Why is it safe?
Bubble wrap is chemically non-toxic (low-density polyethylene, LDPE, a generally food-safe plastic). Cats are frequently attracted to it for play, particularly the popping sensation. The risk is incidental ingestion of plastic fragments if the wrap is chewed through, and the remote possibility of entrapment inside large pieces.
Symptoms
None from supervised contact. Ingested fragments: potential GI irritation or minor obstruction.
What To Do
Supervise play. Discard in a closed bin once perforated. Vet if large pieces are swallowed.
Notes
Unlike EPS, bubble wrap doesn't crumble into easily inhaled small particles, which makes it a lower risk than Styrofoam for most cats. The main concern is cats actively chewing through the plastic. Dispose before cats can access perforated sections.
Sources
→ ASPCA Animal Poison Control Center — aspca.org
→ VCA Animal Hospitals — vcahospitals.com