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 to 2028" report 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%. This industry growth is reflective of the changing consumer preferences driven by urbanization and advanced lifestyles, particularly in metropolitan areas.
Distributing through convenience stores proves to be a strong strategy for wet pet food sales, expecting a growth CAGR of 3.9%. The plant derivatives sub-segment in the wet pet food market demonstrates 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 robust increase in the wet pet food market, reaching USD 8.2 billion by 2028, driven by a combination of cultural inclinations, pet health awareness, and rigorous 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 designations at 60%, with a geographical participant spread of Asia-Pacific at 40% and Europe at 30%.
Major key players in the market include global firms known for quality and innovation in pet food products. The research meticulously analyzes factors such as drivers, restraints, and opportunities influencing the wet pet food market's trajectory.
An extensive competitive analysis reveals strategies employed by market leaders, including progressive product offerings, strategic partnerships, and a focus on aligning with the holistic pet care ethos.
Key Findings from the Research:
- Insightful analysis on the wet pet food market's dynamics, forecasting growth trends, and market estimations.
- Emphasis on convenience stores as a rising distribution channel.
- Plant derivatives in pet food are witnessing increasing demand due to consumer interest in vegan options and sustainability.
- Deep dive into Europe's market characteristics contributing to its significant growth rate.
The detailed report serves as an indispensable resource for industry stakeholders, providing crucial insights on market dynamics and strategic imperatives. It is set to catalyze informed decision-making in this evolving market landscape, with a focus on addressing the nutritional needs of pets and the convenience preferences of owners.
The report provides insights on 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 globally.
- Market diversification strategies with information on new products and untapped geographies.
- Competitive assessments revealing market share, growth strategies, and product offerings from leading companies.
The information offers a forecast that outlines the market's potential and serves as a strategic guide for enterprises and innovators navigating this competitive space.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 314 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $25.5 Billion |
| Forecasted Market Value (USD) by 2028 | $31.7 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Companies Mentioned
- Amì Planet Srl
- Better Choice Company
- Charoen Pokphand Foods Pcl. (Perfect Companion Group)
- Colgate-Palmolive Company (Hill's Pet Nutrition, Inc.)
- Farmina Pet Foods
- General Mills Inc.
- Granatapet 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.
- Nulo
- Petline Natural Animal Nutrition
- Real Pet Food Co.
- Schell & Kampeter, Inc.
- Shanghai Biruiji Pet Products Co. Ltd.
- Sunshine Mills, Inc.
- Thai Union Group Pcl.
- The J.M. 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
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