Wet Pet Food Market Size, Share, Revenue Growth, Top Key Companies, Industry Analysis, Growth Drivers, Future Development, & Forecast - 2028

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
The wet pet food market size [https://www.prnewswire.com/news-releases/wet-pet-food-market-worth-31-7-billion-by-2028--exclusive-report-by-marketsandmarkets-301917553.html] 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. The market has experienced considerable growth as pet owners increasingly seek convenient, nutritionally balanced options for their dogs and cats. This segment provides a variety of products with higher protein levels and reduced carbohydrates, reflecting a growing emphasis on pet health and natural diets. The market's expansion is further driven by the trend of treating pets as family members, which has led to a rising demand for premium, gourmet products that resemble human food. However, this surge in demand brings sustainability and environmental challenges. The production and packaging of these products contribute to ecological problems, such as greenhouse gas emissions and non-recyclable waste. To address these concerns, manufacturers must adopt eco-friendly practices, reduce their carbon footprint, and innovate sustainable solutions. Balancing market demands with environmental responsibility is crucial for the long-term success of the wet pet food industry while addressing urgent ecological challenges.

Image: https://www.marketsandmarkets.com/Images/wet-pet-food-market11.jpg

Wet Pet Food Market Drivers [https://www.globenewswire.com/news-release/2023/09/12/2742135/0/en/Global-Wet-Pet-Food-Market-Size-is-Expected-to-Grow-31-7-billion-by-2028.html]: Enhanced palatability and digestibility of wet pet foods

Enhanced palatability, marked by an enticing taste, texture, and aroma, has become a key driver behind the growing demand for wet pet foods. Pet owners are increasingly selective, seeking products that align with their pets' sensory preferences. In response, manufacturers have skillfully crafted wet pet foods that delight pets' taste buds, encouraging regular consumption and promoting satiety. This, in turn, has led to better overall nutrition and less food waste, making wet pet foods more appealing to pet owners. Additionally, the improved digestibility of wet pet foods has gained significant attention, further fueling the rise in demand. Many pet owners are now drawn to products that not only satisfy their pets' taste preferences but also enhance nutrient absorption and support gastrointestinal health. With their higher moisture content and softer texture, wet pet foods are easier to chew and digest, especially for pets with dental issues or older pets. As pet owners become more aware of the crucial link between diet and digestive health, the preference for wet pet foods continues to grow.

What distribution channel is leading in the wet pet food market according to recent estimates?

In recent years, the pet specialty retail sector has experienced significant growth, driven by an increasing emphasis on providing a wide array of products and services specifically designed for pets, especially dogs and cats. This expansion in pet specialty stores can be linked to the rising rates of pet ownership, heightened awareness of pet health and nutrition, and the changing preferences of pet owners.

Pet specialty stores have established a unique position compared to other distribution channels such as online platforms, supermarkets, and convenience stores. These stores offer a rich shopping experience, including personalized advice from knowledgeable staff, helping pet owners make informed choices about wet pet food based on their pets' specific needs. This specialized environment not only fosters a sense of community and trust but also significantly boosts customer loyalty. Additionally, the pet specialty store format allows for the discovery of premium and specialized wet pet food options that may not be as prominently available in other retail settings.

Asia Pacific dominates the wet pet food market share [https://finance.yahoo.com/news/wet-pet-food-market-worth-100000588.html].

Over the past decade, the Asia Pacific region has experienced a significant increase in pet ownership, with more households embracing dogs and cats as key members of their families. This shift is driven by changing socio-cultural norms, urbanization, and evolving lifestyles, all of which have heightened the demand for pet companionship. Additionally, the trend of pet humanization has gained strong momentum in the Asia Pacific, with pet owners increasingly viewing their animals as cherished family members. This mindset has led to a greater willingness to invest in their pets' health, well-being, and overall quality of life. Consequently, there is a growing preference for premium, nutritionally-rich pet food options, including wet pet food, which is often seen as offering superior nutritional benefits.

The rise in disposable incomes, rapid urbanization, and increased awareness of pet health have further fueled the demand for high-quality pet nutrition products in the Asia Pacific. This trend is expected to continue, driving the growth of the wet pet food market in the region. As pet owners become more discerning about their pets' dietary needs, the popularity of wet pet food, known for its taste and nutritional value, is likely to increase, paving the way for significant market expansion.

Top Wet Pet Food Companies [https://www.marketsandmarkets.com/ResearchInsight/wet-pet-food-market.asp?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=wet-pet-food-market_300824]:

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), 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.

Nestle (Switzerland)

Nestle, a Swiss-based multinational conglomerate founded in 1866, stands as one of the leading companies across seven diverse business segments, catering to a wide range of consumer needs. These segments encompass powdered and liquid beverages, petcare, nutrition and health science, prepared dishes and cooking aids, milk products and ice cream, confectionery, and water.

Within its comprehensive petcare segment, managed through Nestle Purina PetCare Company, the company focuses on enhancing the lives of pets and their owners through science-based nutrition solutions. Nestle Purina offers an array of wet pet foods, including brands like ALPO, Beneful, Purina Dog Chow, and Fancy Feast, catering to dogs and cats. Nestle's global footprint encompasses North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, operating pet care production facilities in 19 countries.

Mars, Incorporated (US)

Mars, Incorporated, a prominent global player in the consumer goods industry, boasts a rich century-long history and a diverse product portfolio. Operating across four primary business segments-mars petcare, mars snacking/mars wrigley, mars food & nutrition, and mars edge-the company has established itself as a formidable competitor in confectionery, pet care, and food sectors.

In the Mars Petcare division, the company is dedicated to enhancing pet health and well-being through a wide range of pet food and care products. Brands like Eukanuba, PEDIGREE, Cesar, Whiskas, Sheba, Jams, and Royal Canin offer comprehensive wet pet food options tailored to the unique nutritional needs of different pets, showcasing a commitment to diversity and dietary preferences. The company's global influence extends across various regions-North America, Europe, Asia, South America, Australia, and Africa.

Wet Pet Food Industry [https://www.marketsandmarkets.com/PressReleases/wet-pet-food.asp?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=wet-pet-food-market_300824] News:

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, Nestle invested USD 90 million to upgrade its Blayney site in Australia, expanding Nestle 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 Nestle 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.

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