The Wet Pet Food Market is witnessing remarkable growth with a value-based CAGR of 5.5% from 2023 to 2033, reaching an impressive US$ 37.7 billion by 2033 valuation. The increasing awareness about pet nutrition and the inclination towards premium and nutritious options are driving the demand for wet pet food. The market shows no signs of slowing down.
This extension has provoked the curiosity of financial backers, and a couple of enormous human food creation organizations, like General Factories and J.M. Smucker Organization, have now entered the pet food market while likewise quick adjusting to the most recent patterns.
As a result of rising pet proprietorship and expanded mindfulness about pet wellbeing and nourishment, the Wet Pet Food Market is quickly creating. As a result of its more prominent dampness content and supplement rich definitions, wet pet food is turning out to be more famous among pet proprietors. Besides, the interest for premium and regular pet food choices drives market development, with makers zeroing in on novel item contributions to take special care of a different assortment of pet inclinations. Accordingly, the Wet Pet Food Market is anticipated to fill quickly before very long.
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Wet Pet Food Market – Key Drivers
Inclination of pet proprietors to purchase better items than guarantee legitimate nourishment, care, and great wellbeing is expected to push the wet pet food market. Furthermore, brands are getting down on the level of the specific fixings on their marks, draw consideration towards the measures of new meat or creature based protein in their items. Tiki Pets’ most recent Dull Pâté wet eating regimens involve around 95% protein from meat fixings.
Online store for wet pet food is acquiring notoriety in emerging countries like China and India. Expanded use of workstations, PCs, and cell phones has helped in the extension of computerized channels, both in volume and strength. As additional super-exceptional brands take an omnichannel technique, retailers – both on the web and disconnected are competing with noticeable brands for an internet based position or rack 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.
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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)
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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