Wet Pet Food Market size is set to grow by USD 10.54 billion from 2024-2028, Increase in pet ownership to boost the market growth, Technavio

NEW YORK, May 31, 2024 /PRNewswire/ — The global wet pet food market size is estimated to grow by USD 10.54 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.66%  during the forecast period. 

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Key Market Trends Fueling Growth

The customized wet pet food market is expanding as pet owners prioritize individual nutritional needs for their pets. Vendors like Nestle’s Purina offer tailor-made solutions through their Just Right brand, using data on age, breed, and medical history. This personalized approach caters to specific dietary requirements, taste preferences, and caloric needs, driving growth in the global wet pet food market. 

The wet pet food market is experiencing significant growth, driven by consumer preferences for convenient and palatable options. Dogs and cats are the primary focus of this market, with a diverse range of products available. Digestibility and nutritional value are key concerns for pet owners, leading to the development of high-quality, protein-rich formulas.

Customizable offerings, such as grain-free and low-calorie options, cater to various pet health needs. Brands are also focusing on sustainability and eco-friendly packaging to attract environmentally-conscious consumers. The trend towards premium and organic pet food continues, with many pet owners willing to pay a premium for these offerings. Overall, the wet pet food market is dynamic and evolving, with innovation and consumer demand driving growth. 

Market Challenges

The global wet pet food market faces a significant challenge due to increasing product recalls. These recalls negatively impact revenue streams and consumer trust, potentially leading to lawsuits and compensation costs. For instance, Nestle Purina PetCare’s December 2022 recall of its Purina Pro Plan Veterinary Diets EN Gastroenteric Low Fat wet dog food was due to a labeling mistake.Mislabeled cans of Purina ONE True Instinct Tender Cuts in Gravy with Genuine Turkey and Venison were mistakenly sold as PPVD EN Low Fat. Although safe, this mislabeled diet is not suitable for dogs requiring prescription PPVD EN Low Fat diets. Such recalls can hinder wet pet food sales and market growth during the forecast period.The wet pet food market faces several challenges. Procurement of high-quality ingredients is a significant issue, especially for customized formulas. On the other hand, maintaining the freshness and preserving the nutritional value of the food during storage and transportation is a major concern. The cost of production and distribution also poses a challenge, as does ensuring the safety and palatability of the final product. Additionally, meeting the varying dietary needs of pets and keeping up with consumer preferences is a continuous challenge for market players.Digitally enhancing operations, from production to supply chain management, is essential to remain competitive. Dogs and cats are the primary consumers, with birds and other animals also having a presence in the market. The market is diverse, with various brands offering a range of vitamins, minerals, and proteins. The market is growing, driven by consumer awareness and the convenience of wet pet food.

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Segment Overview 

Product 1.1 Cat food1.2 Dog food1.3 OthersDistribution Channel2.1 Pet-specialty stores and vet clinics2.2 Supermarkets and hypermarkets2.3 Convenience stores2.4 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Cat food-  The wet pet food market is experiencing moderate growth due to the hydration benefits and preference of older cats. Wet food’s high moisture content ensures proper nutrition and satiety for cats. In China, increasing cat adoptions and marketing initiatives are driving demand. Manufacturers continue to launch new products, such as Mars’ Whiskas wet cat food in India and Solid Gold’s new variety pack. These factors are contributing to the expansion of the wet cat food segment in the global market.

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Research Analysis

The Wet Pet Food Market caters to the nutritional needs of pets, particularly dogs and cats. This market segment focuses on providing high-protein content to ensure the optimal health of pets. Humanization of pets has led to an increase in demand for premium offerings, which often include eco-friendly practices and sustainability. Protein sources for wet pet food can include non-vegan options like beef and lamb, as well as vegan alternatives.

Minerals and vitamins are essential additives to these foods to ensure a balanced diet. Grains and carbohydrates are also included in the carbohydrate content of wet pet food, contributing to energy levels. Pet adoption continues to drive demand for wet pet food, with dental problems being a significant concern for dog owners. Veterinarians and diet suppliers play crucial roles in recommending the right wet pet food for individual pets based on their specific dietary requirements. Dry pet food alternatives also exist, but wet food remains a popular choice for many pet owners.

Market Research Overview

The Wet Pet Food Market refers to the production and sale of moist or canned pet food products for various species, including cats and dogs. These foods are rich in essential nutrients and provide hydration to pets. The market is driven by factors such as increasing pet ownership, changing consumer preferences towards premium and convenient pet food options, and advancements in pet food technology.

The market offers a wide range of products, including pate, gravy, and chunk styles, catering to different pet dietary needs and preferences. The industry faces challenges such as ensuring food safety and sustainability, as well as maintaining competitive pricing in a crowded market. Overall, the wet pet food market is a significant and growing sector within the global pet food industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductCat FoodDog FoodOthersDistribution ChannelPet-specialty Stores And Vet ClinicsSupermarkets And HypermarketsConvenience StoresOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Jesse Maida
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Website: www.technavio.com/

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SOURCE Technavio