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
Northbrook, IL 60062 -- (SBWIRE) -- 09/06/2023 -- According to a research report titled "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," published by MarketsandMarkets, the wet pet food market is poised for substantial growth. In 2023, it is estimated to be valued at USD 25.5 billion, with a projected increase to USD 31.7 billion by 2028, representing a compound annual growth rate (CAGR) of 4.5% during this period. This growth can be attributed to several factors, including the profound impact of pet-centric social media platforms on pet owner behavior.
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The Influence of Pet-Centric Social Media Platforms
The advent of pet-centric social media platforms has brought about a significant shift in how individuals perceive and interact with their pets. These platforms have become a hub for pet owners to showcase their beloved animals, share anecdotes, and access a wealth of information related to pet care. This transformation has placed pets at the center of households, fostering stronger emotional bonds between owners and their furry companions. As pet owners increasingly consider their pets integral family members, they seek premium dietary options that mirror their own preferences for natural, nutritious, and appetizing meals. The visually captivating content and peer-driven recommendations on social media have elevated the visibility of wet pet food as a desirable choice, not only for its nutritional benefits but also for its alignment with prevailing wellness and indulgence trends.
Unique Qualities of Wet Pet Food
Wet pet foods have garnered popularity due to their unique qualities. They are characterized by their high moisture content, which caters 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, especially those with finicky eaters. Wet pet foods are also known for increased digestibility, often resulting from meticulously selected ingredients and specialized processing techniques. This focus on both palatability and digestibility resonates strongly with pet owners who prioritize comprehensive pet nutrition and satisfaction, further boosting the demand for wet pet food.
Cats as a Growing Segment
The cat segment within the wet pet food market is experiencing significant growth. The rise in cat adoption rates worldwide, driven by cats' appeal as low-maintenance, apartment-friendly companions, has contributed to this shift. Additionally, cat owners are becoming more aware of their feline companions' nutritional needs, aligning well with the attributes of wet pet food, which provides higher protein intake and hydration levels. The perception of wet pet food as a more palatable and convenient option further bolsters its demand for cats.
Online Distribution Channel Dominance
The online distribution channel is expected to witness the highest growth rate within the wet pet food market. Online platforms, including e-commerce websites, have experienced exponential growth, even in developing countries. This growth is driven by factors such as increased internet penetration, convenience, and access to a wide range of products. Online purchasing offers the convenience of ordering from home, comparing prices, reading reviews, and accessing a variety of brands and formulations. Online platforms also facilitate targeted marketing, personalized recommendations, and subscription models, fostering customer loyalty and stimulating the overall demand for wet pet food.
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Asia Pacific's Flourishing Market
Asia Pacific is projected to be the fastest-growing region in the wet pet food market. Several factors contribute to this growth, including rising disposable incomes, urbanization, changing lifestyles, and the increasing popularity of online platforms, particularly social media and e-commerce. As disposable incomes rise, pet owners are more inclined to prioritize premium and specialized products, including wet pet food. Additionally, the convenience offered by e-commerce platforms enables consumers to easily access a wide array of wet pet food products, further fostering its adoption.
Key Players in the Wet Pet Food Market
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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