PORTLAND, OREGON, UNITED STATES, May 24, 2023 /EINPresswire.com/ — Allied Market Research published a report, titled, “Wet Cat Food Market by Nature (Organic and Conventional), Price Point (Mass and Premium), and Distribution Channel (Specialty Store, supermarket/hypermarket, Online Store, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030“. According to the report, the global wet cat food industry generated $4.6 billion in 2020, and is anticipated to generate $7.9 billion by 2030, witnessing a CAGR of 5.7% from 2021 to 2030.
Prime determinants of growth
Increase in preference of cat owners to feed wet cat food to their catsdrives the growth of the global wet cat food market. However,higher cost and lower shelf life of wet cat food as compared to dry cat food hinder the market growth. On the other hand, availability of cat treats, which is also available in wet form presents new opportunities in the coming years.
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The outbreak of the Covid-19 pandemic led to global lockdown and temporary closure ofmanufacturing facilities, which hampered the growth of the global bathroom taps market to some extent.
The pandemic affected the global logistics and transportation but has hadlower impact on the wet cat food market, as pet owners are increasingly opting for local manufactured wet cat food products.
The conventionalsegment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment held the highest market share in 2020, accounting for 94% of the global wet cat food market, and is estimated to maintain its leadership status throughout the forecast period. This is majorly attributed to rise in awareness regarding health issues among pet animals, including physical and psychological disorders. Moreover, the organic segment is projected to manifest the highest CAGR of 7.4% from 2021 to 2030. This is due to rise in awareness regarding benefits of organic wet cat food.
The mass segment to maintain its lead position during the forecast period
Based on price point, the masssegment accounted for the largest share in 2020, contributing to nearly three-fifths of the global wet cat food market, and is projected to maintain its lead position during the forecast period. This is due to their affordability and easy availability in small or local pet stores. Moreover, the premium segment is expected to portray the largest CAGR of 6.1% from 2021 to 2030, owing to operating players in the industry who are now venturing into premium segment to cater on a new consumer class.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global wet cat food market. Moreover, this region is expected to witness the fastest CAGR of 7.1% from 2021 to 2030, due to rise in disposable income, improvement in standard of living, and increase in spending on health of pets in China and India. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading Market Players:-
Nestlé Purina trademarks
Farmina Pet Foods
Diamond Pet Foods
Hill’s Pet Nutrition
Blue Buffalo Co., Ltd.
J.M. Smucker Company.