Australia Wet Pet Food Market

Australia Wet Pet Food Market Size, Share, Growth (2023-2028)

Australia Wet Pet Food Market is expected to experience moderate growth to record a CAGR of 2.7% throughout the forecast period (2023-2028).

Australia Wet Pet Food Market Overview:

Wet pet food is pet food that contains a high proportion of water in the range of 75 to 85%. It is often rich in protein and fat and provides the energy and vital nutrients necessary for metabolism. Historically, pets have played an important role in Australian families, and time-constrained emerging lifestyles play a vital part in emerging the transition to commercial products and retail. According to government consumer behavior surveys, Australian consumers are very familiar with consumer protection laws and product composition. This fact could stimulate the regional pet food market as the product is of high quality.

Recent Developments

1. Nestlé Purina PetCare completed the purchase of Lily’s Kitchen natural pet food brand, a renowned wet and dry natural food provider for dogs and cats in the UK. Its product range perfectly complements Purina's existing brand portfolio. Founded 12 years ago in the kitchen of founder Henrietta Morrison in London, Lily's Kitchen has grown into an internationally recognized £ 85 million1 retail brand.

2. Mars, Incorporated announced that it has signed an agreement to acquire Doane's parent company, Doane Pet Care. The Mars acquisition will not cover the European division of Doane, which a third party purchased.

3. The 2018 acquisition of Ainsworth Pet Nutrition LLC was a key driver of JM Smucker Co.'s performance for fiscal year 2019.

Australia Wet Pet Food Market Drivers and Restraints:

Pet stores and supermarkets continue to be important sources of pet products. An increasing number of fortified pet food products are being introduced to the market, along with specific health products that respond to the growing range of pet diseases. Pet stores have witness have a hike in their popularity with the increasing awareness among the pet owners. A study reveals that these products are used by at least 36% of dog owners and 31% of cat owners occasionally. In fact, other types of pet owners tend to rely on pet stores as their primary food source, although bird owners prefer supermarkets. Department stores are the main selling points for pet food, but the trend is changing to specialty stores. In Australia, the call for various imported premium and super premium brands is expanding. Premiumization has always been a bigger trend in the dog food sector, but the cat food sector has been picking up over the years as well.

Australia Wet Pet Food Market Segmentation:

The Australia Wet Pet Food Market can be segmented by packaging, distribution channel, product, and geography. Depending on the product, the Australia Wet Pet Food Market may be segmented into cat food, dog food, and more. By distribution channel, the market can be separated into online, supermarkets/hypermarkets, specialty stores, and others. Depending on the packaging, the Australia wet pet food market can be classified as canned, sachets, and others.

Impact of covid-19 on Australia 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. By being forced to endure this challenge, the F&B sector does so for the entire community's benefit, 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. Companies will need to adopt innovative and more efficient methods of doing business and create new sources of income to maintain their presence in the market.

Australia Wet Pet Food Market Regional Analysis:

Australia is one of the major established markets outside of North America and Europe, whereas in the Asia-Pacific area, furthermost sales are presently focused in Japan, which is also comparatively established. The growth in the Australian market can be attributed to rising prices relative to the overall increase in the pet population, as well as the rise of two families with childless incomes and high disposable incomes. The quality of life for pets continues to play an important role in product innovation and growth in retail sales in the pet food market. The shift from pet "ownership" to "nurturing" has been a crucial and defining trend in the pet food market, especially in developed countries. More than a third of households in developed countries have a pet. Traditionally, pet owners have fed their pet’s leftovers and leftovers from family meals. However, consumers now realize that pet food and home food are made up of separate nutrients and that pets must be fed a variety of foods as part of a diet.

Australia Wet Pet Food Market Key Players

1. Mars Inc.

2. Hills Pet Nutrition

3. Nestlé Purina Petcare

4. The Complete Pet Company

5. The Great Australian Pet Food Co

6. V.I.P. Petfoods

7. Australian Pet Treat Company

8. Connex United Processors