PORTLAND, Ore., Oct 26, 2021 / PRNewswire / – Allied Market Research released a report entitled “Wet Cat Food Market By Nature (Organic and Conventional), Price Point (Bulk and Premium), and Distribution Channel (Specialty Store, Supermarket / Hypermarket, Online Store, and. Other): Global Opportunity analysis and industry forecast, 2021–2030 “. According to the report, the global wet food industry generated for cats $ 4.6 billion in 2020 and is expected to generate $ 7.9 billion by 2030 with a CAGR of 5.7% from 2021 to 2030.
Main determinants of growth
The increasing preference of cat owners to feed their cats wet food is driving the growth of the global market for wet cat food. However, the higher cost and shorter shelf life of wet cat food compared to dry food are hampering market growth. On the other hand, the availability of cat snacks, which are also available in wet form, opens up new opportunities in the years to come.
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Covid-19 scenario
- The outbreak of the Covid-19 pandemic resulted in a worldwide lockdown and temporary closure of manufacturing facilities, which to some extent hampered the growth of the global bathroom fittings market.
- The pandemic impacted global logistics and transportation, but had less of an impact on the wet cat food market as pet owners increasingly choose locally made wet cat food products.
The conventional segment retains its leadership status over the entire forecast period
Based on nature, the conventional segment held the highest market share with 94% of the global wet cat food market in 2020 and is estimated to maintain its leadership status throughout the forecast period. This is mainly attributed to increased awareness of pet health problems, including physical and mental disorders. In addition, the organic segment is expected to have the highest CAGR of 7.4% from 2021 to 2030. This is due to increasing awareness of the benefits of organic wet cat food.
The mass segment to maintain its leading position during the forecast period
In terms of price point, the bulk segment accounted for the largest share in 2020, accounting for nearly three-fifths of the global wet cat food market and is expected to maintain its leadership position over the forecast period. This is because of their affordability and easy availability in small or local pet stores. Additionally, the premium segment is expected to have the largest CAGR of 6.1% from 2021 to 2030 as operational players in the industry now move into the premium segment to serve a new class of consumers.
Asia Pacific, followed by North Americato maintain its dominance through 2030
Depending on the region, Asia Pacific, followed by North America, held the highest market share in terms of sales in 2020, accounting for nearly two-fifths of the global wet cat food market. In addition, this region is expected to see the fastest CAGR of 7.1% from 2021 to 2030 due to the increase in disposable income, improvements in living standards and increased spending on pet health in China and India. Other regions discussed in the report are: North America, Europe, and LAMEA.
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Leading market players: –
- Mars, Incorporated
- Nestlé Purina brands
- TiernahrungDeuerer GmbH
- WellPet LLC
- Farmina pet food
- Diamond pet food
- Hill’s Pet Nutrition
- Blue Buffalo Co., Ltd.
- JM Smucker Company.
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