Cat wet food provides complete and balanced nutrition to cats and is easily digestible. It helps keep cats hydrated as around 75% of its content is moisture. Cat owners prefer wet food as it mirrors the natural diet of cats more closely and is more acceptable for fussy eaters or older cats. The global cat wet food market provides various options including canned, pouches, and trays in different types including fish, meat, seafood, poultry, and vegetarian.
The global Cat Wet Food Market is estimated to be valued at US$ 5.79 Billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for increased nutritious options is fueling the growth of the cat wet food market. Cat owners are increasingly focusing on feeding cats with natural, balanced, and nutritious diets. This presents a major market opportunity for manufacturers to introduce innovative product types and varieties rich in proteins and other nutrients. Novel offerings including grain-free, single-source protein, hydrolyzed protein, limited ingredient, and age-specific diets can attract health-conscious consumers. Companies developing wet foods made from high-quality, natural ingredients without artificial additives, preservatives, or other questionable components can gain a competitive advantage in the growing market.
Porter's Analysis
Threat of new entrants: The cat wet food market has moderate threat of new entrants as it requires high capex for manufacturing facilities and R&D. However, brand loyalty is low and large retailers provide access to customers.
Bargaining power of buyers: Buyers have moderate to high bargaining power given the availability of substitutes and brand alternatives. However, convenience of wet food increases switching costs for buyers.
Bargaining power of suppliers: Suppliers of raw materials like meat have moderate to low bargaining power due to availability of alternatives and suppliers. However, stability in input costs is crucial for profitability.
Threat of new substitutes: Threat of substitution is moderate to high from dry kibble pet food and human-grade wet dog food which are perceived to be similar by some pet owners and easily substitutable.
Competitive rivalry: The market is highly competitive with large global players along with regional and private label brands. Intense rivalry exists based on price, innovation, brand loyalty, variety and accessibility.
SWOT Analysis
Strength: High protein, moisture and taurine content makes wet food more convenient and popular. Variety in flavors and packaging attracts pet owners.
Weakness: Higher costs than dry kibble limits adoptions. Requires refrigeration and has short shelf-life raising logistical challenges.
Opportunity: Growth in pet humanization and premiumization trend as well as e-commerce. Sustainable and single-serve packaging formats present opportunities.
Threats: Competition from private labels and substitutes exerts pricing pressure. Economic turmoil and higher costs can reduce discretionary spending on pets.
Key Takeaways
The global cat wet food market is expected to witness high growth between 2024-2031 driven by rising pet ownership and humanization in developed regions. The global Cat Wet Food Market is estimated to be valued at US$ 5.79 Billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
North America dominates the market currently owing to large pet population, high disposable incomes and widespread availability through major retail channels and e-commerce sites in countries like the US and Canada.
Regional analysis indicates Asia Pacific will be the fastest growing regional market propelled by expanding middle class, nuclear families and desire for companionship leading to sharp rise in pet adoption across countries like China, India and Southeast Asia. Latin America and Middle East & Africa also present promising long-term prospects.
Key players operating in the cat wet food market are Nestle S.A, Mars, Incorporated, Royal Canin SAS, Hill’s Pet Nutrition Inc., Unicharm Corporation, Heristo AG, Yantai China Pet Foods Co., Ltd., and Central Proteina Prima Tbk, among others. Leading brands are focusing on nutritional quality, specialized formats, flavors/variety and eco-friendly packaging to strengthen brand loyalty and drive revenues in this highly competitive sector.
Comments
0 comment