The global cat food and snacks market is slated to register momentous gains on the back of increasing urbanization and elevated consumer spending in both developed as well as developing nations. A shifting preference towards nuclear families among the Asia Pacific population has led to the growing trend of companion animal adoptions in the form of pets, supplementing the industry outlook.
With the rising pet humanization trend, demand for premium products like raw, natural, and organic food with various options for owners is also likely to offer new growth opportunities to the industry over time.
Request for Sample Copy of This Report @
Many products that focus on certain health benefits have showcased strong growth momentum. Premium and low-carb foods are entering the mainstream as cat owners are focusing more towards the health and longevity of their pets.
There has been a rapid rise in the number of pet owners across the globe, that includes developed nations with aging populations, and clients looking to adopt pets. Young consumers who are single or without a child look at pets as a good alternative. In developing nations, the favorable economic situations is making it easy for major households to have a pet.
Consequently, there have been growing investments in packaging and product development from industry participants, positively influencing business growth.
According to a new Global Market Insights report, the cat food and snacks market is forecast to surpass an overall valuation of $44.89 billion by 2027.
Back in 2020, the food segment was one of the largest avenues responsible for industry growth, holding nearly 91.7% share of the global cat food and snacks market. However, pet owners are increasingly becoming inclined towards rewarding their pets by giving them treats and mixers apart from their regular meals, which is giving the pet treats and snacks segment a notable revenue boost.
The premiumization of cat food has supported most innovations in taste and flavors in cat food recipes. With rising health awareness among pet owners, the trend towards healthy food purchases for cats has proven to be a lucrative growth opportunity for pet food producers. The most integral factor in cat treats and mixtures is the presence of natural ingredients. This is evident from the growing sale of brands with formulas that are free from artificial flavors and colors.
Request for Customization @
Regionally speaking, Asia Pacific has led the cat food and snacks market over the years due to the growing humanization of pets in the region. Marketers are growingly commercializing on this aspect in their vast array of products and services. Improving purchasing power of the regional consumer population, momentous urbanization, and evolving lifestyles are the prominent determinants that have augmenting the demand for cat food in the region. Across the Asia Pacific, owning pets, particularly cats, has become a major trend among nuclear families and the elderly population.
With respect to the distribution channel, supermarkets/hypermarkets segment is responsible for bringing in the largest business to the market. Advancements in transportation and storage technology, along with the introduction of cutting-edge technologies to enhance the operation of supermarkets will supplement growth in the segment.
Today, companies throughout developed and developing countries can promote their new product lines at hypermarkets and supermarkets owing to the changing consumer tastes.
The developments in the global cat food and snacks market are supported by the efforts undertaken by the industry players to actively work towards introducing new products to suit the changing preferences of the pet owners. There is a growing need for organic, natural food and snack items that do not contain any synthetic flavors, which may prove to be harmful for pets.
The industry is fragmented with some of the leading cat food and snacks producers including WellPet LLC, Harringtons, Colgate-Palmolive, Nestle, and PetGuard, to name a few.
About Global Market Insights:
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports, along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Corporate Sales, USA
Global Market Insights Inc.
Email: [email protected]