Cat Wet Food Market is in trends with rise in humanization of pets

The cat wet food market has witnessed substantial growth over the past few years owing to increasing pet humanization among pet owners. Cat wet food contains high moisture content and a mix of meat, vegetables, minerals, and other nutrients which provide cats with essential vitamins. Cat owners prefer wet food as cats typically drink very little water, so wet food helps to meet their hydration needs. The convenient packaging and palatability of wet food as compared to dry cat food also drives its demand.

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.

Key Takeaways
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. Nestle and Mars collectively account for over 35% of the global market share owing to their robust brand value and product portfolio.

The demand for cat wet food is growing among pet owners globally due to rising awareness about nutrition and health benefits of wet food for cats. Shift in pet owner perceptions towards cats being companions rather than utility pets has also augmented the demand. Moreover, growing humanization of pets and increasing pet healthcare expenditure is propelling the cat wet food market growth.

North America and Europe dominate the global cat wet food market. However, Asia Pacific region is expected to witness highest growth during the forecast period driven by rising pet adoption, increasing disposable income and growing awareness about pet health and wellness in emerging countries such as China and India. Leading players are also expanding to Asia Pacific region through partnerships and by establishing manufacturing facilities to cater to the rising demand.

Market key trends
One of the key trends gaining traction in the cat wet food market is the rising demand for allergen-free, grain-free and organic wet cat food products. Many cats suffer from food allergies and sensitivities to common ingredients like corn, wheat or soy. With growing awareness, cat parents are increasingly opting for limited ingredient diets without corn, grain, soy or artificial colors/preservatives to keep their furry friends happy and healthy. This trend is driving innovation in cat wet food product offerings.

Porter's Analysis
Threat of new entrants: High cost of production and strong brand loyalty limits the opportunity for new players in the market.

Bargaining power of buyers: High number of branded and private label options gives buyers more bargaining power over suppliers.

Bargaining power of suppliers: Major suppliers have control over raw materials and can influence prices which gives them strong bargaining power.

Threat of new substitutes: introduction of new specialized and premium cat foods poses threat of substitution.

Competitive rivalry: Strong competition exists among major players to gain market share through innovative offerings and advertising.

Geographical Regions

North America accounts for the largest share of value in the cat wet food market primarily driven by high pet ownership and premiumization trend in the US and Canada. Growing urbanization, nuclear families and rising disposable incomes have boosted pet humanization in the region.

Asia Pacific registers fastest growth for cat wet food market with increasing pet ownership in China, India and other developing nations. Rapid westernization, trend of small families and awareness about nutrition benefits are fueling the shift towards premium cat foods in the region. Rising millennial population is driving on-the-go consumption of wet foods in small packs.

Europe is another significant geographical region concentrated with value share in cat wet food market led by Germany, France, UK and Italy. Strong focus on pet health and wellbeing drives high consumption of nutrition-rich wet foods in the region. Growing vegan and vegetarian pet food trend is creating opportunities for plant-based alternatives as well.