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.
This growth has aroused the interest of investors, and a few significant human food manufacturing companies, such as General Mills and J.M. Smucker Company, have now entered the pet food market while also quickly adapting to the latest trends.
The Wet Pet Food Market is expanding rapidly, owing to rising pet ownership and increased awareness about pet health and nutrition. Wet pet food is becoming more popular among pet owners due to its higher moisture content and nutrient-rich recipes. Furthermore, the demand for premium and natural pet food options propels market growth, with manufacturers focusing on novel product offerings to cater to a wide range of pet tastes. As a result, the Wet Pet Food Market is expected to expand significantly in the approaching years.
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Wet Pet Food Market – Key Drivers
Preference of pet owners to buy superior products to ensure proper nutrition, care, and good health is anticipated to propel the wet pet food market. In addition to this, brands are calling out the percentage of the exact ingredients on their labels, draw attention towards the amounts of fresh-meat or animal-based protein in their products. Tiki Pets’ latest Dark Pâté wet diets comprise around 95% protein from meat ingredients.
Online store for wet pet food is gaining popularity in developing nations such as China and India. Increased usage of laptops, computers, and mobile phones has helped in the expansion of digital channels, both in volume and strength. As more super-premium brands take an omnichannel method, retailers – both online and offline- are competing with prominent 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.
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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)
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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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