CHICAGO, Sept. 5, 2023 /PRNewswire/ -- 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 according to a new report by MarketsandMarkets™. The growing influence of pet-centric social media platforms has fundamentally transformed the way individuals perceive, interact, and care for their animal companions. The pervasive influence of pet-centric social media platforms has fundamentally altered the way pet owners engage with and perceive their animal companions. As these platforms enable individuals to showcase their pets, share anecdotes, and access a wealth of information, a profound cultural shift has transpired, placing pets at the center of households and fostering an increased emotional bond between owners and their pets.
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This shift has significantly impacted the pet food industry, particularly the wet pet food segment. As pet owners increasingly regard their animals as integral family members, they seek premium dietary options that mirror their own preferences for natural, nutritious, and appetizing meals. The power of social media, with its visually captivating content and peer-driven recommendations, has elevated the visibility of wet pet food as a desirable choice, not only for its nutritional benefits but also for its alignment with the prevailing trends of wellness and indulgence.
Furthermore, the unique qualities of wet pet foods have played a pivotal role in propelling their popularity. Wet pet foods, characterized by their high moisture content, cater to a pet's natural hydration needs, contributing to overall well-being. Additionally, their soft texture and savory aromas enhance palatability, making them a preferred choice for discerning pet owners with finicky eaters. The increased digestibility of wet pet foods, often resulting from meticulously selected ingredients and specialized processing techniques, addresses digestive sensitivities and supports optimal nutrient absorption. This dual focus on palatability and digestibility has elevated wet pet foods beyond conventional dietary options, resonating strongly with pet owners who prioritize comprehensive pet nutrition and satisfaction.
The cats in the by-pet segment are estimated to grow at significant CAGR during the forecasted period.
In recent years, there has been a significant rise in cat adoption rates across various nations. Traditionally, dog adoption dominated the pet adoption landscape, but a noticeable shift has occurred as more people are opting to bring cats into their homes. Cats have rapidly ascended to become the second most adopted pets after dogs. This shift in adoption trends can be attributed to the unique appeal of cats as low-maintenance, apartment-friendly companions, making them an ideal choice for urban lifestyles. Moreover, as feline ownership becomes more widespread, pet owners are displaying heightened awareness of the nutritional requirements of their furry companions. Cats' distinct dietary needs, including higher protein intake and hydration levels, align well with the attributes of wet pet food. Additionally, the perception of wet pet food as a more palatable and convenient option further bolsters its demand for cats.
Online sub-segment by distribution channel is anticipated to grow at the highest CAGR in the wet pet food market.
The online distribution channel is poised to experience the most rapid growth within the wet pet food market. Online channels encompass e-commerce platforms and websites that enable consumers to purchase products over the Internet. What is striking is the exponential expansion of online sales, even in developing countries, driven by factors such as increased internet penetration, convenience, and the availability of a wide range of products. This surge in online pet food sales is particularly beneficial for wet pet food products. The convenience of ordering from the comfort of one's home, coupled with the ability to compare prices, read reviews, and access a variety of brands, flavors, and formulations, enhances the attractiveness of online purchases. Furthermore, online platforms facilitate targeted marketing, personalized recommendations, and subscription models, fostering customer loyalty. The growth of the online sub-segment not only opens up new avenues for market players but also stimulates the overall demand for wet pet food. As more pet owners gain access to online purchasing options, the convenience factor becomes a driving force, encouraging them to opt for premium-quality wet pet food products that might not be readily available in physical stores.
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Asia Pacific is estimated to grow at the highest CAGR in the wet pet food market.
Asia Pacific's wet pet food market is experiencing significant growth, with the highest CAGR. This surge can be attributed to a confluence of factors that collectively contribute to the region's flourishing pet food industry. One of the key drivers is the rising disposable incomes across various economies in the Asia Pacific region. As disposable incomes increase, pet owners are more inclined to prioritize premium and specialized products, including wet pet food, for their beloved companions. Moreover, growing urbanization and changing lifestyles have led to an increase in pet ownership, further boosting the demand for high-quality pet food. The increasing popularity of online platforms, particularly social media and e-commerce, also has played a pivotal role in driving the growth of the wet pet food market in the Asia Pacific. Social media has facilitated the dissemination of information regarding pet care and nutrition, encouraging pet owners to seek out healthier and nutritionally balanced food options for their pets. The convenience offered by e-commerce platforms enables consumers to easily access a wide array of wet pet food products, fostering its adoption.
Major key players operating in the wet pet food market include 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), Better Choice Company (US), and Real Pet Food Co. (Australia).
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