Omnichannel Retailing to Boost the Wet Pet Food Market: Technavio
August 21 2017 - 2:43PM
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.
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Technavio has published a new report on
the global wet pet food market from 2017-2021. (Graphic: Business
Wire)
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.
Omnichannel retailing
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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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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