Wet Pet Food Industry Expected to Reach a Value of 41.1 Billion US Dollars by 2034
The Global Wet Pet Food Market: A Growing Trend
The global wet pet food market is on an upward trajectory, expected to reach USD 41.1 billion by 2034. This growth is driven by several key trends and factors, including increasing pet humanization, growing health awareness, product innovation, and regional growth.
Increasing Pet Humanization
Pet owners are treating their pets as family members, leading to a rise in premium and high-quality pet food products. Wet pet food, perceived as more nutritious and appealing, is a significant part of this trend.
Growing Health Awareness
Consumers are seeking healthier options for their pets, driving demand for natural, organic, and additive-free pet food products. The benefits often associated with wet pet food align with this demand.
Product Innovation
Innovation in packaging and product formulation is a notable trend in the market. Convenient and sustainable packaging options are enhancing consumer appeal and driving sales.
Regional Growth
The Asia-Pacific region is becoming a significant growth area due to rapid urbanization and increasing disposable income. Consumers are opting for premium pet food products like wet food.
Market Size and Growth Rate
The global wet pet food market size was USD 26.68 billion in 2024 and is projected to grow from USD 27.90 billion in 2025 to USD 41.75 billion by 2034. This growth is driven by consumer preference for wet pet food due to its perceived nutritional benefits and palatability.
Demand for Premium Products
The rise in premium pet food consumption is a major driver, as consumers seek higher-quality products that align with human dietary trends, such as organic and natural ingredients.
Pet Obesity Management
The pet obesity management market also contributes indirectly by driving demand for specific dietary products, including wet food that is formulated to manage obesity in pets.
Challenges and Opportunities
The market faces challenges such as sustainability and environmental concerns, and competition and market entry. However, these challenges also present opportunities for new entrants and innovative products that meet emerging consumer demands.
Notable Developments
Notable developments in the market include Bob Martin expanding its wet pet food range with functional recipes targeting joint health, digestion, and skin care. Better Choice Company launched a new line of grain-free, high-protein wet pet food with real meat as the first ingredient. Farmina Pet Foods introduced N&D Prime wet food, featuring ancestral grain-free recipes with high meat content and low carbs. CATMOR introduced human-grade wet cat food with ethically sourced proteins like free-range chicken and wild-caught fish. Charoen Pokphand Foods PCL (CPF) launched SmartHeart Gold, a premium wet pet food line in Asia, enriched with omega-3 and antioxidants.
The United States is the primary driver of North America's dominance in the global wet pet food market, with 66% of households owning pets in 2023. In 2024, North America commanded a 42.9% share of the global wet pet food market, with sales of approximately USD 11.2 billion. Asia-Pacific's rapid expansion signals global potential in the wet pet food market.
[1] Market Research Future (2022). Global Wet Pet Food Market Research Report: Size, Trends & Forecast 2024-2034. Retrieved from https://www.mrfr.org/report/global-wet-pet-food-market-2668 [2] Grand View Research (2021). Global Pet Food Market Size, Share & Trends Analysis Report By Product (Dry, Wet), By Animal Type (Dog, Cat, Others), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028. Retrieved from https://www.grandviewresearch.com/industry-analysis/pet-food-market [3] Zion Market Research (2021). Global Wet Pet Food Market Size, Share & Industry Analysis, By Product Type (Canned, Pouch, Tray), By Animal Type (Dog, Cat), By Distribution Channel, And Regional Forecast, 2021-2028. Retrieved from https://www.zionmarketresearch.com/report/wet-pet-food-market [4] Mordor Intelligence (2021). Wet Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026). Retrieved from https://www.mordorintelligence.com/industry-reports/wet-pet-food-market [5] FactMR (2021). Global Wet Pet Food Market: Key Insights, Trends, Growth Drivers and Challenges, and Competitive Landscape Analysis 2019-2029. Retrieved from https://www.factmr.com/report/3444/wet-pet-food-market
Businesses in the finance sector should consider the growing potential of the wet pet food market, given its expected increase to USD 41.1 billion by 2034. As consumers prefer nutritious and appealing pet food options, the finance industry could explore investments in pet food companies that cater to this demand for premium and natural products, particularly those offering convenient and sustainable packaging as well as functional recipes for pet health.
