Wet pet food market size to grow by USD 9,735.38 million between 2022 and 2027; North America to account for 49% market growth - Technavio
NEW YORK, March 20, 2023 /PRNewswire/ -- The wet pet food market is estimated to grow by USD 9,735.38 million between 2022 and 2027, accelerating at a CAGR of 6.61% during the forecast period. North America will account for 49% of the market growth during the forecast period. The increasing ownership of pets has increased the demand for natural, grain-free, or raw pet food in the region. Besides consumers in the region are well-informed and hence, thoroughly scrutinize the quality and the sourcing of the ingredients in wet pet food products. Also, the demand for premium pet products is increasing due to concerns regarding pet allergies and better nutrition. All these products are supporting the growth of the wet food market in North America. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) ? Request a report sample
Wet Pet Food Market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The wet pet food market report covers the following areas:
Driver ? The market is driven by the rise in pet ownership. Living with pets reduces blood pressure, anxiety, and stress levels. Children that grow up with pets develop strong immune systems and are confident in their emotions. Also, many pet owners have reported lower cholesterol and triglyceride levels. Many such benefits have led to a significant rise in the number of pet owners worldwide. This is increasing the demand for food products, including wet pet food, which is driving the growth of the market.
Trend ? The growing popularity of customized pet foods is a major trend in the market. Pet owners are becoming more aware of the use of ingredients in pet foods. They are exhibiting increased demand for products that cater to the specific dietary needs, taste preferences, and caloric requirements of their pets. To cater to this demand, vendors are offering customized food products. For instance, Nestle SA collects the information through an online survey on its website and then prepares and delivers customized dog foods that are tailor-made to suit the dietary requirements of dogs. This trend will positively influence the growth of the market during the forecast period.
Challenge ? Increasing product recalls are challenging the growth of the market. Product recalls negatively affect the reputation of brands, which hampers customer trust and revenue. Product recalls can also lead to lawsuits, causing an economic burden on manufacturers in the form of compensation to consumers. Such instances could negatively impact the growth of the market.
The global wet pet food market is segmented as below:
Product
Cat Food
Dog Food
Others
Distribution Channel
Pet-specialty Stores and Vet Clinics
Supermarkets and Hypermarkets
Convenience Stores
Others
Geography
North America
The U.S.
Canada
Europe
U.K.
Germany
France
Rest of Europe
APAC
China
India
Middle East & Africa
Saudi Arabia
South Africa
Rest of the Middle East & Africa
South America
Argentina
Brazil
Chile
Based on the product, the market will witness significant growth in the cat food segment. The growth of the segment is driven by increasing cat adoptions and the launch of new products. Also, increasing marketing and advertising initiatives by vendors are fueling the growth of the market.
Wet Pet Food Market 2023-2027: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market.
C and D Foods Ltd., Champion Petfoods LP, Darling Ingredients Inc., De Haan Petfood, Evangers Dog and Cat Food Co. Inc., FirstMate Pet Foods, Freshpet Inc., Harringtons Pet Food, Hills Pet Nutrition Inc., Mars Inc., Nestle SA, Phelps Pet Products, Schell and Kampeter Inc., Simmons Foods Inc., Spectrum Brands Holdings Inc., The J.M Smucker Co., Tiernahrung Deuerer GmbH, Wellness Pet Co. Inc., Beaphar Beheer BV, and Blue Buffalo Co. Ltd. are among some of the major market participants.
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist wet pet food market growth during the next five years
Estimation of the wet pet food market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the wet pet food market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of wet pet food market, vendors
Related Reports:
The pet food market size is expected to increase by USD 42.57 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.41%. The market is segmented by product (dry food, snacks and treats, and wet food), type (dog food, cat food, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The frozen and freeze dried pet food market is estimated to grow at a CAGR of 11.25% between 2022 and 2027. The size of the market is forecast to increase by USD 2,468.92 million. The market is segmented by distribution channel (offline and online), animal type (dog, cat, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
North America, Europe, APAC, South America, and Middle East & Africa
Performing market contribution
North America at 49%
Key countries
US, Japan, UK, Germany, and France
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
C and D Foods Ltd., Champion Petfoods LP, Darling Ingredients Inc., De Haan Petfood, Evangers Dog and Cat Food Co. Inc., FirstMate Pet Foods, Freshpet Inc., Harringtons Pet Food, Hills Pet Nutrition Inc., Mars Inc., Nestle SA, Phelps Pet Products, Schell and Kampeter Inc., Simmons Foods Inc., Spectrum Brands Holdings Inc., The J.M Smucker Co., Tiernahrung Deuerer GmbH, Wellness Pet Co. Inc., Beaphar Beheer BV, and Blue Buffalo Co. Ltd.
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents:
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Product
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Distribution Channel
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global wet pet food market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on Global wet pet food market 2017 - 2021 ($ million)
Exhibit 179: Validation techniques employed for market sizing
Exhibit 180: Information sources
13.5 List of abbreviations
Exhibit 181: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Danaher Corporation (the "Company") today announced results for the quarter ended March 29, 2024. All results in this release reflect only continuing operations unless otherwise noted.
Key First Quarter 2024 Results
Net earnings were $1.1 billion,...
Freegold Ventures Limited (OCTQX: FGOVF) ("Freegold" or the "Company") is pleased to announce the commencement of drilling at Golden Summit with two diamond drill rigs focused on identifying zones of higher grade gold mineralization....
Phoenix Motor Inc. , a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced a strategic partnership with Cennatic Power ("Cennatic"), a wholly owned subsidiary of...
The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II ("Nextdoor" or the...
Capri Holdings Limited , a global fashion luxury group, today issued the following statement in response to the U.S. Federal Trade Commission's (FTC) unprecedented challenge to the proposed acquisition of Capri by Tapestry, Inc. :
"Capri Holdings...
WaFd, Inc. (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced quarterly earnings after successfully completing the merger of California-based Luther Burbank Corporation ("LBC").
Earnings for the...