PUBLISHER: Grand View Research | PRODUCT CODE: 1363437
PUBLISHER: Grand View Research | PRODUCT CODE: 1363437
The global cat food market size is expected to reach USD 44.32 billion by 2030, growing at a CAGR of 4.4% during the forecast period, as per a new report by Grand View Research, Inc.. This is attributable to the increasing pet ownership, growing health and wellness concerns, and growing product innovation and diversity worldwide. The market has seen continuous product innovation, with manufacturers introducing new flavors, formulations, and formats to cater to diverse consumer preferences and requirements. Grain-free, limited ingredient diets, and natural or organic cat food options have gained popularity. Additionally, there has been an expansion in the availability of specialized diets, such as hypoallergenic or weight management cat food resulting in an increase in demand for the product over the period.
A large proportion of individuals consider their pets to be part of their family, and cats are the second most popular pets after dogs. Many individuals who reside in small apartments prefer smaller pets that suit their lifestyle. With more people opting out of having children, there is a growing trend of using pets as a substitute, leading to a flourishing industry that caters to pampered pets. Additionally, the increasing number of elderly couples, dual-income households with no children, and a surge in disposable income are the primary drivers of cat adoption worldwide.
The implementation of lockdown measures as a result of the COVID-19 pandemic had adverse effects on the manufacturing capabilities of multiple players in several countries across the globe. However, the lengthy shelf life of cat food items, which can range widely from four months to over a year, enabled manufacturers to continue selling their products from existing stock despite production constraints. Thus, all these factors resulted in growth in product demand even during the pandemic.