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 - Global Forecast to 2028
Wet Pet Food Market Size & Trends Overview
From 2023 to 2028, the global wet pet food market is expected to rise at a remarkable compound annual growth rate (CAGR) of 4.5%. This rising trend is expected to boost market value from $25.5 billion in 2023 to $31.7 billion by the end of 2028.
The market has gained significant traction as pet owners seek convenient and nutritionally balanced options for their dogs and cats. This segment offers diverse products with higher protein content and fewer carbohydrates, aligning with the trend of prioritizing pet health and emulating natural diets. The market's growth is also propelled by the humanization of pets, leading to demand for premium, gourmet offerings reminiscent of human food. However, the escalating demand for the market raises sustainability and environmental concerns. The production and packaging processes contribute to ecological issues, including greenhouse gas emissions and non-recyclable packaging waste. Manufacturers must navigate this challenge by adopting eco-friendly practices, minimizing their carbon footprint, and innovating sustainable solutions. Striking a balance between market demands and environmental responsibility is paramount to ensure the longevity of the wet pet food industry while addressing pressing ecological issues.
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Wet Pet Food Market Growth Insights
Drivers: Enhanced palatability and digestibility of wet pet foods
Enhanced palatability, characterized by an appealing taste, texture, and aroma, has emerged as a pivotal factor driving the heightened demand for wet pet foods. Pet owners have become increasingly discerning, seeking out products that cater to their companion animals' sensory preferences. Manufacturers have responded adeptly by formulating wet pet foods that tantalize pets' taste buds, thereby promoting consistent consumption and satiety. This has resulted in improved overall nutrition and a reduction in food wastage, augmenting the appeal of wet pet foods to pet owners. Furthermore, the enhanced digestibility of wet pet foods has garnered substantial attention, further contributing to the surge in demand. A considerable proportion of pet owners are gravitating towards products that not only satisfy their pets' gustatory desires but also promote optimal nutrient absorption and gastrointestinal health. Wet pet foods, with their higher moisture content and softer texture, facilitate easier mastication and digestion, particularly in pets with dental issues or senior pets. As pet owners become increasingly conscious of the vital connection between diet and digestive well-being, the preference for wet pet foods has intensified.
Restraints: Price sensitivity among consumers
Price sensitivity refers to consumers' responsiveness to changes in price, where even marginal alterations can significantly impact purchasing decisions. In the context of the wet pet food market, price sensitivity has been particularly pronounced due to a confluence of factors. Firstly, consumers perceive wet pet food as a discretionary purchase, often positioned alongside other pet-related expenditures such as veterinary care, grooming, and accessories. As a result, pricing considerations are more pronounced, with pet owners seeking cost-effective options without compromising on their pets' well-being. Fluctuations in disposable income, coupled with economic uncertainties, amplify consumers' price sensitivity. In times of financial strain, consumers are more inclined to opt for economical alternatives or even consider transitioning to homemade pet food options. Additionally, the market has experienced an influx of brands and product offerings, intensifying competition. Manufacturers' efforts to differentiate through product quality, ingredients, and packaging further heighten price sensitivity as consumers evaluate trade-offs between various brands.
Opportunities: Growing e-commerce and online platforms
As consumers increasingly turn to the convenience of digital avenues for their purchasing needs, the wet pet food industry has been quick to adapt and leverage this trend to its advantage. One of the primary advantages of the e-commerce surge is the expanded reach it offers to wet pet food manufacturers and suppliers. Through online platforms, these businesses can tap into a global customer base that was previously inaccessible through traditional brick-and-mortar retail channels. This has proven particularly advantageous for niche and specialized wet pet food products that may have struggled to gain visibility in conventional retail spaces. Moreover, the enhanced convenience of online shopping aligns seamlessly with the preferences of modern pet owners. The ability to browse a diverse range of wet pet food options, compare prices, and read comprehensive product descriptions and reviews empowers consumers to make informed choices tailored to their pets' specific dietary needs. This, in turn, fosters brand loyalty and customer satisfaction, vital components for long-term success in the wet pet food market.
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E-commerce platforms have also facilitated targeted marketing strategies, allowing wet pet food brands to tailor their messaging to specific demographics and pet owner preferences. Personalized recommendations and advertisements, based on previous purchases or browsing history, further enhance the customer experience, driving sales and revenue growth. Furthermore, the logistical challenges historically associated with the distribution of wet pet food, given its weight and perishable nature, have been mitigated through technological advancements in packaging and delivery. Online retailers have devised innovative solutions, such as temperature-controlled packaging and efficient last-mile delivery services, ensuring that wet pet food reaches consumers in optimal condition.
Challenges: Sustainability and environmental concerns
Traditional wet pet food packaging often involves single-use plastics, which contribute to plastic waste accumulation and take a considerable toll on the environment. These materials are non-biodegradable and can persist in ecosystems for centuries, contributing to pollution and endangering wildlife. As consumers increasingly prioritize sustainability, the industry faces mounting pressure to adopt packaging solutions that minimize environmental impact, such as compostable, biodegradable, or recyclable alternatives. Furthermore, the sourcing of ingredients poses a significant dilemma. The wet pet food production process necessitates a steady supply of animal proteins and other ingredients, which can strain natural resources and contribute to deforestation, overfishing, and habitat destruction. Responsible sourcing and sustainable agriculture practices are becoming imperative for manufacturers to mitigate their ecological footprint.
Wet Pet Food Market: Value Chain Analysis
Wet Pet Food Market Ecosystem Analysis
The market ecosystem for wet pet food encompasses various stakeholders and components involved in the production, distribution, and end users of wet pet food products. Various regulatory bodies are also involved in this market, and they are one of the significant stakeholders.
Ecosystem MAP
Wet Pet Food Market by Distribution Channel Insights
Based on the distribution channel, the pet specialty stores sub-segment is estimated to account for the largest market share of the wet pet food market.
Over the past years, the pet specialty retail sector has witnessed remarkable expansion, with an increasing focus on offering a comprehensive range of products and services tailored exclusively for pets, particularly dogs and cats. This growth in the number of pet specialty stores is attributed to the rising pet ownership rates, growing awareness about pet health and nutrition, and the evolving preferences of pet owners.
Pet specialty stores have carved out a distinctive niche compared to other distribution channels like online platforms, supermarkets/hypermarkets, and convenience stores. These stores provide an immersive shopping experience that includes personalized guidance from knowledgeable staff, enabling pet owners to make well-informed decisions regarding wet pet food choices based on their pets' individual needs. The specialized environment fosters a sense of community and trust, a factor that significantly enhances customer loyalty. Moreover, the pet specialty store format facilitates the exploration of premium and specialized wet pet food options that might not be as prominently featured in other retail settings.
Wet Pet Food Market by Source Insights
Based on the source, the animal-based sub-segment is anticipated to dominate as well as grow at the highest CAGR in the market.
The animal-based sub-segment is poised to dominate and experience the highest growth within the source segment of the wet pet food market. This dominance can be attributed to the inherent preferences of pets, particularly dogs and cats, which display a pronounced inclination towards animal-derived diets. Their biological predisposition towards consuming meat aligns with their evolutionary history as carnivores. Consequently, animal-based wet pet foods resonate more closely with the dietary preferences and nutritional needs of these pets, driving their popularity. Animal-based wet pet food prevails over its counterparts by offering a sensory appeal, taste profile, and nutrient composition that more closely emulates the diet they would consume in the wild. This resonance with pets' preferences has elevated animal-based wet pet food to the forefront of the market.
Wet Pet Food Market by Regional Insights
Asia Pacific is estimated to grow at the highest CAGR in the wet pet food market.
Over the past decade, the Asia Pacific has witnessed a substantial surge in pet ownership rates, with an increasing number of households adopting dogs and cats as integral members of their families. This shift in mindset is largely attributed to evolving socio-cultural dynamics, urbanization, and changing lifestyles, which have collectively propelled the demand for pet companionship. Moreover, the phenomenon of pet humanization has gained significant traction across the Asia Pacific. Pet owners in this region increasingly consider their furry companions as valued family members, leading to a willingness to invest more in their health, well-being, and overall quality of life. As a result, pet owners are inclined to spend on premium and nutritionally superior pet food options, including wet pet food that is perceived to offer greater nutritional benefits.
The growing disposable incomes, rapid urbanization, and increasing awareness about pet health have further intensified the demand for high-quality pet nutrition products in the Asia Pacific. This trend is expected to persist, driving the wet pet food market's growth in the region. As pet owners become increasingly discerning about their pets' dietary requirements, the popularity of wet pet food, known for its palatability and nutritional content, is set to rise, creating a fertile ground for robust market expansion.
Key Players in the Wet Pet Food Industry
Nestlé (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), and Better Choice Company (US) are among the key players in the global market. To increase their company's revenues and market shares, companies are focusing on launching new products, developing partnerships, and expanding their production facilities. The key strategies used by companies in the market include geographical expansion to tap the potential of emerging economies, strategic acquisitions to gain a foothold over the extensive supply chain, and new product launches as a result of extensive research and development (R&D) initiatives.
Wet Pet Food Market Report Scope
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Report Metric |
Details |
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Market Valuation in 2023 |
US $25.5 Billion |
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Revenue Forecast in 2028 |
US $31.7 Billion |
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Surge rate |
CAGR of 4.5% |
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Regions covered |
North America, Europe, Asia Pacific, South America, and RoW |
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Companies studied |
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Market Drivers |
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Market Opportunities |
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Wet Pet Food Market Segmentation:
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Aspect |
Details |
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Market By Pet |
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Market By Source |
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Market By Distribution Channel |
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Market By Region |
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Recent Developments
- In June 2023, Mars Petcare Australia, a division of Mars, Incorporated, decided to invest around USD 77 million to expand its cat food production in Wodonga, Australia. The project includes a dedicated 7,800-square-meter facility focused on wet cat food production, featuring two production lines with an annual capacity of 25,000 tons. This move aims to meet current and future consumer demand, strengthen local operations, introduce new product lines, and solidify Mars Petcare's leading position in the pet food industry, with support from the Victorian government.
- In February 2023, Mars Petcare, a division of Mars, Incorporated, successfully acquired Champion Petfoods, known for premium pet food brands ORIJEN and ACANA. This enriches Mars Petcare's global offerings, including wet pet foods, aligning with its strategy and enhancing its presence in the upscale pet food market. Champion Petfoods will operate independently under Mars Pet Nutrition, providing diverse choices and fostering growth and innovation.
- In April 2022, Nestlé invested USD 90 million to upgrade its Blayney site in Australia, expanding Nestlé Purina PetCare's production of wet cat food to meet growing demand. The facility now employs advanced technology, resulting in a 120% boost in single-serve wet cat food output, complementing existing dry pet food offerings. This expansion created 20 jobs, increased local ingredient usage to over 85%, and reaffirmed Nestlé Purina's regional significance, exporting wet and dry pet food to various countries including New Zealand, Thailand, and Japan. Total investment in the Blayney factory exceeds USD 200 million over a decade.
Frequently Asked Questions (FAQ):
Which region is projected to account for the largest share of the wet pet food market?
The North America region accounted for the largest share, in terms of value, of USD 9.3 billion, of the global wet pet food market in 2022 and is expected to grow at a CAGR of 4.3%.
What is the current size of the global wet pet food market?
The wet pet food market is estimated at USD 25.5 billion in 2023 and is projected to reach USD 31.7 billion by 2028, at a CAGR of 4.5% from 2023 to 2028.
What are the key players in the market?
The key players in this market include Thermo Fisher Scientific Inc. (US), Bio-Rad Laboratories, Inc. (US), Merck KGaA (Germany), Neogen Nestlé (Switzerland), Mars, Incorporated (US), Colgate-Palmolive Company (US), Unicharm Corporation (Japan), Thai Union Group PCL (Thailand), Charoen Pokphand Foods PCL (Thailand) and General Mills Inc. (US).
What are the factors driving the wet pet food market?
Enhanced palatability and digestibility of wet pet foods and influence of pet-centric social media & trends.
Which segment by source accounted for the largest wet pet food market share?
The animal-based segment dominated the market for wet pet food market and was valued at USD 13.1 billion in 2022. Driven by pets' natural carnivorous tendencies and the discerning choices of pet owners who prioritize their companions' optimal nutrition, the animal-based sub-segment dominates the wet pet food market's source segment.
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This research study involved the extensive use of secondary sources directories and databases such as Bloomberg Businessweek and Factiva—to identify and collect information useful for a technical, market-oriented, and commercial study of the wet pet food market. In-depth interviews were conducted with various primary respondents—such as key industry participants, subject matter experts (SMEs), C level executives of key market players, and industry consultants—to obtain and verify critical qualitative and quantitative information as well as to assess prospects.
Secondary Research
The secondary sources referred for this research study include government sources, the EU Commission, the European Food Safety Authority, the German Federal Institute of Risk Assessment, the Food Safety and Standards Authority of India (FSSAI), and the Japanese Ministry of Health, Labor and Welfare have referred to, to identify and collect information for this study. The secondary sources also included wet pet food manufacturers' annual reports, press releases & investor presentations of companies, white papers, food journals, certified publications, articles from recognized authors, gold & silver standard websites, regulatory bodies, trade directories, and paid databases.
Secondary research was used to obtain key information about the industry’s supply chain, the total pool of key players, and market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated by primary research. It was also used to obtain information on the key developments from a market-oriented perspective.
Primary Research
The wet pet food market comprises multiple stakeholders, including raw material suppliers, processed food suppliers, and regulatory organizations in the supply chain. Various primary sources from the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Primary interviewees from the supply side include research institutions involved in R&D to introduce to the manufacturers, and importers & exporters of wet pet food from the demand side include distributors, wholesalers, and key opinion leaders through questionnaires, emails, and telephonic interviews.
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Wet Pet Food Market Size Estimation
The following approaches represent the overall market size estimation process employed for the purpose of this study.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. These approaches were also used extensively to estimate the size of various dependent submarkets. The research methodology used to estimate the market size includes the following:
Top-down approach:
- The key players in the industry and the market were identified through extensive secondary research.
- The revenues of major wet pet food manufacturers were determined through primary and secondary research, such as paid databases, which were used as the basis for market estimation.
- Based on the market share analysis of key industry players from all regions, the final market size of the wet pet food market has been arrived at.
Wet Pet Food Market Size Estimation By Type (Supply Side)
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Bottom-up approach:
Based on the share of wet pet food for each site at regional and country levels, the market sizes were analyzed. Thus, with a bottom-up approach to the site at the country level, the global market for wet pet food was estimated.
Based on the demand for pets, offerings of key players, and the region-wise market share of major players, the global market for food tested was estimated.
Other factors considered include the penetration rate of wet pet food, the demand for consumer awareness, functional trends, the adoption rate, patents registered, and organic & inorganic growth attempts.
- From this, market sizes for each region were derived.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All macroeconomic and microeconomic factors affecting the growth of the wet pet food market were considered while estimating the market size.
- All parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain final quantitative and qualitative data.
Wet Pet Food Market Size Estimation (Demand Side)
The following sections (bottom-up & top-down) (supply-demand) depict the overall market size estimation process employed for this study.
Data Triangulation
After arriving at the global market size from the estimation process explained above, the total market was split into various segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to estimate the wet pet food market and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying a range of factors and trends from the demand and supply sides. Additionally, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Wet pet food refers to a category of commercial pet food products that are typically sold in cans, pouches, or other airtight containers and have a high moisture content compared to dry pet food. Wet pet food is also often referred to as canned pet food or moist pet food. It is formulated to have a higher water content, often around 70-85% moisture, which can help provide hydration to pets and is particularly beneficial for animals that may have difficulty drinking sufficient water.
American Association of Feed Control Officials (AAFCO) defines wet pet food as "a type of pet food characterized with at least 65% moisture and typically packaged in cans, pouches, trays, or other similar containers."
Stakeholders
- Key manufacturers of animal nutrition products
- Key companies engaged in pet food processing
- Key manufacturers of wet pet food
- Traders, distributors, and suppliers in the wet pet food market
- Traders and suppliers of raw materials to the wet pet food industry
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Related government authorities, commercial R&D institutions, and other regulatory bodies
- The Association of American Feed Control Officials (AAFCO)
- Pet Food Manufacturers Association (PFMA)
- The Pet Food Industry Association of Australia
- American Pet Products Association, Inc. (APPA)
- Canadian Association of Raw Pet Food Manufacturers
Report Objectives
Market Intelligence
- Determining and projecting the size of the wet pet food market with respect to product type, source, pet, and region.
- Identifying the attractive opportunities in the market by determining the largest and fastest-growing segments
- Providing detailed information about the key factors influencing the market growth (drivers, restraints, opportunities, and industry-specific challenges)
- Providing the regulatory framework and market entry process related to the market
- Analyzing the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
Competitive Intelligence
Identifying and profiling the key players in the wet pet food market.
Providing a comparative analysis of market leaders based on the following:
- Product offerings
- Business strategies
- Strengths and weaknesses
- Key financials
Understanding the competitive landscape and identifying the major growth strategies adopted by players across the key regions.
Analyzing the value chain and products across the key regions and their impact on the prominent market players
Providing insights on key product innovations and investments in the global wet pet food market.
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
The following customization options are available for the report:
Product Analysis
- Product Matrix, which gives a detailed comparison of the product portfolio of each company.
Geographic Analysis
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
- Further breakdown of the rest of Asia Pacific wet pet food market into Australia, New Zealand, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenia.
- Further breakdown of rest of Europe market into Belgium, Netherlands, other EU, and non-EU countries.
- Further breakdown of the rest of South America's market into Chile, Venezuela, Peru, Columbia, Paraguay, and Uruguay.
Company Information
- Detailed analyses and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Wet Pet Food Market