Plant-based Pet Food Market Overview:
The market for plant-based pet food is anticipated to grow gradually, with a total value of US$23.82 billion in 2021. Sales of plant-based pet food are anticipated to grow at a 9.2% CAGR between 2021 and 2031, according to Future Market Insights (FMI). For the duration of the evaluation period, market growth is expected to continue to be positive overall.
Plant-based pet food contains no animal-derived raw materials, assuring that no animals have been harmed or abused in any way. The vegan movement, humanization of pets, and the growing number of vegan pet owners preferring a plant-based diet for their pets are contributing to the growth of the plant-based pet food business.
Spurred by aforementioned factors, the plant-based pet food market will account for 23.8% of sales in pet food market in 2021. Pet humanization has recently gained popularity in the mainstream media throughout the world. In the plant based pet food market, the change from pet ownership to pet parenting has been a critical and defining development, particularly in industrialized countries.
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Pets are now considered members of the family as a result of this pet humanization movement. Consumers’ willingness to spend more on healthy pet food is shaped by the developing attachment between pet owners and their pets. They are becoming more concerned of their pets’ health and are purchasing plant based pet food with high nutritional value for their pets’ benefit. Pet owners nowadays are looking for pet consumables that are locally made, natural, vegan or have unique health benefits, in addition to standard meal products.
“Some of the leading plant-based pet food brands have a well-defined product classification system. Manufacturers are focusing their research and development efforts on developing distinctive and nutrient-rich products, which will help them increase their revenue streams,” said a lead analyst at FMI
Additionally, the movement toward pet humanization has resulted in a rise in health consciousness. Coupled with this, the rise in pet food that is free of meat, sugar, grain, dye, and other chemical additives will result in high growth in the market. Driven by trends such as surging demand for vegan pet food, pet humanization, and premiumization, plant based pet food demand is predicted to increase in the coming years.
Key Market Dynamics:
Increasing demand for organic and high-quality ingredients has fuelled pet food expenditure. Consumption of plant-based pet food is thought to minimize allergies, skin concerns, improve bad breath, and maintain weight in pets. This is encouraging pet parents to pick plant-based pet food over other types of pet foods.
Vegetarian and plant-based diets have recently been introduced to the pet food market, offering a possible solution to the moral dilemma faced by vegetarians and vegans who live with omnivore and carnivorous dogs.
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Key Takeaways from the Plant Based Pet Food Market Study:
- North America will account for 36.1% of the global plant-based pet food market in 2021. The U.S. is expected to spearhead growth in North America.
- Kibbles come in a range of sizes and forms and are expected to remain the most popular sort of plant-based pet food. Kibbles are dried, cooled, and coated with a protective coating, and they account for 23.5% of the global market in 2021.
- The store-based retailing sector accounted for 86.4% of the market share in 2021, and it is predicted to grow at a steady pace through the forecast period.
- Bags accounted for 35.8% of the global plant-based pet food market in terms of packaging, as they are more cost-effective alternative to the cumbersome containers and jars that were previously used in packaging.
Competitive Analysis:
Some of the leading companies offering plant based pet food Market are Cannapple, Nature’s Recipe , Nature’s Diet, Wysong, Benevo, , Evanger’s Dog & Cat Food,My Aistra, Evolution Diet, Eco Dog and Cats, Dr.goodpet and others.
Plant-based pet food manufacturers strive to bring natural and healthy products to market in order to attract a big customer base. Manufacturers in both developed and developing economies are investing in R&D to meet expanding customer needs.
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Furthermore, as a result of the COVID-19 outbreak, manufacturers are focusing on online retailing to deliver a diverse range of items to customers via a variety of E-commerce websites. In the Covid-19 epidemic, producers are promoting online shopping to provide a wide choice of items to clients through a variety of E-commerce websites.
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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