The Wet Pet Food Market, valued at £19.5 billion in 2023, is anticipated to soar to £24.3 billion by 2028, at a steady CAGR of 4.5%, according to an exclusive report released by MarketsandMarkets™.
The dramatic surge in pet-centric social media platforms has led to a significant transformation in the way individuals perceive, interact with, and care for their beloved animal companions. Pet owners are increasingly considering their furry friends as integral family members, thus seeking premium dietary options that echo their own preferences for natural, nutritious, and delectable meals. The influence of social media, replete with visually appealing content and peer-driven endorsements, has spotlighted wet pet food as an appealing choice. It’s not only for its nutritional benefits but also because it aligns with the prevailing wellness and indulgence trends.
Wet pet foods, known for their high moisture content, cater perfectly to a pet’s natural hydration needs, contributing to overall well-being. Their soft texture and savory aromas enhance palatability, making them the preferred choice for discerning pet owners with selective eaters. Additionally, the meticulous selection of ingredients and specialized processing techniques leads to increased digestibility, addressing digestive sensitivities and promoting 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 by-pet segment for cats is predicted to experience significant growth during the forecasted period. There has been a noticeable shift in pet adoption trends as more people are opting to bring cats into their homes. Cats have rapidly become the second most adopted pets after dogs, thanks to their low-maintenance nature and suitability for urban lifestyles. As feline ownership increases, pet owners are becoming more aware of their nutritional requirements, which align well with the attributes of wet pet food. The perception of wet pet food as a more palatable and convenient option further bolsters its demand for cats.
The online sub-segment within the distribution channel is expected to witness the highest CAGR in the wet pet food market. The exponential expansion of online sales, even in developing countries, is driven by factors such as increased internet penetration, convenience, and access to a wide range of products. Online platforms also facilitate targeted marketing, personalized recommendations, and subscription models, fostering customer loyalty.
Asia Pacific is estimated to experience the highest CAGR in the wet pet food market. Rising disposable incomes across the region have led pet owners to prioritize premium and specialized products, including wet pet food. Additionally, growing urbanization and changing lifestyles have increased pet ownership, further boosting the demand for high-quality pet food. The popularity of online platforms, particularly social media and e-commerce, has played a pivotal role in driving the growth of the wet pet food market in the Asia Pacific.
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).