Cat Food Market to Reach US$ 36.5 Billion by 2024by Rahul Rastogi Market Research Analyst
Over the past few years, the global cat food market has witnessed a positive growth. This can be accredited to driving forces such as increasing demand for dry cat food and innovative products launched by manufacturers.
According to the latest report by IMARC Group, titled “Global Cat Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cat food market reached a value of nearly US$ 31.6 Billion in 2018. Cats are considered naturally independent animals and require minimal supervision. Owing to this, they have proven to be an ideal pet for people who reside in smaller spaces or lead a busy lifestyle. As cats are obligate-carnivorous animals, they mostly rely on animal-based products for optimal health. On account of this, cat food majorly includes animal proteins including taurine and arginine along with essential fatty acids, fiber, lipo- and hydro-soluble vitamins, and minerals such as sodium, magnesium, iodine, zinc, iron, etc. In the near future, cat adoption in developed regions is expected to increase which will give a boost to the overall cat food sales.
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Cat Food Market
Nowadays, cat owners are more aware about the health and wellness of their cats on account of which they take note of the ingredients in cat food and are shifting towards good-quality products. This is one of the primary factors which is driving the growth of the cat food market. In addition, manufacturers are introducing innovative cat food products in terms of flavors, colors, and packaging sizes. These innovations cater to the rising demand for different varieties of cat food and treats, in turn, propelling the market growth. Apart from this, premium cat food is expected to gain traction over the forecast period on account of an increase in urbanization and disposable incomes across the globe. However, the availability of homemade and raw cat food poses a significant threat to the growth of the global cat food market, particularly in the emerging regions. Looking forward, the cat food market is projected to reach a value of more than US$ 36.5 Billion by 2024, registering a CAGR of nearly 2.4% during 2019-2024.
Cat Food Market Segments / Summary:
· The cat food market has been segmented on the basis of different types of food products available for consumers which mainly include dry cat food, cat treats and wet cat food. Amongst these, dry cat food is majorly preferred by cat owners.
· On the basis of pricing, mass cat food products represent the largest segment, followed by premium products.
· Based on ingredients, the market has been segregated into animal-derived and plant-derived segments. Currently, animal-derived ingredients account for the majority of the market share as cats are obligate-carnivores, and therefore, cannot digest plant-based ingredients easily.
· At present, there are various means through which owners can obtain the desired food products for their cats including supermarkets and hypermarkets, specialty stores, online stores and others. Amongst these, supermarkets and hypermarkets are the most common channel used by consumers to purchase cat food.
· On a regional basis, North America represents the largest market for cat food, holding the majority of the market share. This can be attributed to the emerging trend of pet humanization as well as socioeconomic and demographic shifts in the region which has further given a rise to cat ownership. North America is followed by Western Europe, Asia Pacific, Latin America, Eastern Europe, and Middle East and Africa.
· The competitive landscape of the market has also been examined with some of the key players being Mars, Inc., Del Monte Foods, Inc., The Colgate-Palmolive Company, Nestlé Purina PetCare Company, Blue Buffalo Co., Ltd., The Procter & Gamble Company, and CANIDAE Pet Foods.
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Created on May 20th 2019 06:19. Viewed 316 times.