LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global wet pet food market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “The global pet food market is driven by many factors such as increasing pet humanization, growing urbanization, and rise in pet ownership. Also, one of the main drivers for the pet wet food market is the rise in disposable income of the urban population that has led to an increased expenditure on pet foods.”
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The top three emerging market trends driving the global wet pet food market according to Technavio research analysts are:
- Mergers and acquisitions
- Premiumization of wet pet food products
- Omnichannel retailing
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Mergers and acquisitions
Over the past few years, the pet food market has witnessed multiple M&A. In 2016, WellPet acquired Sojos. In February 2016, Kodo purchased Precise and ANF brands, and C.J. Foods purchased Day Six Pet Nutrition. In 2016, a Spanish company, Agrolimen bought the remaining shares of Nature's Variety, a pet food company based in the US. In July 2016, Pet Supermarket and Pet Valu merged. This made it the third-biggest pet specialty retailer in North America.
In 2015, the number of M&A in pet food segment was higher. Such M&As help in adding value to the combined entities and expand market shares, thus, cost-effectively creating multiple growth opportunities.
Premiumization of wet pet food products
Pet owners are increasingly buying premium products for their pets, as they consider pets as a part of their family and want to provide them with the best. To ensure that the pets receive appropriate nutrition and care, pet owners are willing to pay a premium for good-quality pet care products including food, supplements, and grooming items.
Wet pet foods help older pets to consume the food without any difficulty. Such pet foods have a higher moisture content that helps in keeping pets hydrated, and they also have a possibility to lower the chance of urinary tract problems. Unlike dry pet foods, only a little amount of preservatives is added to wet pet foods.
“Wet pet food manufacturers keep in mind the health benefits while formulating premium pet food products. In 2015, My Dog, a premium wet dog food brand formulated its dog food products such as MY DOG Fillets in Gravy with health-promoting ingredients vegetable protein, cereal protein, and others,” says Manjunath.
The increasing trend of omnichannel retailing will help the market growth during the forecast period. The players in the market are becoming aware of this type of retailing due to increase in product visibility. Omnichannel retailing uses a mix of distribution channels such as retail and online stores for an improved customer engagement.
Players are also opting to sell wet pet foods through e-commerce websites like Amazon and Alibaba due to their immense growth during the last few years. With the growth in e-commerce businesses, brands are focusing on delivering improved services to consumers by analyzing their purchase and personalizing their shopping experience.
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