Wet Pet Food Trends and Forecast
The future of the global wet pet food market looks promising with opportunities in the pet specialty store, supermarkets/hypermarket, and convenience store markets. The global wet pet food market is expected to reach an estimated $26.0 billion by 2030 with a CAGR of 5.2% from 2024 to 2030. The major drivers for this market are swift rise in the number of pets, improved palatability and digestibility of dried food for cats, rising pet ownership and humanization, and growing demand for specialty diets.
Country Wise Outlook for the Wet Pet Food Market
To strengthened their positions in the market, some of the major players are enhancing their operations and making alliance partnerships with other companies. These content illustrate major recent developments by major wet pet food producers in the USA, China, India, and Japan.
• USA: The growth of the wet pet food market in the USA is majorly attributed to an increase in the pet population and a higher preference for premium pet products. Recent developments also include an extended range of product lines launched incorporating premium, natural and new sources of protein including insects and plants. The major brands are investing and introducing the consumers with eco-friendly and sustainable cosmetics packaging. There is also growing the need for customization of pet food with more companies focused on designing the nutrition process according to the core health requirements of the pets and the accepted diets for the pets. There are also additional changes that include developments in flavors and the textures of the products.
• China: The sales volume of wet pet food in China is on the upsurge, majorly due to the increasing number of pet owners and the change in customer behavior towards gourmet pet foods. Modern trends entail the inclusion of more product lines with special emphasis on foreign brands and new techniques. Companies from China are putting money into research activities and development so as to design products according to the local tastes and nutritional needs. There is a growing trend of wet pet foods that enriches the diet and incorporates functional ingredients such as probiotics, glucosamine, omega 3 fatty acids, and joint health formulations. The internet is rapidly emerging as a new retail channel for pet food products, whereby large varieties of wet food products have been made available to consumers over the country through the e-commerce websites.
• India: The wet pet food market in India is growing while creating focus on the knowledge and accessibility of high quality pet food products. Recent developments include the entry of western brands into the Indian market and the launch of new wet pet food products based on local intake. As per demand, Indian manufacturers are also extending their product range to high protein, grain free and other pet dietary specialties. Increase in wet pet food demand is supplemented by educating the veterinary professionals as well as pet owners on the advantages of wet pet food, Scoop, 2013. As result urbanization creates a need for extensive distribution systems. Thus making it convenient for consumers, there has also been an increase in the online selling of pet food.
• Japan: In Japan, the market for wet pet food has shown increasing willingness towards more nutritious and healthier products. Recent trends include the introduction of premium moist pet food that has a high protein content, natural ingredients and additional functional aspects such as better digestion and skin enhancement. There is no longer any doubt that Japanese consumers are more than ready to wait for the next Tokyo Pet weak that is laced with some health benefits for their pets. Most of the consumers prefer single serve packs and smaller sizes owing to smaller households and the busy urban population. The market is also growing through the expansion of the online sales which makes it easy to access the high-end wet pet food products.
Emerging Trends in the Wet Pet Food Market
The emerging trends of wet pet food market are molding the prospects of pet nutrition as well as the preferences of consumers.
• Premiumization: Demand for premium versions of wet pet foods incorporating high quality and functionality settings on the ingredients available increases.
• Personalization: Increasing involvement of customization in the food formulations meant for pets lives in addressing the health status and diet of individual pets.
• Sustainability Focus: Consumers concerns over environmental issues have led to an increase in use of biodegradable materials in the packaging for the products as well as the sourcing of the ingredients.
• Health and Wellness: Focus on health-clinical formulations with probiotics, joint care, skin and fur curation products.
• Convenience: The increasing emergence of single-serve and storage packaging alternatives which require less babysitting and allow for portion management.
• E-commerce Growth: Growth of the available wet pet food assortment by adding online retailing opportunities.
The wet pet food segment continues to adapt and thrive as new trends of premiumization, personalization, and ecological and health concerns are emerging.
Recent Developments in the Wet Pet Food Market
Current trends in the wet pet food market show creativity and new directions consumers are shifting towards.
• New Product Development: Launch of new product lines of wet pet food such as wet pet food products with exotic taste, innovative proteins, and premium grade products.
• Corporate Sustainability: Commitment to green packaging solutions and other environmentally friendly business models by leading companies.
• Wellbeing: Creation of wet pet food with various healthy ingredients including probiotic and vitamins that are beneficial to pets.
• Geographic Expansion: Faster acceptance of international brands and premium offerings in the developing economies.
• Consumers’ Nutrition Phases: More active campaigns about the nutritional advantages of wet pet food in the proper feeding of pets.
• Increase in Online Sales: Growth of online sales for pet food and associated products giving more options to consumers and making it easier for them.
Recent tendencies in the wet pet food market are witnessing diversification of product lines in terms of more health-centric offerings, sustainable ingredients, enhanced sales, and a broader geographic market presence.
Strategic Growth Opportunities for Wet Pet Food Market
Growth opportunities in the wet pet food market are being observed in multiple applications and consumer segments.
• Premium Products: Higher penetration of natural and healthy pet treats has prompted the launch of new premium ranges of wet meals for pets.
• Personalized Nutrition: Aiding the pets or their owners with the development of a wet food that is targeted towards health and nutrition issues.
• Functional Benefits: Providing wet pet foods infused with functional elements, for example, probiotics, joint care, and immune enhancers.
• Sustainability Initiatives: Using green packaging and sourcing of ingredients to satisfy the sustainability aspect of the modern consumers.
• Online Retail Expansion: Utilizing online retail channels for the sale of more pet food with lesser restrictions on distribution.
• Regional Customization: Making adjustments on the products with regard to the individual country’s food habits and nutritional needs to improve the penetration levels of the market.
There are significant strategic development opportunities in the wet pet food market in premium products segment, personalized nutrition as well as sustainability trends driven by consumer needs and market dynamics.
Wet Pet Food Market Driver and Challenges
The wet pet food industry has certain key drivers and challenges which play an important role in its growth and development.
The factors responsible for driving the wet pet food market include:
1. Rising Pet Ownership: Rise in pet ownership resulting in the need for larger varieties of good quality and quantity pet food stuffs.
2. Health Awareness: Increasing awareness among the people regarding the food benefits of wet pet food to the health of pets.
3. Premiumization: Increase in demand of wet pet food products that are high, natural, and healthy or functional.
4. Convenience: Appearance of convenient size and single serve wet pet food packages.
5. E-commerce Growth: Online selling of such products makes availability of pet foods more efficient.
Challenges in the wet pet food market are:
1. Price Sensitivity: High prices of some wet pet food products consider to be premium, may be a problem to certain class of consumers.
2. Supply Chain Issues: Coping with challenges of the supply chain management and the quality and the availability of the ingredients.
3. Regulatory Compliance: Ensuring adherence to norms like labeling, messages, safety practices for a facilitated commercial engagement.
4. Consumer Perception: Change people’s perspective regarding the usability and treats of a wet pet food as opposed to other forms of pet foods.
5. Economic Factors: For many a shift in gross economic conditions might affect the demand for willing’s premium quality pet food products and other auxiliary products.
The wet pet food market is expanding due to more pet owners, more health consciousness and the expansion of e-commerce but these factors are constrained by affordability issues of the market, access to resources and competition in the market. In order to promote continuous growth such issues need to be solved and at the same time using opportunities available in the market.
List of Wet Pet Food Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies wet pet food companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the wet pet food companies profiled in this report include-
• Nestlé
• Mars
• Colgate-Palmolive Company
• Unicharm Corporation
• Thai Union Group
• Charoen Pokphand Foods
• General Mills
• The J.M. Smucker Company
• Better Choice Company
• Real Pet Food
Wet Pet Food by Segment
The study includes a forecast for the global wet pet food by pet, source, distribution channel, and region.
Wet Pet Food Market by Pet [Analysis by Value from 2018 to 2030]:
• Dogs
• Cats
Wet Pet Food Market by Source [Analysis by Value from 2018 to 2030]:
• Animal-Based
• Plant Derivatives
• Synthetic
Wet Pet Food Market by Distribution Channel [Analysis by Value from 2018 to 2030]:
• Pet Specialty Stores
• Supermarkets/Hypermarkets
• Convenience Stores
• Online
Wet Pet Food Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Wet Pet Food Market Insights
• Lucintel forecasts that animal-based will remain the largest segment over the forecast period.
• Within this market, specialty stores will remain the largest segment.
• APAC is expected to witness the highest growth over the forecast period due to rising number of households adopting dogs and cats as integral members of their families.
Features of the Global Wet Pet Food Market
Market Size Estimates: Wet pet food market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Wet pet food market size by pet, source, distribution channel, and region in terms of value ($B).
Regional Analysis: Wet pet food market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different pet, source, distribution channel, and regions for the wet pet food market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the wet pet food market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the wet pet food market size?
Answer: The global wet pet food market is expected to reach an estimated $26.0 billion by 2030.
Q2. What is the growth forecast for wet pet food market?
Answer: The global wet pet food market is expected to grow with a CAGR of 5.2% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the wet pet food market?
Answer: The major drivers for this market are swift rise in the number of pets, improved palatability and digestibility of dried food for cats, rising pet ownership and humanization, and growing demand for specialty diets.
Q4. What are the major segments for wet pet food market?
Answer: The future of the global wet pet food market looks promising with opportunities in the pet specialty store, supermarkets/hypermarket, and convenience store markets.
Q5. Who are the key wet pet food market companies?
Answer: Some of the key wet pet food companies are as follows:
• Nestlé
• Mars
• Colgate-Palmolive Company
• Unicharm Corporation
• Thai Union Group
• Charoen Pokphand Foods
• General Mills
• The J.M. Smucker Company
• Better Choice Company
• Real Pet Food
Q6. Which wet pet food market segment will be the largest in future?
Answer: Lucintel forecasts that animal-based will remain the largest segment over the forecast period.
Q7. In wet pet food market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period due to rising number of households adopting dogs and cats as integral members of their families.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for 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, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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