New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cat Food Global Market Report 2023" - https://www.reportlinker.com/p06463976/?utm_source=GNW
, PetGuard Holdings LLC, Fromm Family Foods LLC, Blue Buffalo Pet Products Inc., Beaphar Pet Healthcare Products, Diamond Pet Foods, Foods and Harringtons, Dave’s Pet Food, Boulder Dog Food Company, Real Pet Food Company Pty Ltd., Freshpet Inc., Burgess Pet Care, Nature’s Variety, JustFoodForDogs, Steve’s Real Food, and WellPet LLC.
The global cat food market is expected to grow from $20.52 billion in 2022 to $21.97 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cat food market is expected to reach $26.31 billion in 2027 at a CAGR of 4.6%.
The cat food market consists of sales of veterinary diet foods, kibble or dry, treats and chews, freeze-dried food, and freeze-dried raw cat food.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cat food is a food given to cats for daily consumption typically composed of processed grain and meat or canned fish or meat. It provides a strong health, good vision, and a healthy reproductive system.
North America was the largest region in the cat food market in 2022. The regions covered in cat food report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main food types of cat food are dry food, wet food, treats and snacks and others.Dry food is made by combining and then cooking meats, vitamins, minerals, and fats at a high temperature and pressure, which makes the starches more digestible.
The sources involved are animal-derived, plant-derived and insect-derived which are of an organic, mono protein, conventional nature and are available by the economy, premium, super-premium pricing. These are sold through supermarkets and hypermarkets, specialized pet shops, online sales channels and others.
The increasing number of cat owners is expected to propel the growth of the cat food market going forward.Cat owners are individuals who own one or more cats as pets, but do not own any other pets.
The quality of the food in particular cat food is important for the cat’s well-being, which helps cats to keep healthy and long-living.Hence, an increase in the number of cat owners will increase the demand for cat food.
For instance, according to the American Veterinary Medical Association, a US-based association that advances the science and practice of veterinary medicine to improve animal and human health, the percentage of households that own at least one cat increased slightly between 2020 and 2022, from 26% to 29%. Therefore, the increasing number of cat owners is driving the growth of the cat food market.
Product innovations are a key trend gaining popularity in the cat food market.Major companies operating in the cat food market are focused on developing new solutions to strengthen their position in the market.
For instance, in March 2022, ORIJEN, a US-based pet food company, launched ORIJEN GUARDIAN 8 cat food in Canada.ORIJEN GUARDIAN 8 is a new adult cat kibble formulated with high-quality ingredients that it uses only a few supplements to help round out a cat’s diet and long-term health.
The first five ingredients of ORIJEN GUARDIAN 8 are fresh or raw poultry and fish ingredients, which offer biologically appropriate nutrition for adult cats with a taste they crave. The authentic WholePrey diet features the most succulent parts of the prey to mimic what a cat’s ancestors consumed in the wild.
In January 2022, Mars Inc., a US-based confectionery and pet food manufacturer, acquired Nom Nom for $1 billion. Through this acquisition, Mars Inc. benefits from combining the efforts of the two businesses to continue assisting their success in the new category while complementing its current portfolio (Royal Canin and Eukanuba). Nom Nom is a US-based pet food company that offers two jerky-style treats suitable for dogs and cats, featuring USDA-certified beef and chicken proteins.
The countries covered in the cat food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cat food market research report is one of a series of new reports that provides cat food market statistics, including cat food industry global market size, regional shares, competitors with cat food market share, detailed cat food market segments, market trends, and opportunities, and any further data you may need to thrive in the cat food industry. This cat food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06463976/?utm_source=GNW
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