Wet Pet Food Market

The Wet Pet Food Market is estimated at USD 25.4 billion in 2023 and is projected to reach USD 31.7 billion by 2028, at a CAGR of 4.5% from 2023 to 2028.

The pet industry has seen significant growth in recent years, offering a wide range of products, from specialized toys to advanced grooming solutions. Pet food is available in various forms, including wet pet food, which has gained popularity due to its higher moisture content, resembling traditional stews and gravies. This moisture not only enhances palatability but also addresses concerns about hydration, which is crucial for pet health. Wet pet food also offers a wider nutritional spectrum, allowing for the inclusion of essential proteins, vitamins, and minerals. This versatility is valuable for pets with specific dietary restrictions or health considerations. As consumers become more health-conscious, wet pet food has become an appealing choice to cater to these evolving demands. This growth is driven by increasing disposable incomes, changing perceptions of pets as integral family members, and a growing awareness of the influence of nutrition on overall pet well-being.

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Drivers: Increasing influence of pet-centric social media and trends

Social media platforms tailored to pet lovers have significantly shaped contemporary perceptions of pet ownership. These platforms have created a virtual space where individuals can share their affection for their pets, exchange experiences, and gather insights from like-minded individuals, fostering a sense of community and camaraderie. Pet-centric social media has played a key role in the rise in pet ownership by presenting a compelling narrative of the joys and rewards associated with having pets. This collective sharing of positive experiences has made pet ownership appear aspirational, deeply rewarding, and fulfilling.

Moreover, pet-centric social media has emerged as a powerful tool for disseminating information, fostering community engagement, and facilitating peer-to-peer recommendations among pet owners. Platforms such as Instagram, TikTok, and Facebook have facilitated the creation of a vibrant ecosystem where pet owners share their experiences, nutritional choices, and overall well-being.

The visual appeal of these platforms, combined with the emotional connection that pet owners forge with their animals, has created a unique avenue for pet food manufacturers to showcase their products in an engaging and relatable manner. The persuasive influence of pet-centric social media is accentuated by endorsements and collaborations between pet influencers and pet food brands. The relatability of these influencers, who are seen as genuine advocates for their pets, bolsters the credibility and desirability of pet food products.Their endorsements serve as a bridge between the brand and the consumer, fostering a sense of trust and authenticity that traditional advertising methods may struggle to achieve..

Restraints: Price sensitivity among consumers

The wet pet food market often commands a premium price compared to its dry counterpart. This is primarily due to the higher moisture content, perceived freshness, and potentially better taste and texture offered by wet pet food. However, this higher price can make price-sensitive consumers choose more affordable alternatives, such as dry pet food. Economic factors play a crucial role in shaping consumer decisions, particularly in a context where pet ownership involves food expenses and other costs related to veterinary care, accessories, and toys. The overall cost of living, disposable income, and economic stability influence consumer’s willingness to spend on premium products like wet pet food. During economic uncertainty or financial strain, consumers prioritize spending on essential items over discretionary purchases like premium pet food products. This tendency to economize often leads consumers to choose more affordable alternatives, limiting the growth potential of higher-priced wet pet food options.

Opportunities: Rise in pet-friendly travel and pet rental

Over the last ten years, the concept of pet ownership has transformed from simple companionship to become a deeply integrated lifestyle choice. This shift has led to the growth of trends such as pet-friendly travel and the emergence of pet rentals, reflecting the increasing humanization of pets. This change in pet care and companionship has been driven by societal changes, where pets are now seen as valued family members deserving of experiences and amenities previously reserved for humans. Pet owners are increasingly seeking ways to include their furry companions in their travel experiences, be it on planes, trains, or at vacation destinations. The concept of pet rental has emerged as an innovative solution, particularly in urban areas where individuals desire the companionship of a pet without the lifelong commitment of ownership.

The wet pet food market has found a unique opportunity to thrive amid the rise of pet-friendly travel and the popularity of pet cafes. The increase in pet-friendly travel can be attributed to evolving societal attitudes towards pets, considering them as valued family members rather than mere animals. Many transportation services and hospitality establishments have adapted their policies to accommodate pets, recognizing the economic potential of catering to this growing demographic of pet owners. Airlines like Emirates Airlines (Dubai), Air Canada (Canada), Virgin Australia (Australia), British Airways (UK), Qatar Airways (Qatar), etc., have allowed pets while traveling, enabling pet owners to bring their pets along on vacations, business trips, and other travel endeavors, thus enhancing the overall travel experience.

As pets accompany their owners on these journeys, the demand for convenient and nutritious pet food solutions becomes essential. Wet pet food helps maintain the dietary routine of pets while traveling, especially in unfamiliar surroundings. It offers a practical and hassle-free solution, providing a complete, balanced, and nutritionally rich meal in a ready-to-serve format. This eliminates the need for carrying and measuring dry kibble, making feeding seamless and efficient in a hotel room or during a long journey

Challenges: Localization of flavors to match regional preferences

The strategy of tailoring flavors to match regional preferences has become crucial in the wet pet food market. This is driven by the need to cater to diverse consumer demands and cultural nuances. The practice involves customizing the taste profiles of pet food products to align with the specific preferences of different regions. Manufacturers have recognized that pets, like humans, have distinct taste preferences influenced by their geographical and cultural environments. Therefore, companies have been actively formulating and offering various flavors that resonate with local palates in order to enhance customer satisfaction and market penetration. For example, Wiggles (India) launched wet pet food containing Chicken, Chicken Liver, Pumpkin, Carrots, and Green Peas, as well as beneficial herbs such as Brahmi, Ashwagandha, Rosemary, Moringa, and Chicory Root Extract, known for their healing properties in India. While localizing flavors seems like a logical step to capture a wider customer base, it also presents several complex challenges within the wet pet food market. One prominent issue is the complexity associated with sourcing, formulating, and producing a diverse range of flavors.

The culinary traditions and cultural norms of every region influence preferred flavors and ingredients, necessitating meticulous research and development efforts. This demand for an expansive flavor portfolio places a considerable burden on manufacturers in terms of resources, time, and expertise. To address this, companies need to leverage advanced data analytics and market research to gain insights into regional flavor preferences, which can guide informed decisions on flavor localization. Collaborations with local partners, suppliers, and culinary experts can also offer a deeper understanding of local tastes and ingredients, facilitating the formulation of authentic and appealing flavors. Moreover, implementing modular and flexible production processes can enhance the ability to efficiently produce a diverse range of flavors without compromising quality. Companies can reduce costs, minimize waste, and streamline the introduction of new flavors to the market by optimizing supply chain management and production workflows..

Market Ecosystem

Based on the pet, dogs is estimated to account for the largest market share of the wet pet food market.

In the past few decades, there has been a significant increase in dog adoption rates. Whether rescued from shelters or adopted from breeders, more dogs have found their way into homes. This rise in dog ownership has been driven by various factors, including a better understanding of the emotional and psychological benefits that dogs bring to human lives. Developed countries such as the US, Australia, Germany, and the Netherlands have traditionally been attractive markets for dog food due to the increasing adoption of pets in these regions and the rising spending on pet food products. However, in recent years, developing countries have also become significant markets for dog foods due to a steady rise in pet adoptions, increased awareness regarding dog health, and the humanization of pets.

Countries like India, China, and Brazil are now attractive markets for dog food, as they have large populations of stray dogs that are adopted by several people. According to data from PetSecure (Australia), a pet insurance company, China, Japan, the Philippines, and India are among the countries with the highest pet dog populations. India, in particular, has the fastest-growing dog population in the world.

Based on the distribution channel, online mode is anticipated to have the highest growth rate in the wet pet food market.

Online platforms are driving the expansion of the wet pet food market by overcoming the limitations of traditional shopping. The convenience of browsing and purchasing goods online removes the need for in-person store visits. This accessibility encourages pet owners to explore a broader range of wet pet food options and make informed decisions based on the unique requirements of their pets. The global impact of the pandemic has reshaped consumer behavior, triggering a significant shift toward online shopping. E-commerce platforms experienced an unprecedented surge in demand as people sought safer means of acquiring goods. This trend extended to pet products, including wet pet food, as owners turned to online platforms to access quality products while adhering to safety measures. This surge in demand has highlighted the potential of online platforms to meet evolving consumer needs, positioning them as a pivotal driver of the expansion of the wet pet food market.

The North America market is projected to contribute the largest share of the global wet pet food market.

In North America, especially in the US, the bond between pets and their owners has strengthened over the years. According to a 2021 report from the No Kill Advocacy Center, 96% of the US population feels morally obliged to protect pets and animals. This sentiment is evident in spending habits, with veterinary care being the second-highest priority after daily essentials. The high value placed on pets, along with the region's significant disposable income, has led to a growing wet pet food market. Canada and Mexico, alongside the US, have seen an increase in pet adoption rates and higher spending on pet food due to the growth of the middle-class population and urbanization. This trend has significantly contributed to the expansion of the wet pet food market in North America. Major industry players such as Mars, Incorporated, Colgate-Palmolive Company, General Mills Inc., and The JM Smucker Company are active in this market. Their presence in North America enhances market competitiveness and benefits consumers through product availability, quality, and pricing. As the trend of pet adoption continues to rise and there is growing emphasis on pet well-being, these key players are strategically expanding their footprint in the North American market.

Key Market Players

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), Real Pet Food Co. (Australia), MONGE SPA P.IVA (Italy), Schell & Kampeter, Inc. (US), Inaba-Petfood Co., Ltd. (Japan), Sunshine Mills, Inc. (US), and Farmina Pet Foods (Italy). These players in this market are focusing on increasing their presence through expansion and collaboration. These companies have a strong presence in North America, Asia Pacific, and Europe.

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Scope of the Report

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Key stakeholders

• Key Manufacturers of Pet Nutrition Products
• Key Companies Engaged in Pet Food Processing
• Key Manufacturers of Wet Pet Food
• Traders, Distributors, and Suppliers in Wet Pet Food Market
• Traders and Suppliers of Raw Materials to Wet Pet Food Industry
• Associations, Regulatory Bodies, and Other Industry-related Bodies:
• The Association of American Feed Control Officials (AAFCO)
• Pet Food Manufacturers Association (PFMA)
• The Pet Food Industry Association of Australia
• American Pet Products Association, Inc. (APPA)
• Canadian Association of Raw Pet Food Manufacturers

Wet Pet Food Market:

By Pet

• Dogs
• Cats

By Distribution Channel

• Pet Specialty Stores
• Supermarkets/Hypermarkets
• Convenience Stores
• Online

By Source

• Animal-based
• Plant Derivatives
• Synthetic

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Rest of the World (RoW)

Recent Development

• In July 2023, Champion Petfoods, under Mars, Incorporated, introduced its ACANA PREMIUM PÂTÉ wet cat food line, aligning with feline natural diets focused on preybased nutrition and hydration. The product includes 3- and 5.5-oz cans in six diverse recipes, catering to various tastes and nutritional needs, such as Omega 3 support for skin and coat health. This strategic product launch enhances its position in the wet pet food market by offering a tailored and nutritious option that satisfies the dietary preferences of cats and supports their overall health.
• In April 2023, Mars Petcare's SHEBA brand has introduced its first line of kitten nutrition products, PERFECT PORTIONS Wet Kitten Food, complementing its existing range of nutritional offerings for cats of all ages. It is designed to provide comprehensive nutrition, featuring high-quality proteins that support immune system health, bone strength, and brain development. Enriched with essential nutrients, DHA, vitamins, and minerals, the diets are available in two flavors, Savory Chicken and Delicate Salmon, in 2.64-oz trays in physical stores and online via major retailers such as Amazon, Chewy, Walmart, and PetSmart.
• On March 2023,. Hill’s Pet Nutrition, a division of ColgatePalmolive, unveiled Prescription Diet ONC Care, a specialized line of prescription diets aimed at supporting pets diagnosed with cancer. This range includes dry and wet formulas, catering to the dietary needs of cats and dogs facing this disease. The launch holds a broader significance for the company, especially in the wet pet food market. By introducing a specialized prescription range for pets with cancer, Hill’s strengthens its foothold in the pet food industry and extends its commitment to the well-being of animals. As the Prescription Diet ONC Care range graduallyrolls out across different continents in the coming years, starting from North America and progressing to regions such as Europe, Middle East, Africa, Latin America, Australia, New Zealand, and Asia, the company demonstrates its strategic approach to catering to global demand and enhancing its presence in veterinary clinics and pet specialty stores.

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