by Cat wet food provides nutrition requirements of cats in a palatable form and contains higher moisture content compared to dry food. Wet food helps in maintaining oral health, hydration levels and digestive health of cats. It contains fish, poultry or meat as a major ingredient and is rich in proteins and vitamins. Canned wet food resembles the natural diet of cats more closely compared to dry kibbles. With rising awareness about premium and nutritious pet food products, cat owners are willing to spend more on cat food for the well-being of their pet. This growing demand for high-quality cat nutrition is a key driver propelling the global cat wet food market.
The global cat wet food market is estimated to be valued at US$ 44.74 Billion in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cat owners are increasingly preferring wet food as it helps satisfy the natural hunting and eating instincts of cats. Canned wet foods contain 80% moisture content on average compared to dry kibbles containing around 10% moisture only. The high moisture content and texture of wet food appeal to cats and help promote oral health. It also prevents dehydration which is a major concern for cats. With rising focus on protein-rich diets for pets, wet cat food products containing chicken, fish or lamb as a primary ingredient are gaining immense popularity.
Market key trends:
One of the major trends in the cat wet food market is the increasing demand for grain-free and single-origin wet foods. Many cats are prone to grain allergies. Hence, cat owners carefully check the ingredient label to avoid any foods containing corn, wheat or soy. Grain-free wet cat foods are formulating recipes using novel protein sources like kangaroo or venison that are easily digestible for cats. Another notable trend is customized and personalized wet cat food catering to specific nutritional needs. Wet foods are available for weight management, urinary tract health, dental care, aging cats and kitten formulas. Manufacturers are also focusing on improving textures, flavors and packaging formats to make wet food more appetizing for finicky eaters.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital requirement and long product development and FDA approval process acts as a barrier. However, increasing product innovation and demand provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have reasonable choice of products but substitution options are limited. Brand loyalty and availability issues increase buyer power.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate due to availability of substitute ingredients and differentiated goods. Suppliers depend on key buyers for large sales volumes.
Threat of new substitutes: The threat of new substitutes is low as cat owners develop strong brand loyalty. However, private label products pose competition on pricing.
Competitive rivalry: Competition is high among top players. Companies focus on product differentiation, quality, promotion and expanding distribution to gain market share.
Key Takeaways
The Global Cat Wet Food Market Size is expected to witness high growth in the forecast period.
Regional analysis:
North America dominates the market currently owing to rising pet humanization in countries like the US. Asia Pacific is expected to show highest growth rate led by growing pet care industry in China and India. Adoption of western lifestyles and increasing purchasing power are fueling market growth.
Key players: Key players operating in the Cat Wet Food Market are ARCHOS S.A., ELLIPAL LTD., LEDGER SAS and OPOLO SARL. ARCHOS S.A. is one of the global leaders with strong distribution network across major markets. ELLIPAL LTD. is known for its innovative product offerings catering to premium segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
