The plant-based pet food market is experiencing an exponential surge, fueled by a confluence of factors such as rising awareness about veganism, pet humanization trends, and the quest for healthier dietary options. From a value of USD 26.01 billion in 2022, the market is projected to burgeon to USD 57.43 billion by 2032, boasting a promising CAGR of 9.2%. This remarkable growth trajectory is underpinned by the increasing adoption of pets globally and the growing preference for organic, high-quality ingredients in pet food.
The demand for plant-based pet food is propelled by discerning pet owners seeking healthier alternatives to traditional meat-based diets for their furry companions. With a growing number of pet owners embracing veganism themselves, there’s a parallel inclination towards plant-based diets for their pets, driven by concerns for animal welfare and sustainability. This shift is particularly evident in regions like North America, where consumers are increasingly mindful of the environmental impacts of livestock agriculture.
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Increasing demand for organic and high-quality ingredients has fueled the sales of plant-based pet foods. Consumption of plant-based pet food is thought to minimize allergies, skin concerns, improve bad breath, and maintain weight in pets. This enhances the demand of plant-based pet foods in multiple regions.” says a Future Market Insights analyst while discussing the future of the market.
Several factors contribute to the burgeoning growth of the plant-based pet food market. Firstly, advancements in cultivation methods and nutrition science are enhancing the quality and nutritional profile of plant-based pet foods, catering to the specific dietary needs of pets. Additionally, the proliferation of vegetarian and vegan diets for pets addresses the moral dilemma faced by pet owners living with omnivorous or carnivorous animals. Moreover, the market benefits from the rising demand for organic and high-quality ingredients, driven by concerns over pet health and wellness.
Key Takeaways from Market Study
- North America will continue to dominate the global plant-based pet food market share. Where U.S. market forplant-based pet food market is expected to be valued at US$ 63 Bn in 2022.
- India plant-based pet food market is expected to be account for over 38%of the South Asia market in 2022
- In the nature type category, conventional pet food holds the biggest share of 5%in 2022 while the organic segment will hold 23.4% in 2022. The demand for plant-based pet food is attributed to rising sales of vegan pet food and increasing emphasis on nutrition profile of pet food items
- In the pet type category, Senior cats hold a market share of 1%among the cats’ segment in the global plant-based pet food business in 2022.
The future of the market is going to be fruitful due to the new cultivation methods of plant-based food. The pet food industry is working on nutrients for cats and dogs, healthy and shiny coats, body weight balancing, and reducing bad breath. 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 omnivores and carnivorous dogs.
Key Takeaways for Investors:
For investors eyeing opportunities in the burgeoning plant-based pet food market, several key takeaways emerge:
- Rising Consumer Awareness: The growing awareness about the health benefits of plant-based diets for pets, coupled with increasing pet humanization trends, presents a lucrative opportunity for investors.
- Innovation and Differentiation: Companies that invest in research and development to innovate new plant-based pet food products and differentiate themselves in the market stand to gain a competitive edge.
- Market Expansion Strategies: Expansion into emerging economies with a rising number of pet owners presents a significant growth opportunity for investors looking to tap into new markets.
- Partnerships and Collaborations: Collaborating with partners who understand the technology underlying plant-based ingredients can be instrumental in optimizing production processes and ensuring product quality.
- Evolving Regulatory Landscape: Keeping abreast of regulatory developments and compliance requirements is crucial for investors navigating the dynamic landscape of the plant-based pet food market.
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Competitive Landscape:
The plant-based pet food market holds the potential of having multiple brands at its bay. These players have been using various tactics to acquire a bigger share of the market in recent years. New innovative players have the advantage of launching flavor and supplement types to enhance the market space.
Some of the leading plant-based pet food manufacturers are improving their internet presence and investing in research and development initiatives. To expand their product options, multinational plant-based pet food companies are focusing their efforts on expanding their manufacturing facilities to enhance productivity.
Key Market Players
- Benevo
- Wysong
- Evanger’s Dog & Cat Food
- Nature’s Recipe
- My Aistra
- Evolution Diet
- Cannapple
- Eco Dog And Cats
- Nature’s diet
- Dr.goodpet
Recent Market Development
- Aistra in 2020 recently launched its plant-based pet food store in India, after noticing a need for healthy plant-based pet food in the Indian market.
- Global Food and Ingredients Inc. has announced to acquire a cutting-edge plant-based pet food ingredients manufacturing facility in Bowden, Alberta as well as the launch of GFI’s new plant-Based Pet Food Ingredients business unit.
Key Segments
By Nature:
- Organic
- Conventional
By Product Type:
- Kibble/Dry
- Dehydrated Food
- Treats and Chews
- Freeze-Dried Raw
- Wet Food
- Frozen
By Pet Type:
- Cat
- Dog
- Birds
- Others (Rabbits, Hamsters, etc.)
By Distribution Channel:
- Store-based Retailing
- Online Retailers
By Packaging Type:
- Pouches
- Bags
- Folding cartons
- Tubs & Cups
- Can
- Bottles & jars
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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