Asia Pacific Wet Pet Food Market to 2027 - Regional Analysis and Forecasts by Product ; Packaging Type ; Distribution Channel, and Country
NEW YORK, April 22, 2020 /PRNewswire/ --
The wet pet food market in Asia Pacific was valued at US$ 3,670.4 million in 2018 and is projected to reach US$ 6,079.9 million by 2027; it is expected to grow at a CAGR of 5.8% during 2019–2027.
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Pet food is composed of a high percentage of water, ranging from 75% to 85%, along with other dry ingredients that provide necessary nutrients such as proteins, vitamins, and minerals.The wet pet food is increasingly being preferred by pet owners as it helps boost energy, build muscle strength with lean body mass, and stimulate overall growth of animals.
Moreover, these foods are considered as an ideal option for pets who cannot chew properly due to missing teeth, improper jaw adjustment, or other related pet concerns. Although the demand for wet pet food is dependent upon the health of the pet and the choice of pet owners, it is increasing across the globe with the rise in focus of producers on the premiumization of their products.
Wet pet food is easily available at different retail stores such as supermarkets and hypermarkets; specialized pet shops; and online stores.Online buying of wet pet foods is gaining popularity in countries such as Australia, China, India, and Japan.
Increased use of mobile phones, computers, and laptops has led to the growth of digital channels. Pet owners in the Asia Pacific countries are adopting the idea of online shopping as it saves time, money, and efforts compared to other distribution channels.
The wet pet food market in Asia Pacific has been segmented on the basis of product into dog food, cat food, and others.The dog food segment holds the largest share of the market in this region, while the cat food segment is estimated to report the highest CAGR during the forecast period.
The growing inclination of consumers toward the adoption of dogs as a companion for families is projected to propel the growth of the market.The increasing trend toward humanization of dogs is stimulating the sales of premium dog food products.
Several leaders such as Mars Incorporated, Monge SPA, and Nestle Purina are adopting various strategies for improving their market position. For instance, in 2017, PEDIGREE, one of the leading dog food brands of Mars Incorporated, reintroduced its advanced dog food range under the brand name "PEDIGREE PRO." This launch is in line with the brand's vision to cater to the needs of every dog breed, throughout various stages of their lives.
The wet pet food market in Asia Pacific is sub-segmented into Japan, Australia, India, China, South Korea, and Rest of Asia Pacific.Japan holds the largest share of the market, while the market in Australia is expected to grow at the highest CAGR during the forecast period.
Also, increase in ownership of pets, coupled with easy availability of wet pet food through diversified sales platforms such as modern trade and online sales channel, has boosted the market growth in Asia Pacific.
Several players operating in the wet pet food market in Asia Pacific are De Haan Petfood, FirstMate Pet Foods, Little BigPaw, Mars, Incorporated, Monge SPA, Hill's Pet Nutrition, Inc., and Nestlé Purina Petcare.
The overall wet pet food market size in Asia Pacific has been derived in accordance to both primary and secondary sources.To begin the research process, comprehensive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the wet pet food market in Asia Pacific.
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