PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1347842
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1347842
The global market for wet pet food is estimated to be valued at USD 25.5 Billion in 2023 and is projected to reach USD 31.7 Billion by 2028, at a CAGR of 4.5% during the forecast period. The wet pet food market has been shaped by urbanization and evolving lifestyles, leading to densely populated metropolitan areas and busy schedules. This has led to a shift in consumer preferences towards convenience-oriented choices, which has also influenced pet nutrition. As individuals adapt to urban life, they seek quick, hassle-free sustenance without compromising nutritional quality. This proclivity towards convenience foods has led to pet owners seeking pet food solutions that align with their own dietary preferences while catering to their unique nutritional requirements. Wet pet food, with its ready-to-serve format and emphasis on balanced nutrition, has become an increasingly preferred choice in this context. Manufacturers in the wet pet food market have innovated and diversified their product offerings to cater to this demand. As urban centers expand and lifestyles evolve, the wet pet food market will remain a focal point in the pet care industry, aligning with the modern ethos of convenience, quality, and holistic pet care.
"The convenience stores sub-segment in the by distribution channel segment is estimated to be growing at a CAGR of 3.9% for the wet pet food market."
Convenience stores are retail outlets that offer easy accessibility, extended operating hours, and a wide array of products, making them a convenient shopping destination for consumers. The strategy of distributing wet pet food through convenience stores holds substantial potential to bolster sales for several reasons. Distributing wet pet food via convenience stores taps into the growing trend of pet humanization, where pets are increasingly considered as integral family members. By placing wet pet food products in these easily accessible stores, pet owners are more likely to make spontaneous purchases, encouraged by the convenience and visibility of the products. Additionally, convenience stores cater to immediate consumption needs, which aligns with the nature of wet pet food, often serving as an instant and nutritious meal for pets.
Increased visibility in convenience stores creates brand familiarity and trust among consumers, further driving their inclination to choose wet pet food over alternative options. As pet owners increasingly prioritize the well-being and dietary needs of their pets, the convenience store channel becomes a vital bridge between pet food manufacturers and consumers, contributing to the surge in demand for wet pet food.
"The plant derivatives sub-segment in the by-source segment is estimated to grow at a CAGR of 4.2% during the forecast period."
The plant derivatives sub-segment within the source category of the wet pet food market is poised to experience substantial growth in the coming years. Plant derivatives in wet pet food refer to formulations that incorporate ingredients derived from plants, catering to the evolving dietary preferences of pet owners. As the trend of veganism gains momentum across human diets, it has transcended into the realm of pet nutrition. Pet owners are increasingly opting for vegan alternatives for their beloved dogs and cats, aligning their ethical and health-driven choices with the dietary needs of their furry companions. Plant derivatives offer a multitude of benefits for pets, containing essential nutrients such as protein, fiber, vitamins, and minerals that contribute to overall well-being. The incorporation of plant-based ingredients can address specific dietary requirements and allergies, making it an appealing choice for a broader range of pets. This surge in demand for plant-based wet pet food is underpinned by a growing awareness of animal welfare, environmental concerns, and the recognition that plant-derived ingredients can fulfill pets' nutritional needs while minimizing the ecological footprint.
"Europe to grow at a significant CAGR during the forecast period, in the wet pet food market to reach a value of USD 8.2 billion by 2028."
The European wet pet food market is poised to experience remarkable growth, with a significant CAGR. This surge can be attributed to several specific factors that underline the region's affinity towards pets. Firstly, Europe's strong cultural inclination towards pet companionship fosters a robust demand for high-quality pet products, including wet food. The region's deep-rooted attachment to pets as family members drive pet owners to seek premium, nutritionally rich options for their beloved cats and dogs. Moreover, the emphasis on pet welfare and the rising awareness about pet health has led to a shift in consumer preferences towards more nutritious and balanced diets, often provided by wet pet food products. Europe's stringent regulatory environment also plays a pivotal role, ensuring that pet food adheres to rigorous quality standards, thereby fostering trust among consumers. Additionally, the trend towards smaller pet households and urbanization has bolstered the demand for convenient and ready-to-serve wet pet food solutions.
Major key players operating in the wet pet food market include Nestle (Switzerland), Mars, Incorporated (US), Colgate-Palmolive Company (US), Unicharm Corporation (Japan), Thai Union Group PCL (Thailand), Charoen Pokphand Foods PCL (Thailand), General Mills Inc. (US), The J.M. Smucker Company (US), Better Choice Company (US), and Real Pet Food Co. (Australia).
This research report categorizes the wet pet food market, by pet (dogs and cats), source (animal-based, plant derivatives, and synthetic), distribution channel (pet specialty stores, supermarkets/hypermarkets, convenience stores, and online), and region (North America, Europe, Asia Pacific, South America, and RoW). The scope of this report encompasses a comprehensive examination of major factors, including drivers, restraints, challenges, and opportunities, that significantly influence the growth of the wet pet food market. Extensive research has been conducted to analyze key industry players, offering valuable insights into their business overview, product offerings, key strategies, contracts, partnerships, new product launches, as well as mergers and acquisitions associated with the wet pet food market. Furthermore, the report includes a competitive analysis of emerging startups in the wet pet food market ecosystem.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall wet pet food market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.