Cat Food and Snacks Market Worth $44.89 Billion by 2027, Says Global Market Insights Inc. | National News
SELBYVILLE, Del., June 17, 2021 / PRNewswire / – The market value of cat food and snacks is expected to exceed $ 44.89 billion by 2027, according to a new research report from Global Market Insights Inc. Rapid urbanization and consumer spending in several emerging markets will fuel the industry outlook. In addition, the increasing preference of the population for a nuclear family has made the adoption of pets in the in Asia Pacific Region.
The increasing demand for premium products such as natural, raw and organic food with multiple options for owners is expected to provide new growth opportunities for the entire cat food and snack industry. Specialty products that focus on specific health benefits have shown strong growth momentum. High-quality, low-carb foods are becoming increasingly popular as cat owners focus more on their pet’s health. Pet ownership is increasing around the world, including developed countries with aging populations and consumers seeking pets as a society. Increasing investments in product development and packaging should also offer new growth opportunities.
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In 2020, food was the largest segment with a share of around 91.7% of the global market for cat food and snacks. Pet owners want to reward their pets with treats and mixers outside of their regular meals as well. Because of this, pet treats are experiencing rapid growth. The premiumization of cat food has driven most of the flavor and taste innovations in cat food formulations. With consumers becoming more health conscious, the trend towards healthy buying of cats has proven lucrative for pet food manufacturers.
Key Findings of the Cat Food And Snacks Market Report Include:
- The food segment dominated the global cat food and snack industry and is expected to reach around 90.9% of the market share by 2027.
- The supermarkets / hypermarkets segment is expected to record over 4.3% CAGR between 2021 and 2027.
- The big players in the world market are primarily focused on expanding their product range in order to be leaders in the industry.
- The market is moderately consolidated due to the presence of several large and small players. New entrants have a low to medium entry barrier due to the high capital requirement.
Search key industry insights across 194 pages with 148 market data tables and 21 numbers and charts from the report.Cat Food & Snacks Market by Type (Groceries, Treats & Mixers), Distribution Channels (Specialized Pet Food Stores, Supermarkets / Hypermarkets, Online), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share and Forecast, 2021-2027“in detail together with the table of contents:
The supermarkets / hypermarkets segment will account for around 38.5% of the global market for cat food and snacks by 2027. Recent developments in transportation and storage technology, as well as breakthrough technologies to improve supermarket operations to a higher level, will continue to have a positive impact on segment growth.
The European cat food and snacks market is projected to see over 3.3% CAGR between 2021 and 2027. The main driver behind the growth of the pet food industry in the Asia Pacific is the humanization of pets. Marketers are now marketing this aspect in their wide range of products and services. Growing purchasing power, rapid urbanization and changing lifestyles are some of the main factors driving the demand for cat food in Asia Pacific. Small families and the elderly population owning domestic cats are now becoming a trend in the region.
Major players in the global cat food and snacks market include Nestle, Foods and Harringtons, Mars Inc., WellPet LLC, The JM Smucker Company, Schell & Kampeter, Inc., Colgate-Palmolive, Beaphar, PetGuard, Spectrum Brands, General Mills, Blue Buffalo Pet Products Inc, and Diamond Pet, among others.
Search the table of contents 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., based in Delaware, USA, is a global market research and advisory service provider providing syndicated and custom research reports and growth advisory services. Our business intelligence and industry research reports provide customers with penetrating insights and actionable market data that is specifically designed and presented to aid strategic decision-making. These in-depth reports have been generated using a proprietary research methodology and are available for key industries such as chemistry, advanced materials, technology, renewable energies and biotechnology.
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Cat Food & Snacks Industry Forecasts 2021-2027
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SOURCE Global Market Insights Inc.