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Business

The Ultimate Guide to the Booming Wet Pet Food Market in 2023 – Exclusive Insights, Trends, and Top Brands Revealed!

According to Technavio, the global wet pet food market is anticipated to witness a growth of USD 9.73 billion from 2022 to 2027, with a projected Compound Annual Growth Rate (CAGR) of 6.61% during this period. The surge in pet ownership is a primary driver of this expansion. However, potential hindrances include an uptick in product recalls.

READ: Formation of Nomination Committee for IRLAB’s Annual General Meeting 2024

Wet Pet Food

The market is categorized by product type (cat food, dog food, and others), distribution channels (pet-specialty stores, vet clinics, supermarkets, hypermarkets, convenience stores, etc.), and geographic regions (North America, Europe, APAC, South America, Middle East, and Africa). Technavio provides a comprehensive report summary outlining market size, forecasts, and research methodology, available in PDF format.

Key Segment Analysis:

The cat food segment is expected to witness significant market share growth during the forecast period, particularly due to the popularity of wet cat foods catering to older cats, offering easier chewability and proper nutrition. Market players are launching new products to expand their market share, such as Mars Inc.’s introduction of wet cat food under the Whiskas brand in June 2021, aimed at broadening its cat food range in India.

Geographical Market Analysis:

North America is projected to contribute 49% to the global market during the forecast period. This is attributed to the increasing consumer preference for high-quality wet pet food products in the region. Regulatory bodies like the FDA oversee pet food safety and quality under the FSMA, ensuring robust quality control and supply chain management. Additionally, the demand for premium pet products is rising due to concerns about pet allergies and enhanced nutrition. The growing pet ownership further fuels market growth in North America.

Company Insights:

The wet pet food market is characterized by fragmentation, with companies employing both organic and inorganic growth strategies for market competitiveness. The report analyzes the competitive landscape, featuring key market players such as C and D Foods Ltd., Champion Petfoods LP, Darling Ingredients Inc., De Haan Petfood, Evangers Dog and Cat Food Co. Inc., and others.

For additional insights on market growth strategies and product offerings, refer to the PDF Sample Report.

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The poke foods market is projected to increase by USD 849.19 million, with a CAGR of 8.53% between 2022 and 2027.
The artificial sweetener market is estimated to grow by USD 2,017.87 million, with a CAGR of 5.05% between 2022 and 2027.
Table of Contents (ToC) highlights key sections like Executive Summary, Market Landscape, Market Sizing, Historic Market Sizes, Five Forces Analysis, Market Segmentation, Customer Landscape, Geographic Landscape, Drivers, Challenges, & Trends, Company Landscape, Company Analysis, and more.

About Technavio:

Technavio, a prominent global technology research and advisory company, focuses on emerging market trends, providing actionable insights to help businesses identify opportunities and develop effective strategies. With over 500 specialized analysts and a report library of over 17,000 reports spanning 800 technologies and 50 countries, Technavio’s comprehensive coverage aids enterprises, including over 100 Fortune 500 companies, in navigating changing market scenarios.

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