SELBYVILLE, Del., June 17, 2021 (Newswire.com) - The cat food and snacks market value is anticipated to cross USD 44.89 billion by 2027, according to a new research report by Global Market Insights Inc. Rapid urbanization and consumer spending in several emerging countries will spur the industry outlook. Additionally, increasing preference of the population for a nuclear family has further aggravated the adoption of pets in the Asia Pacific region.
Increasing demand for premium products, such as natural, raw, and organic food with several options for owners, are anticipated to offer new growth opportunities to the overall cat food and snacks industry. Specialty products that focus on specific health benefits have shown strong growth momentum. Premium and low carbohydrate foods are entering the mainstream as cat owners are more focused on their pet's health. Pet ownership is increasing around the world, which include developed countries with aging population and consumers looking at pets for companionship. Increasing investments in product development and packaging are also likely to offer new growth opportunities.
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In 2020, food was the largest segment that accounted for around 91.7% share in the global cat food and snacks market. Pet owners also want to reward their pets by treats & mixers outside of their regular meals. Due to this, pet treats are witnessing strong growth. The premiumization of cat food has driven most innovations in taste and flavours in cat food recipes. With growing health-awareness among consumers, the trend toward healthy purchases for cats has proven lucrative for pet food manufacturers.
Some of the major findings in the Cat Food and Snacks Market report include:
- The food segment dominated the global cat food and snacks industry and is projected to reach around 90.9% of the market share by 2027.
- The supermarkets/hypermarkets segment is anticipated to register over 4.3% CAGR between 2021 and 2027.
- Major players of the global market are primarily focusing on expanding their product range to lead the industry.
- The market is moderately consolidated with the presence of several large & small players. New entrants face a low to medium barrier to entry due to the requirement for high capital investments.
Browse key industry insights spread across 194 pages with 148 market data tables & 21 figures & charts from the report, "Cat Food and Snacks Market by Type (Food, Treats & Mixers), Distribution Channels (Specialized Pet Food Shops, Supermarkets/Hypermarkets, Online), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027" in detail along with the table of contents:
The supermarkets/hypermarkets segment will account for around 38.5% share in the global cat food and snacks market by 2027. Recent developments in transportation and storage technology, as well as breakthrough technologies, to improve supermarket operations to a higher level will further have a positive impact on the segment growth.
The European cat food and snacks market is anticipated to register over 3.3% CAGR between 2021 and 2027. The major factor behind the pet food industry growth in the Asia Pacific is the humanization of pets. Marketers are now commercializing this aspect in their vast range of products & services. The growing purchasing power, rapid urbanization, and changing lifestyles are some of the major factors fuelling the demand for cat food in Asia Pacific. Nuclear families and the aged population owning pet cats is now becoming a trend in the region.
Key players in the global cat food and snacks market include Nestle, Foods and Harringtons, Mars Inc., WellPet LLC, The J.M. Smucker Company, Schell & Kampeter, Inc., Colgate-Palmolive, Beaphar, PetGuard, Spectrum Brands, General Mills, Blue Buffalo Pet Products Inc, and Diamond Pet, among others.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/cat-food-and-snacks-market
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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.
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