Pet food, which is made up of a high percentage of water, between 75% and 85%, as well as other dry ingredients are called wet pet food. Additionally, these types of foods are considered an ideal choice for pets that cannot chew properly due to missing teeth, poor jaw fit, or other pet-related issues. However, the demand for wet pet food still depends on the pet's health and the choice of pet owners. The Asia Pacific Wet Pet Food Market was estimated at USD 3.67 billion in 2018 and is expected to reach over USD 6.08 billion with a CAGR of 5.8% throughout the outlook period (2020-2027).
In April 2006, Mars, Incorporated and Doane Pet Care Company, a Nashville, Tennessee-based manufacturer of dry pet food products, announce today that Mars has signed an agreement to acquire Doane's parent company, Doane Pet Care. Enterprises, Inc. of Teachers' Private Capital, the private equity arm of the Ontario Teacher Pension Plan.
Market Drivers and Restraints:
The rising concerns among pet owners related to nutrition and health of pets are majorly promoting the expansion of the Asia Pacific wet pet food market. Wet pet food contains plant and animal derivatives such as eggs, vegetable broth, meat broth, lamb, beef, and chicken. Also, the percentage of water varies from 75% to 85%. These nutrients provide several health benefits, such as increased energy, muscle building and toning, and building lean mass. All these benefits have increased the demand for wet pet food from pet owners. These days, pet owners are more concerned about their pets' nutrition. The shift from pet 'ownership' to 'herding' has been identified as the main reason for the market growth. In addition, the growing awareness of a diet suitable for the general health of pets has forced buyers to opt for higher quality food products, which is likely to drive the growth of the Asia Pacific wet pet food market.
The dog food segment in the Asia-Pacific wet pet food market is estimated to have a leading market share, while the cat food segment is expected to grow at the fastest rate. Dogs are among Asia's favorite pet foods. They need good nutrition at every stage of their lives. Therefore, a complete diet program with an adequate combination of carbohydrates, minerals, proteins, fats, vitamins and water is essential to maintain a healthy body weight. Wet pet food contains more of the aforementioned nutrients and dog owners prefer to buy wet pet food. Wet food helps dogs fight infections, perform daily activities, repair teeth and bones, and maintain their constitution and muscle tone.
The wet pet food market in Asia Pacific is segmented by type of canned, bagged, and other packaging. The canned segment represents the largest share of the wet pet food market in Asia Pacific, while the bag segment also contributes a significant share of the market. The boxes are ideal for packaging pet food. They keep food for a long time and keep it fresh, clean and free of contamination thanks to an airtight container. Wet foods are generally made from fresh meat products and contain 70 to 80% moisture. Therefore, feed manufacturers prefer packing boxes because they are easy to transport over long distances. Materials like plastic in the form of PVC, HDPE, PET and metals like steel and aluminum are used for packaging canned pet food.
The wet pet food market in Asia-Pacific is segmented by distribution channel into supermarkets and hypermarkets, specialty pet stores, online and others. The supermarket and hypermarket segment of the Asia-Pacific pet food market is estimated to have a considerable market share, while the online segment is expected to grow at the fastest rate. Supermarkets and hypermarkets are self-service stores that offer a wide variety of pet products, such as pet food, pet toys, pet houses, and other products pet health care. This also includes mass merchants, discount stores or masses/dollar / clubs. A wide range of these products is placed in striking assortments on organized shelves and sections to attract customers. Supermarkets and hypermarkets offer a wide selection of pet products from different bands to shoppers in one place at affordable prices compared to other distribution channels.
Impact of covid-19 on Asia Pacific Wet Pet Food Market
Uncertainty about employment increases, with the likelihood that a point of sale was employed at the closing store. Outlets that will continue to exist will do so with significantly less seating capacity and reduced overall demand due to public perception and reduced unjustified departures, further impacting the number of employees needed. The return of migrant labor to their country of origin will also affect the availability of skilled labor and there may be a shortage of people who are well adjusted to the limited jobs available. It will be a two-sided problem for both operators and F&B employees. As per the industry experts, this phase is survival of the fittest. Today, as the entire nation grapples with the problem of a global recession, all sectors are in an unprecedented situation where they are forced to make difficult decisions that could have colossal tax effects on their businesses. By being forced to endure this challenge, the F&B sector does so for the benefit of the entire community, although it will take some time to recover from losses incurred during the closing phase. While the strong performance in the last quarter will be austere, expectations for a strong rebound in the days after the close are not predictable and will be a daunting task. The road to profitability will not be easy and companies will need to adopt innovative and more efficient methods of doing business and creating new sources of income to maintain their presence in the market.
The Asia Pacific Wet Pet Food market has been characterized by geography into China, Taiwan, South Korea, India, Japan, Australia, and New Zealand, and the rest of the Asia-Pacific. Asia-Pacific, led by China, Japan, India, and South Korea, became one of the world's leading markets in 2018. The growth of the regional market can be attributed to rising demand high quality dog food.
De Haan Petfood had the largest share of the Wet Pet Food Market in terms of sales and revenue in 2019.
Key players in the Asia Pacific wet pet food market include Little BigPaw, FirstMate Pet Foods, De Haan Petfood, Mars, Monge SPA, Incorporated, Hill's Pet Nutrition, Inc., and Nestlé Purina Petcare, among others
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Wet Pet Food Market, By Type
6.1.1 Dog Food
6.1.2 Cat Food
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Wet Pet Food Market, By Distribution Channel
6.2.1 Offline Retailers
6.2.2 Online Retailers
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Wet Pet Food Market, By Application
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 Asia Pacific
7.2.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.2.2 By Type
7.2.3 By Distribution Channel
7.2.4 By Application
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 De Haan Petfood
8.3 WellPet LLC
8.4 Blue Buffalo Co. Ltd.
8.6 Spectrum Brands
8.7 Tiki Pets
8.8 Sunshine Mills
8.10 Monge SPA
8.11 Harrington Foods
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures