.8% of East Asia sales in 2021.
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“Increasing urbanization along with rising disposable income is contributing to the growth of the cat food market. Growing emphasis on pet humanization trends along with cultural trends are further spurring sales prospects. Besides these, leading market players are focusing on expanding their portfolio. Therefore, a slew of new plant-based products are being launched, which is expected to bode well for the market,” said a FMI analyst.
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Key Takeaways from Cat Food Market Survey
- Driven by pet humanization trend, China is estimated to account for 50.8% of East Asia market share in 2021.
- Thailand market for cat food is forecast to grow at a CAGR of 7.5% over the assessment period 2021-2031.
- The U.S. is leading the market for cat food in North America and is estimated to account for over 89.1% of North America market in 2021.
- Based on type, demand for wet cat food is anticipated to rise at a CAGR of 5% over the forecast period.
- Based on distribution channel, online retailers are expected to grow at a CAGR of 5.9% over the assessment period.
- Pet humanization is a major factor driving demand for cat food market.
- Owing to its high nutritional profile, cat food market is growing at a rapid pace.
- Growing urbanization along with steady growth observed in the number of cat owners is propelling demand for cat food.
- High impact regulations in the cat food industry is likely to restrict the market growth.
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Cat food manufacturers are focusing on new product launches to enhance their product portfolio.
For instance, in 2020, Purina announced the launch of its new, one of its kind cat food called Pro Plan LiveClear, which reduces allergens on cat hair and dander.
In 2021, Catit, the brand known for its range of cat toys and accessories announced the launch of Nuna, the UK’s first ever range of insect-based cat food. With this new launch Catit aims at setting up a new standard in the premium food category.
Some of the leading players operating in the cat food market profiled by Fact.MR are:
- Evanger’s Dog & Cat Food Company, Inc.
- Mars Incorporated
- Hill’s Pet Nutrition
- Affinity Petcare SA
- Nutro Products Inc.
- Dave’s Pet Food
- Boulder Dog Food Company
- Rollover Pet Food Ltd.
- Real Pet Food Company Pty Ltd
- Burgess Group PLC
- Nature’s variety
- Fromm Family Foods LLC
- JustFoodForDogs ( approx)
- The J.M. Smucker Company
- Steve’s Real Food
- Natures Goodness Pet Food
- Party Animal, Inc.
More Valuable Insights on Cat Food Market
FMI, in its new report, offers an unbiased analysis of the global cat food market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in cat food market with detailed segmentation:
- Animal Derived
- Black soldier flies
By Product Type:
- · Treats and Chews
- Cremes / Cream-Snacks
- Crunchy snacks
- Chew sticks
- Cat Milk / Milk snacks
- Dehydrated Food
- Freeze Dried Food
- Freeze-Dried Raw
- Wet Food
- Raw Food
By Pet Type:
By Packaging Type:
By Distribution Channel:
- Store-based Retailing
- Convenience Stores
- Mom and Pop Stores
- Pet Stores
- Independent Grocery Retailers
- Other Retail Formats
- Online Retailers
- North America
- Latin America
- East Asia
- South Asia
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Key Questions Covered in the Cat Food Market Report
- The market survey also highlights projected sales growth for cat food market between 2021 and 2031
- The report offers insight into cat food demand outlook for forecast period 2021-2031.
- Cat food market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Cat food market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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