The global wet petfood market accounted for US $22,218.1 million in 2018 and is expected to grow at a CAGR of 5.7% during the forecast period 2019 – 2027, to account for US$ 36,406.5 Mn by 2027.
Wet petfoods are a good source of hydration for pets that display reluctance towards drinking adequate amounts of water. The contents of wet petfoods usually include chunks in gravy, chunks in jelly, casserole, and meatloaf formats. The wet petfood is increasingly being preferred by pet owners as they help to boost energy, build muscles and lean mass, and stimulate the overall growth mechanism in animals.
Consumption of wet petfood helps to provide the necessary nutrients such as proteins, vitamins, and minerals and keep pets healthy and hydrated. Furthermore, such kinds of foods are considered as an ideal option for pets who cannot chew properly due to missing teeth, improper adjustment of jaws, or other related pet concerns. Such advantages offered by wet pet food makes them a popular and attractive option and the best source of hydration.
Based on the product, the wet petfood market is segmented into dog food, cat food, and others. In 2018, the dog food segment held a considerably large share of the global wet pet food market.
The rising trend of nuclear families, the rapid humanisation of pets, and increased awareness about pet health have raised the demand for wet food for dogs in recent years. Furthermore, initiatives by various non-governmental organizations such as building rescue shelters, and growing compassion and care toward the health of stray dogs have driven the demand for high-quality dog food, which would, in turn, propel the sales of wet dog food.
North America holds the largest share of the global wet petfood market and is projected to maintain its dominance over the forecast period. The growth of the wet pet food market in this region is primarily attributed to the presence of a large consumer base and high pet ownership in the USA.
Major market players present in the North American wet petfood market includes Blue Buffalo Co., Ltd., FirstMate Pet Foods, and Mars, Inc., among others. These players are constantly working towards the innovations in new product developments of wet petfood with improved characteristics and high qualities.
In the European region, the UK holds the largest share of the wet petfood market. The wet petfood demand in the UK is driven by the increasing population of pets. The petfood products have gained importance in the UK market owing to the increased focus of pet owners towards healthy products along with empathy for pets. Moreover, the rise in disposable incomes of consumers in the UK has allowed the manufacturers to purchase better and healthy products for their pets in the UK.
The overall global wet petfood market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the wet petfood market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialising in the wet petfood market.