A new report by Future market insights has stated due to the rising adoption rates of pets worldwide, petfood demand seems to be growing at a CAGR of 5.3 percent between 2022 and 2032.
The petfood market was valued at US $104.96 billion by the end of 2021, and wet petfood accounted for 19.2 percent of that sum.
Demand has risen over the past few years due to rising consumer awareness about the benefits of wet petfood, which include assisting in keeping pets hydrated (due to high moisture content), preventing urinary-tract infections, and preventing weight gain (due to the low-carbohydrate content). Wet petfood is ideal for overweight pets or pets who have trouble chewing hard food due to dental problems and illness.
Pet adoption in high-income nations has increased due to the benefits of ownership, including pets boosting owners mood, reducing their stress, anxiety, depression, loneliness, as well as other health benefits such as encouraging exercise.
Dogs are the most popular pets around the world and contribute a significant portion or revenue to the pet food sector, particularly in China – a country ranked third in the world in terms of dog ownership in 2020. The second most popular pets were cats and birds. A rising number of e-commerce platforms and growing demand for natural pet food are also significant factors driving the wet pet food growth.
The rising sales of wet petfood has indicated a shifting preference for pet owners, with an increase in demand for premium quality products that assure optimal nutrition and care. Pet humanisation has likely inspired this since pet ‘parents’ are now spending more time and attention on their pets, demanding higher quality ingredients similar to human quality ingredients. Wet petfood offers nourishment, health benefits, and a great source of protein to help pets live longer and better lives, which in turn has encouraged companies to continuously produce new products to tackle new consumer demands.
To find out more, click HERE.