Global Wet Pet Food Market Revenue, Major Players, Consumer Trends, Analysis & Forecast Till 2027 – – EIN News

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The growing number of pet adoptions throughout the study period has been of key help to Global Wet Pet Food Market
HYDERABAD, TELANGANA, INDIA, November 15, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that The Global Wet Pet Food Market size is estimated to reach $36.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.8% over the forecast period of 2022-2027. Wet pet food has been a growing market owing to rising consumer preferences to feed nutritional or functional foods to their pets. Wet pet foods have a predominant portion of water, added to the dry ingredients which allow the pet owners to provide the necessitated water intake. Additionally, owing to old age various dogs or cats are not able to digest dry ingredient food items, which in turn allows the market to grow. Wet pet food is often fulfilled with necessary amino acids and proteins, hence, non-vegan options such as beef chicken turkey pork are regarded as pet’s favorite. Furthermore, surveys have revealed that pet owners have established a humanitarian bond with their pets which propels them to buy various treats in form of kibble or others. Additionally, an amalgamation of taste and functionality would be a keen space for marketers in the coming period. The animal feed industry has been observing certain key trends from wet pet food and is readily adopting strategies to amalgamate their current offerings with future potentials. Product development along with the humanization of pets supplemented by a wide product offering along with better technology connecting pet owners with each other and veterinarians and diet suppliers are some of the key factors driving the Global Wet Pet Food Industry in the projected period of 2022-2027. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Click here to browse the complete report summary:
https://www.industryarc.com/Research/Global-Wet-Pet-Food-Market-Research-513447
Key takeaways:
1. Geographically, North America’s wet pet food market held a dominant market share in the year 2021. It is owing to a vast array of pets being readily adopted per million.
2. Further, pet humanization has been an additional facet that has allowed the region to hold a dominant position. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027.
3. It is owing to the growing consumption patterns noticed in the likes of China and India. Additionally, Japan has been termed as a portion of leading imported pet food, which would allow exploring marketable opportunities.
4. Product development along with the humanization of pets supplemented by a wide product offering along with better technology connecting pet owners with each other and veterinarians and diet suppliers are some of the drivers for the market.
5. However, dilemmas pertaining to the use of food varieties for pets-which are incoherent to owner’s preferences along with manufacturing and storage problems are some of the challenges faced by the market.
6. A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Wet Pet Food Market Report.
Interested in knowing more relevant information? Click here:
https://www.industryarc.com/pdfdownload.php?id=513447
Segmental Analysis:
1. As per a US study, around 67% of households or about 90.5 million homes own a pet, of which dogs account for nearly 64%. Moreover, pet owners have confirmed that wet pet food allows easy digestion for older dogs and allows them to stay away from dental maladies.
2. However, the cats’ segment is estimated to be the fastest-growing, with a CAGR of 6.0% over the forecast period of 2022-2027. Cat adoption has been growing, and predominant offerings and product developments are now being centered around cats, which allows for better opportunities. Further, around 45.3 million households own a cat in the U.S., which is projected to increase with time.
3. The omnivore nature of animals makes them favor non-vegan options more than vegan options. As per Pet Food Institute, around $1220 million worth of beef was being used for making pet foods. Additionally, around $691 million worth of lamb was being used for making pet foods. However, vegan options are estimated to be the fastest-growing, with a CAGR of 5.6% over the forecast period of 2022-2027.
4. The global wet pet food market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held a dominant market share of 41% in the year 2021. It is owing to the presence of major pet adopters in the countries like the U.S. Additionally, U.S. spending power allows it to cash some new pet offerings, owing to a strong humanization bond shared.
5. Reports suggest that nearly 49% of the Americans had gotten a pet during the woes of lockdowns and other shutdowns in 2020-21. Of those surveyed, it was observed that 53% of the people bought a dog, 32% bought home a cat, and moreover, 14% had adopted both cats and dogs in the previous year. Moreover, 40% of the pets adopted were from an NGO, and the other 24% was done from taking pets from another family. Lastly, 26% bought pets from a breeder in the U.S. Additionally, pet adoption has grown worldwide, especially in developing countries.
6. The product cost between dry pet food and wet pet food can be easily demarcated, and the higher cost of the latter often becomes the pain point for manufacturers. For example, a can of wet pet food can cost nearly $8.29- which roughly translates into 23.0 C/ Oz. Whereas, 20.4 lb dry pet food only costs $13.49.
Competitive Landscape:
The top 5 players in the Global Wet Pet Food industry are –
1. Mars Incorporated
2. Nestle S.A.
3. The J.M Smucker Company
4. Simmons Pet Food
5. The J.M Smucker Company
Click on the following link to buy the Global Wet Pet Food Market Report:
https://www.industryarc.com/reports/request-quote?id=513447
Why Choose IndustryARC?
IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.
Related Reports:
A. Pet Food Packaging Market
https://www.industryarc.com/Report/15173/pet-food-packaging-market.html
B. Pet Food Ingredients Market
https://www.industryarc.com/Report/16633/pet-food-ingredients-market.html
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IndustryARC
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Venkat Reddy
IndustryARC
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[email protected]
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