The global wet pet food market is expected to be worth US$22.6 billion in 2023. Furthermore, with the increasing popularity of pets globally, the overall demand for wet pet food is expected to expand at a 5.5% CAGR from 2023 to 2033, achieving a market worth of US$ 37.7 billion by 2033.
Investors have taken note of this growth, and a few big human food manufacturing partnerships, including General Plants and J.M. Smucker Organisation, have recently entered the pet food business while also quickly catching up with the most recent trends.
Because pet ownership is booming and people are becoming more concerned of pet nutrition and welfare, the wet pet food market is growing rapidly. Due to its higher moisture content and nutrient-rich ingredients, wet pet food is growing in popularity with pet owners. Additionally, as makers concentrate on specific item contributions to meet a range of pet proclivities, the demand for both premium and conventional pet food selections boosts market rise. It follows that the wet pet food market will likely soon become completely saturated.
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Wet Pet Food Market – Key Drivers
The demand of pet owners for high-quality goods to provide proper nutrition, care, and good health is expected to drive the growth of the wet pet food market. In order to emphasise the amount of fresh meat or animal-based protein in their products, businesses are also highlighting the percentage of the specific ingredients on their labels. Around 95% of the protein in Tiki Pets’ most recent Dark Pâté wet meals comes from animal sources.
Growing in popularity are online pet food retailers in developing nations like China and India. The use of laptops, desktop computers, and cell phones has grown, which has helped the number and power of digital channels increase. As more super-premium companies adopt an omnichannel approach, retailers, both online and offline, are competing with well-known brands for an online position or shelf space.
Brands are trying new treats and wet options in the market, for instance, Cloud Star dipped into the frozen and fresh trend to debut Ice Treats. Additionally, Merrick introduced a line of local barbeque-inspired wet dog foods, comprising Texas, Memphis, North Carolina, and Kansas City barbeque flavors. It additionally added bone broths in chicken, beef, and turkey.
WET PET FOOD MARKET – Growth Constraints
The wet pet foods’ contents normally include chunks in jelly, chunks in gravy, meatloaf, and casserole formats. However, the canned food particularly meat-based is available in the market at a high cost, which may restrict its preference amid consumers.
Increasing dental problems for pets which ensures an increase in dental care cost is restraining the wet pet food market. Additionally, pet sensitivities among consumers are one more major attribute restraining market growth. Competing for an online position or shelf space with private label brands is another obstacle prominent wet pet food companies must overcome in the modern market.
COVID-19 Impact Analysis
The anticipated global economic turmoil caused by nationwide lockdowns due to COVID-19 has influenced the wet pet food market. Insights reported by the APPA reflect strong growth potential owing to a low-based crisis effect.
On the background of the optimistic forecasts, several companies were mulling plans to set up new manufacturing plants. Recently, Mars was going to twofold its capacities for wet pet food manufacturing plants in Rostov Oblast, Russia. Manufacturers are rethinking their business strategies such as expansion to stay afloat during the crisis.
Wet Pet Food Market – Region-wise Analysis
North America will spearhead the global wet pet food sector and gaining notable market share during the forecast period. This is owing to the abundant accessibility of varied pet food products in the U.S. This region is trailed by the Asia Pacific and Europe in market share terms. The presence of a huge consumer base and higher pet ownership in the US will boost sales in the region.
In the European region, the UK accounts for the biggest market share of the wet pet food market owing to the rising pets population. Asian nations, directed by China, India, Japan, and South Korea, came out as one of the prominent markets all over the globe. Additionally, the rising demand for premium dog food is anticipated to boot market sales.
Wet Pet Food Market – Competitive Analysis
Companies are majorly inclined towards growth, merger & acquisition, expansion, and new product development. For instance, Nestlé Purina PetCare took over natural pet food brand Lily’s Kitchen, the UK’s prominent producer of premium dry and wet natural foods for cats and dogs. The acquisition will help Nestle to grow its business impression in regions such as the Middle East and Asia.
Beaphar acquired Primevel, a leading producer of horses and dogs food supplements. The acquisition will help Primevel to boost its product distribution and sales through Beaphar distribution channels.
Value Enhancement Partners (VEP) & partners took over 100% shares of De Haan Petfood, a producer of premium canned pet food. VEP will help De Haan Petfood boost its market presence and expand its offering to the customers.
Major companies operating in the worldwide wet pet food market are
- Nestlé (Switzerland)
- Beaphar (U.K)
- Blue Buffalo Co., Ltd. (U.S)
- Harringtons Foods (U.K)
- WellPet LLC (U.S)
- Colgate-Palmolive (U.S)
- De Haan Petfood (Netherlands)
- Spectrum Brands, Inc.(the U.S)
- Mars
- MONGE SPA
- Evanger’s
- Sunshine Mills
- Simmons Pet Food, Inc.
- PetGuard
- C&D Foods
- Darling Ingredients Inc.
- Ani Manufacturing.
Region
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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Wet Pet Food Market – Segment Analysis
The global wet pet food market is categorized on the basis of following:
Product
- Dog food
- Cat food
- Others
Distribution Channel
- Online
- Retail
- Supermarket/ hypermarket
- Special store
- Others
- Offline
Application
- Commercial
- Residential
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