Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) — The “Global Wet Pet Food Market by Pet (Dogs, Cats), Source (Animal-based, Plant Derivatives, Synthetic), Distribution Channel (Pet Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores , Online) and Region – Forecast report to 2028” has been added to ResearchAndMarkets.com’s offering.
The global wet pet food market is witnessing significant growth, with an estimated value of USD 25.5 billion in 2023, and a projection to reach USD 31.7 billion by 2028, growing at a CAGR of 4.5%. The growth of this industry reflects changing consumer preferences driven by urbanization and advanced lifestyles, especially in metropolitan areas.
Distribution through convenience stores is proving to be a strong strategy for wet pet food sales, which is expected to grow at a CAGR of 3.9%. The plant derivatives sub-segment in the wet pet food market shows a growing preference for plant-based ingredients in pet diets, with an expected CAGR of 4.2% during the forecast period.
Europe is set to experience a strong increase in the wet pet food market, reaching USD 8.2 billion by 2028, driven by a combination of cultural trends, pet health awareness, and strict pet product standards.
The report’s participant profile indicates a majority presence of Tier 1 companies at 50% and insights gathered primarily from manager-level assignments at 60%, with participants geographically spread across Asia-Pacific at 40% and Europe at 30%.
Major key players in the market include global companies known for quality and innovation in pet food products. The research thoroughly examines factors such as drivers, restraints, and opportunities influencing the trajectory of the wet pet food market.
An extensive competitive analysis reveals the strategies used by market leaders, including progressive product offerings, strategic partnerships, and a focus on aligning with holistic pet care .
Key Findings from the Research:
- Insightful analysis on wet pet food market dynamics, forecast growth trends, and market estimates.
- Emphasis on convenience stores as an increasing distribution channel.
- Plant derivatives in pet food are witnessing an increase in demand due to consumer interest in vegan options and sustainability.
- Deep dive into the characteristics of the European market that contribute to its significant growth rate.
The detailed report serves as an indispensable resource for industry stakeholders, providing valuable insights into market dynamics and strategic imperatives. It is set to catalyze informed decision-making in this evolving market landscape, with a focus on meeting the nutritional needs of pets and the comfort preferences of owners.
The report provides insights into the following pointers:
- Detailed analysis of key drivers, restraints, challenges, and opportunities in the wet pet food market.
- Insights into new product launches and innovations within the market.
- Comprehensive market development analysis for understanding profitable markets worldwide.
- Market diversification strategies with information on new products and untapped geographies.
- Competitive assessments reveal market share, growth strategies, and product offerings from leading companies.
The information offers a forecast that outlines market potential and serves as a strategic guide for businesses and innovators navigating this competitive space.
Key Features:
| Report Properties | Details |
| Number of Pages | 314 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $25.5 Billion |
| Estimated Market Value (USD) by 2028 | $31.7 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Mentioned Companies
- Amì Planet Srl
- Better Choice Company
- Charoen Pokphand Foods Pcl. (Perfect Group Companion)
- Colgate-Palmolive Company (Hill’s Pet Nutrition, Inc.)
- Farmina Pet Foods
- General Mills Inc.
- Pomegranate GmbH & Co. KG
- Inaba-Petfood Co. Ltd.
- Little Bigpaw
- Mars, Incorporated
- Monge Spa P.Iva
- Nestlé (Nestlé Purina Petcare Company)
- Nippon Pet Food Co. Ltd.
- Nothing
- Petline Natural Animal Nutrition
- Real Pet Food Co.
- Schell & Champions, Inc.
- Shanghai Biruiji Pet Products Co. Ltd.
- Sunshine Mills, Inc.
- Thai Union Group Pcl.
- The JM Smucker Company
- Tiki Pets (Whitebridge Pet Brands)
- Unicharm Corporation
- Yarrah
- Ziwi Pets
For more information about this report visit https://www.researchandmarkets.com/r/9rkexi
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, leading companies, new products and the latest trends.
-
Global Wet Pet Food Market
