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The Global Wet Pet Food Market size is estimated to reach $36.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.8% over the forecast period of 2022-2027. Wet pet food has been a growing market owing to rising consumer preferences to feed nutritional or functional foods to their pets. Wet pet foods have a predominant portion of water, added to the dry ingredients which allow the pet owners to provide the necessitated water intake. Additionally, owing to old age various dogs or cats are not able to digest dry ingredient food items, which in turn allows the market to grow. Wet pet food is often fulfilled with necessary amino acids and proteins, hence, non-vegan options such as beef chicken turkey pork are regarded as pet’s favorite. Furthermore, surveys have revealed that pet owners have established a humanitarian bond with their pets which propels them to buy various treats in form of kibble or others. Additionally, an amalgamation of taste and functionality would be a keen space for marketers in the coming period. The animal feed industry has been observing certain key trends from wet pet food and is readily adopting strategies to amalgamate their current offerings with future potentials. Product development along with the humanization of pets supplemented by a wide product offering along with better technology connecting pet owners with each other and veterinarians and diet suppliers are some of the key factors driving the Global Wet Pet Food Industry in the projected period of 2022-2027.
Global Wet Pet Food Segmentation Analysis- By Animal Type
The global wet pet food based on animal type can be further segmented into Dogs, Cats, and Others. Dogs held a dominant market share in the year 2021. Dogs have had shared a prime focus in terms of adoption, as pet owners have often stated that they connect on a scale higher to dogs as compared to cats. Additionally, the humanization of dogs has allowed them to hold a massive share. As per a US study, around 67% of households or about 90.5 million homes own a pet, of which dogs account for nearly 64%. Moreover, pet owners have confirmed that wet pet food allows easy digestion for older dogs and allows them to stay away from dental maladies. Further, pet shop owners have commented that owners wish to spoil their dogs with diverse meals-which has been a prime focus. However, the cats’ segment is estimated to be the fastest-growing, with a CAGR of 6.0% over the forecast period of 2022-2027. Cat adoption has been growing, and predominant offerings and product developments are now being centered around cats, which allows for better opportunities. Further, around 45.3 million households own a cat in the U.S., which is projected to increase with time.
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Global Wet Pet Food Segmentation Analysis- By Nature
The global wet pet food market based on nature can be further segmented into Vegan and Non-Vegan. Non-Vegan held a dominant market share in the year 2021. The non-vegan option includes and is not limited to beef, lamb, chicken, salmon, and chicken broth. Moreover, each form of meat offers unique advantages to pets. Various forms of proteins and amino acids are present in red meat. Additionally, the omnivore nature of animals makes them favor non-vegan options more than vegan options. As per Pet Food Institute, around $1220 million worth of beef was being used for making pet foods. Additionally, around $691 million worth of lamb was being used for making pet foods. However, vegan options are estimated to be the fastest-growing, with a CAGR of 5.6% over the forecast period of 2022-2027. Humanization of pets has been a prime reason for the estimation, as humans are turning heavily cautious of consuming only sustainable and cruelty-free food items, they have been trying to adopt the same for their pets. Additionally, plant-based meats are now being developed pets-which can be given in the wet form. Additionally, a blend of vegan and non-vegan offerings would push the use of vegan ingredients. As per Pet Food Institute, whole grains have been the most used ingredient by weight-comprising a value equivalent to 1.87 million tons.
Global Wet Pet Food Segmentation Analysis- By Geography
The global wet pet food market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held a dominant market share of 41% in the year 2021. It is owing to the presence of major pet adopters in the countries like the U.S. Additionally, U.S. spending power allows it to cash some new pet offerings, owing to a strong humanization bond shared. For example, within the U.S., around 69 million households own a dog while around 45.3 million households own a cat. Further, food is the second highest expenditure a pet owner makes after veterinarian visits. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. Predominant reasons are Japan’s indigenous spot of being a leading importer of prepared dog and cat food. Additionally, markets in India and China are owed to see rising consumer expenditure trends.
Global Wet Pet Food Market Drivers
The growing number of pet adoptions throughout the study period has been of key help.
The pandemic didn’t halt the increasing number of pet adoption. Reports suggest that nearly 49% of the Americans had gotten a pet during the woes of lockdowns and other shutdowns in 2020-21. Of those surveyed, it was observed that 53% of the people bought a dog, 32% bought home a cat, and moreover, 14% had adopted both cats and dogs in the previous year. Moreover, 40% of the pets adopted were from an NGO, and the other 24% was done from taking pets from another family. Lastly, 26% bought pets from a breeder in the U.S. Additionally, pet adoption has grown worldwide, especially in developing countries. However packed foods aren’t yet present in numbers but experts estimate that better product positioning at competitive pricing would allow better entre featurettes. Additionally, pet humanization has been of key help for market growth. As per reports from industry leaders, they observed double-digit growth in 2021 owing to heavy adoptions in 2020. Owing to such reasons, the wet pet food sales grew and would continue to follow the trajectory.
The growing knowledge pertaining to animal health nutrition and product innovations along with the growing field of custom-made meals have now allowed the market to register steady growth.
Supplements along with healthy pet food nutrition have allowed the market to grow. Wet pet food allows the pet owner to provide the needed water intake along with various micronutrients. For example, Glucosamine is a prevalent ingredient/ nutrient added to dog meals to lessen the chances of developing arthritis or ailing in easy pain management with those afflicted. As per a study, around 20% of the dogs above the age of 1 and 80% of dogs above the age of 8 would start showing symptoms pertaining to arthritis. Additionally, models such as Prey Model Raw which guides pet owners to use whole prey nutrition have allowed the wet pet food market as well. A major proportion of innovations have taken due to the rising prevalence of pet adoptions in millennials. “To improve mental health” was seen as a prevalent reason for adopting pets. Furthermore, companies such as Nom-Nom-Now adapt to strategies of “nose-to-tail” nutrition, which allows pet food owners to adopt for custom portion meals, and AI along with deep tech is used to find the needed nutrition of the pet, and if the pet is underfed or overfed-the AI would alert the company and owner. Owing to such factors, the market is robustly paced.
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Global Wet Pet Food Market Challenges
Lower shelf life along with higher product cost supplemented by incoherent owners’ preferences have impeded the overall market growth.
The product cost between dry pet food and wet pet food can be easily demarcated, and the higher cost of the latter often becomes the pain point for manufacturers. For example, a can of wet pet food can cost nearly $8.29- which roughly translates into 23.0 C/ Oz. Whereas, 20.4 lb dry pet food only costs $13.49. Furthermore, the products have a relatively shorter shelf life as they have beef broth or other gravy portions which can turn malignant in a shorter form of time, and adding various stabilizers in the mix can further harm the end-user. Veganism has been doing rounds in the western economies, and the owner interests have now started to be observed in pet foods, as owners are now replacing their meals with vegan options. However, it has been proven time and again, that animals need non-vegetarian nutrition owing to the constitutional build-up of being a predator or higher in the food chain.
Global Wet Pet Food Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Global Wet Pet Food Market. Global Wet Pet Food top 10 companies include:
In February 2022, “I and Love and You” announced the release of two net wet cat food lines. The company has been into making holistic pet foods and treats and would debut under two brand names -> XOXO and Feed Meow. The product would be baked in small batches and will have non-GMO protein, which would be grain and carrageenan-free. Each of the new products features the brand’s core ingredients of real meat and fresh ingredients, designed for pet parents to offer their furry family members variety and high-quality ingredients.
In February 2022, Phelps Pet Products, a private label manufacturer of meaty and meatless jerky pet treat products would double its production capacity by acquiring a full fleet of treat manufacturing equipment from Simmons Pet Food. Simmons Pet Food has been operating and focusing on its core wet pet food business. Phelps has not yet disclosed the location of this new facility. The expansion, which represents an investment of more than $20 million by Phelps, will not only allow Phelps to build on its current production capacity but will also add capabilities for producing shaped jerky-style pet treats.
In September 2020, First Recyclable Retort Pouch for pet food has been launched. The association has been established between Amcor and Nestle. As per their analysis, the environmental footprint can be improved by up to 60%-which would start from wet cat food. The pouch would work on Amcor’s Am Lite Heat-Flex Recyclable Solution and have appeared in the Netherlands store by October 2020. Flexible retort packaging is a modern alternative to metal cans, and it can improve the carbon footprint of hundreds of consumer products thanks to its lightweight, resource efficiency, ease of transportation, and minimizing food waste.
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Geographically, North America’s wet pet food market held a dominant market share in the year 2021. It is owing to a vast array of pets being readily adopted per million. Further, pet humanization has been an additional facet that has allowed the region to hold a dominant position. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. It is owing to the growing consumption patterns noticed in the likes of China and India. Additionally, Japan has been termed as a portion of leading imported pet food, which would allow exploring marketable opportunities.
Product development along with the humanization of pets supplemented by a wide product offering along with better technology connecting pet owners with each other and veterinarians and diet suppliers are some of the drivers for the market. However, dilemmas pertaining to the use of food varieties for pets-which are incoherent to owner’s preferences along with manufacturing and storage problems are some of the challenges faced by the market.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Wet Pet Food Market Report.
A. Pet Food Packaging Market
B. Pet Food Ingredients Market
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