The Cat Litter Market is estimated to be valued at US$ 4.97 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cat litter is used as an absorbent medium for cat urine and feces. It absorbs odor, reduces tracking, and helps keep litter boxes clean. There are various types of cat litter available including clay, silica, and wheat based among others. Clay litter offers better clumping properties which helps easy disposal while wheat and silica litters are more eco-friendly and dust-free options. Increased pet ownership especially cats across the globe is driving the demand for cat litter products.
Market key trends:
One of the key trends propelling growth of the cat litter market is increased pet ownership especially cats. According to the 2019-2020 National Pet Owners Survey by the American Pet Products Association (APPA), approximately 37% of American households own cats which is about 47.1 million households. The growing humanization of pets and increased urban population is boosting cat adoption. Furthermore, rising disposable incomes in developing nations such as China, India, Brazil, and others has increased affordability for cat possession, which is positively impacting the cat litter market growth. Advancements in cat litter product offerings with added features like odor control, dust-free, clumping properties among others is also fueling market expansion.
Porter’s Analysis
Threat of new entrants: The cat litter market has moderate threat of new entrants due to high capital requirement for production and strong brands dominance. However, opportunities are also available for new players with innovative products.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes and product differentiation. Buyers can easily switch to close substitutes.
Bargaining power of suppliers: Suppliers have moderate power as key raw materials like clay, silica, and corn cob are commoditized and accessible to players. However, supplier integration can impact costs.
Threat of new substitutes: Threat is moderate to high from substitutes likeYesterday's News Cat Litter as buyers have close alternatives. However, brand loyalty offers protection.
Competitive rivalry: Intense competition exists between major players due to product homogenization.
SWOT Analysis
Strengths: Leading brands like Mars and Nestle have strong R&D capabilities and supply chain networks. Scented and clumping litters are modern product innovations attracting new users.
Weaknesses: Commoditization of major inputs increases price competition. Small regional players face limitations to scale up.
Opportunities: Growing pet humanization in emerging nations plus innovative litters using wheat, walnut shells provide scope. Sustainable packaging is another opportunity area.
Threats: Strict regulations over clay mining and increasing environmental concerns around disposability pose threats. Economic slowdowns impact discretionary spend on pets.
Key Takeaways
The global cat litter market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing pet humanization where cats are treated more like family members rather than pets. North America dominated the global cat litter market in 2023, accounting for around 38% revenue share of the overall cat litter market. Factors such as growing number of cat owners, availability of innovative & premium cat litter products drive the market in North America.
On a regional level, the Asia Pacific cat litter market is anticipated to witness fastest CAGR of around 6.5% during 2023-2030 due to rising focus towards pet hygiene in China and India along with growing middle class disposable income and increasing pet adoption.
Key players operating in the cat litter market are Mars Inc., Nestle SA (Purina), Church & Dwight Co Inc., The Clorox Company, Dr. Elseyâ€TMs, Oil-Dri Corporation of America, Pestell Pet Products, Zolux Sas, Cat Litter Company, and Healthy Pet. Mars Inc. and Nestle SA (Purina) collectively account for over 45% of the global market revenue owing to their wide distribution network and R&D capabilities in premium & innovative products.
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https://www.rapidwebwire.com/cat-litter-market-size-share-growth-outlook-2023/
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