Wet Pet Food Market Earnings Margins, Value Of Production & Consumption Demand Figures 2022 to 2032

 The worldwide wet pet food market size is assessed to be esteemed at US$ 21.5 Bn in 2022. Moreover, with rising reception of pets around the world, the general interest for wet pet food is ready to develop at a consistent CAGR of 5.3% somewhere in the range of 2022 and 2032, adding up to a market valuation of US$ 36 Bn by 2032. Wet pet food is gaining momentum and is offered several ways, such as mousse textured supplements, bone broths frozen treats, and novel canned foods.

This growth has garnered the attention of investors and a few big human food production companies such as General Mills and J.M. Smucker Company have now entered into the pet food market as well as quickly adapting according to the latest trends

According to American Pet Products Association’s (APPA) recent insights, the total US pet industry expenditure in 2020 is estimated to be $99.0 Bn, in which $38 Bn is anticipated to spend on pet food & Treats. This steady growth encourages manufacturers for innovation and product development as the market becomes gradually crowded and customer demands continue to evolve.

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Wet Pet Food Market – Key Drivers

Preference of pet owners to buy superior products to ensure proper nutrition, care, and good health is anticipated to propel the wet pet food market. In addition to this, brands are calling out the percentage of the exact ingredients on their labels, draw attention towards the amounts of fresh-meat or animal-based protein in their products. Tiki Pets’ latest Dark Pâté wet diets comprise around 95% protein from meat ingredients.

Online store for wet pet food is gaining popularity in developing nations such as China and India. Increased usage of laptops, computers, and mobile phones has helped in the expansion of digital channels, both in volume and strength. As more super-premium brands take an omnichannel method, retailers – both online and offline- are competing with prominent brands for an online position or shelf space.

Brands are trying new treats and wet options in the market, for instance, Cloud Star dipped into the frozen and fresh trend to debut Ice Treats. Additionally, Merrick introduced a line of local barbeque-inspired wet dog foods, comprising Texas, Memphis, North Carolina, and Kansas City barbeque flavors. It additionally added bone broths in chicken, beef, and turkey.

WET PET FOOD MARKET – Growth Constraints

The wet pet foods’ contents normally include chunks in jelly, chunks in gravy, meatloaf, and casserole formats. However, the canned food particularly meat-based is available in the market at a high cost, which may restrict its preference amid consumers.

Increasing dental problems for pets which ensures an increase in dental care cost is restraining the wet pet food market. Additionally, pet sensitivities among consumers are one more major attribute restraining market growth. Competing for an online position or shelf space with private label brands is another obstacle prominent wet pet food companies must overcome in the modern market.

COVID-19 Impact Analysis

The anticipated global economic turmoil caused by nationwide lockdowns due to COVID-19 has influenced the wet pet food market. Insights reported by the APPA reflect strong growth potential owing to a low-based crisis effect.

On the background of the optimistic forecasts, several companies were mulling plans to set up new manufacturing plants. Recently, Mars was going to twofold its capacities for wet pet food manufacturing plants in Rostov Oblast, Russia. Manufacturers are rethinking their business strategies such as expansion to stay afloat during the crisis.

Wet Pet Food Market – Region-wise Analysis

North America will spearhead the global wet pet food sector and gaining notable market share during the forecast period. This is owing to the abundant accessibility of varied pet food products in the U.S. This region is trailed by the Asia Pacific and Europe in market share terms. The presence of a huge consumer base and higher pet ownership in the US will boost sales in the region.

In the European region, the UK accounts for the biggest market share of the wet pet food market owing to the rising pets population. Asian nations, directed by China, India, Japan, and South Korea, came out as one of the prominent markets all over the globe. Additionally, the rising demand for premium dog food is anticipated to boot market sales.

Wet Pet Food Market – Competitive Analysis

Companies are majorly inclined towards growth, merger & acquisition, expansion, and new product development. For instance, Nestlé Purina PetCare took over natural pet food brand Lily’s Kitchen, the UK’s prominent producer of premium dry and wet natural foods for cats and dogs. The acquisition will help Nestle to grow its business impression in regions such as the Middle East and Asia.

Beaphar acquired Primevel, a leading producer of horses and dogs food supplements. The acquisition will help Primevel to boost its product distribution and sales through Beaphar distribution channels.

Value Enhancement Partners (VEP) & partners took over 100% shares of De Haan Petfood, a producer of premium canned pet food. VEP will help De Haan Petfood boost its market presence and expand its offering to the customers.

Information Source: https://www.futuremarketinsights.com/reports/wet-pet-food-market

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