Latin America Wet Pet Food Market size was calculated to be USD 2.16 billion in 2020 and is foreseen to develop to an extent of USD 4.66 billion, recording a CAGR of 4.4% throughout the projection period 2020-2025.
Animal feed that comprises a substantial portion of water, around 75% to 85%, combined with a few dry ingredients, is often termed as wet pet food. These types of foods are considered an ideal choice for pets that cannot chew properly due to missing teeth, improper jaw setting, or other animal-related problems. However, the demand for wet pet food still depends on the health of the animal and the choice of pet owners. The developing nations offer huge growth potential for this market.
Market Drivers and Restraints:
The wet pet food market in the South America region held a significant portion in the overall market share in 2019 and is supposed to experience a high CAGR during the forecast period. The increasing adoption of dogs and cats has been the principal factor supporting the growth of the local market. In addition, the surge in consumer awareness about health maintenance of their pets is also supporting the expansion of the wet pet food market in Latin America. To ensure good quality imports, the countries of the region have imposed numerous restrictions on the import of food products on importing countries.
The Latin America Wet Pet Food Market is segmented based on the type into dog food, cat food, and others. The dog food segment in the Latin American wet pet food market is estimated to account for the leading share, while the cat food segment is likely to grow at the fastest rate. Dogs are one of the most popular domestic animals in this area. They are omnivores and therefore adopt traditional eating habits, such as meat and meat scraps. They need proper nutrition at every stage of their life.
The Latin American wet pet food market is divided based on the application as residential and commercial. The residential segment held the dominant share of the local market and is estimated to continue the same trend in the following years.
The Latin American wet pet food market is segregated on the basis of distribution channel into offline retailers and online retailers. The offline retailers are further divided as supermarkets and hypermarkets, specialty pet stores, online, and others. The supermarket and hypermarket segment is foreseen to register the largest market share, while the online retailers segment is determined to grow at the rapid pace.
The stringent lockdown conditions across the Latin American nations resulted in the temporary closure of manufacturing units and disruption in supply chain, which led to a decline in sales and revenue of wet pet food market in 2020. Nations like Brazil, in this area has been immensely affected by the COVID-19, resulting in the losses in the wet pet food business. However, with the development of vaccination, the industry is supposed to bounce back in the next two to three years.
Brazil surpassed Japan as the world's second-largest Wet Pet Food Market in the review period, and it is only behind the United States. Brazilian pet food companies rely on US companies to source the ingredients for their formulas. With the growth of the Brazilian Wet Pet Food Market and an increase in demand for innovative pet products, ingredient suppliers must register with the Department of Inspection and Development of Animal Production (DFIP). Specialty pet stores are gaining popularity in the country, due to the constant price range offered by these small outlets, in contrast to the price volatility of the large-scale outlets of the big brands. These stores are often involved in the production of innovative materials of natural and ethical origin and therefore their product lines dedicated to pet food capture the interest of consumers.
Nestle had the largest share of the Latin America Wet Pet Food Market in terms of sales and revenue in 2019.
Some of the most prominent players in the Latin America Wet Pet Food Market are Hill’s Pet Nutrition, Nestle, and Mars Incorporated.
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 Latin America
7.2.1 By Country
22.214.171.124 Rest of Latin America
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