Market Research Blog – Page 1116 – New Product Development

Future Trends: Exploring the 6.1% CAGR of the United Kingdom Electronic Equipment Repair Service Market

The United Kingdom’s electronic equipment repair service market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 6.1%. This robust expansion reflects a growing consumer reliance on electronic devices and the increasing demand for sustainable repair solutions As consumers become more environmentally conscious and seek to extend the lifespan of their devices, the repair service market is expected to continue its upward trajectory, driven by advancements in technology and a rising emphasis on repair over replacement.

The electronic equipment repair service market is on the rise, with projections indicating a market size of USD 129,440.3 million in 2023, set to grow to USD 238,452.7 million by 2033, expanding at a 6.3% CAGR. This marks a significant acceleration from the previous growth period of 5.7% CAGR between 2018 and 2022, when the market grew from USD 97.46 billion to USD 121.65 billion.

Market Dynamics

The electronic equipment repair service market is influenced by several key dynamics:

Drivers: The demand for refurbished electronics is increasing, particularly in developing countries, which fuels growth in repair services. Additionally, the growing acceptance of essential electronic items in these markets is further driving the need for repairs. As more consumers adopt electronic devices, the frequency of malfunctions rises, creating a heightened demand for reliable repair solutions.
Restraints: Rapid technological advancements in the consumer electronics sector often lead to consumers choosing to replace outdated devices instead of repairing them. Furthermore, the introduction of self-service repair options by manufacturers like Apple diminishes the reliance on professional repair services. The market also faces challenges from a shortage of skilled technicians, which can limit service availability and hinder growth.
Opportunities: There is a significant opportunity for businesses to implement sustainable repair practices as consumer preference for eco-friendly solutions continues to grow. Moreover, emerging markets, especially in countries like India and China, present vast potential for expansion, driven by an increase in electronic device sales and rising standards of living.
Challenges: The competitive landscape of the repair service market is intense, requiring companies to innovate and enhance their service offerings to remain profitable. Economic downturns can also affect consumer spending habits, potentially leading to decreased demand for repair services as customers opt for replacements.

Regional Analysis

North America: Holds a significant market share of 23.5% in 2022, driven by strong demand for consumer electronics repair services.
Europe: Leads the global market with a 27.7% share in 2022, reflecting robust growth in electronic repair services across the region.
United Kingdom: Expected to experience a CAGR of 6.1% from 2023 to 2033, indicating steady growth in the repair services sector.
China: Projected to be a major growth driver with a remarkable CAGR of 11.8% over the forecast period, fueled by increasing electronic device sales.
India: Anticipated to grow at a CAGR of 10.5%, driven by rising demand for electronic repairs as living standards improve.
Japan: Maintains a significant market presence with a 6.3% share in 2022, supported by advancements in electronic technology and repair services.

Companies in Electronic Equipment Repair Services Industry

Encompass Supply Chain Solutions Inc
uBreakiFix
iCracked Inc
Moduslink Global Solutions
Mendtronix Inc.

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Key Segments

By Product Type:

Consumer Electronics
Computer Related Products
Others

By End Use:

Residential
Industrial or Commercial

By Region:

North America
South America
Europe
Asia Pacific
The Middle East & Africa

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.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Artificial Hair Integration Market Poised for Remarkable Growth, Projected to Reach USD 3.9 Billion by 2033

According to newly released data from Future Market Insights (FMI), the artificial hair integration market is estimated at USD 1.9 billion in 2023 and is projected to reach USD 3.9 billion by 2033, representing a robust compound annual growth rate (CAGR) of 7.2% over the next decade. Notably, artificial hair integration accounts for approximately 25% to 35% of the broader hair integration market.

As fashion professionals and trichologists increasingly recommend artificial hair integration to maintain hair density and conceal split ends, the demand for these products has surged. Hair loss due to medical conditions and hormonal changes often leads to partial or full baldness, causing self-consciousness among affected individuals. This rise in demand has also been fueled by the growing popularity of multi-colored wigs among celebrities and artists, opening new growth opportunities within the market.

Key Market Dynamics:

Rising Cases of Hair Loss: The global market for hair wigs and extensions continues to grow rapidly. Increasing awareness of personal appearance, alongside medical-related hair loss, has amplified the demand for artificial hair integration.
Non-Surgical Alternative: Many consumers now prefer artificial hair integration systems as cost-effective, non-surgical alternatives to wigs and hairpieces. These systems provide a natural, seamless look, offering enhanced confidence without the hefty price tag of surgical treatments.
Geriatric Market Growth: The increasing elderly population, projected to reach 2.1 billion by 2050, is expected to drive the demand for wigs and extensions. This demographic shift highlights the need for specialized hair products tailored to consumer preferences.

Regional Insights:

USA: Dominating the market with an 18.5% share in 2023, driven by rising disposable incomes and a trend towards premium self-grooming products.
United Kingdom: With 2.1% market share, concerns about physical appearance due to hair loss are propelling demand for wigs and extensions.
China: A leading player in the artificial hair market, with a 15.7% share, bolstered by a large population and increasing hair damage due to pollution.

Competitive Landscape

Companies are increasing their investment in research and development to introduce new products while also enhancing professional support for customers. Additionally, they are focusing on expanding their physical store presence.

For Instance

Diva Divine Hair Extension and Wigs provide professional help for their customers and has opened their physical stores in different location in India.
Aderans Co., Ltd. has their own research development center where they are continuously involved into new product.

Key Companies Profiled

Diva Divine Hair Extensions and Wigs

Evergreen Products Group Limited.

Aderans Co., Ltd.

Wigomania

Wig USA

Indique Hair

The Wonderful Wig Company

Lordhair

Donna Bella Hair

BelleTress

Wigs.com

JON RENAU

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Market by Category

By Material Type, Artificial Hair Integration market is segmented as:

Acrylic
Polyester
Polyvinyl Chloride (PVC)
Kanekalon
Others

By End-User, Artificial Hair Integration market is segmented as:

Male
Female
Children

By Colour, Artificial Hair Integration market is segmented as:

Black
Blond
Grey
Others

By Extension Type, Artificial Hair Integration market is segmented as:

Weft Hair Extension
Clip in Hair Extension
Strand by Strand Method

By Sales Channel, Artificial Hair Integration market is segmented as:

Hypermarket/Supermarket
Direct Sales
Specialty Stores
Salon Stores
Online Retailing
Others Sales Channel

By Region, Artificial Hair Integration market is segmented as:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)

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DIY Eyelash Extension Market Set to Soar: Projected Growth of 7.3% CAGR to Reach USD 1,093.6 Million by 2033

Future Market Insights (FMI) has released a comprehensive report forecasting that the DIY eyelash extension market, valued at approximately USD 534 million in 2023, is set to grow to USD 1,093.6 million by 2033, marking a robust 7.3% compound annual growth rate (CAGR) over the next decade. This segment represents a significant portion of the overall eye extension market, accounting for roughly 25% to 35% of its total value.

Market Dynamics of the DIY Eyelash Extension Market

Rising Disposable Income: Increased financial freedom among women is driving higher spending on beauty and personal care products, fueling demand for DIY eyelash extensions.
Influence of Social Media: The impact of beauty influencers on platforms are significantly boosting consumer awareness and interest in DIY eyelash extension products.
E-commerce Growth: The expansion of online retail channels offers convenience and accessibility, leading to a surge in DIY eyelash extension sales.
Preference for Individual Extensions: Consumers are increasingly favoring individual DIY eyelash extensions for their natural appearance and ease of application compared to traditional false lashes.
Demand for Natural Products: Growing health consciousness among consumers is driving the preference for natural materials in eyelash extensions, which are seen as safer and more comfortable.
Changing Beauty Standards: The trend toward more natural beauty and enhanced self-expression is encouraging the adoption of DIY eyelash extensions.
Emerging Markets: Rapid growth in countries like India is reshaping the market landscape, driven by cultural shifts and the influence of beauty trends.

Regional Insights

USA: Despite holding a significant market share, the DIY eyelash extension segment is expected to see a decline as emerging markets gain traction.
Germany: Dominated by women and younger consumers, Germany’s DIY eyelash extension market thrives on the convenience of online retail.
India: Rapid cultural shifts and the influence of beauty trends are making India one of the fastest-growing markets for DIY eyelash extensions in South Asia.

Competitive Landscape

To tap into regional markets and leverage their potential, companies are prioritizing inorganic growth strategies. Collaborations with public figures and celebrities are also becoming common as they partner with cosmetics brands to introduce new products.

Key Companies Profiled

Kiss Products, Inc.; Huda Beauty; Lilly Lashes; Babil Lashes Factory Company; LASHVIEW BEAUTY; I-ENVY by Kiss; Calailis Beauty; Beyelian Lashes; Qingdao Elour Beauty; Emeda eyelash Company; XIZI LASHES; H.B. Fuller Company; Others (As Requested)

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Global DIY Eyelash Extension Market by Category

By Product Type, DIY Eyelash Extension Market is segmented as:

Strips
Individual
Clusters
Others

By Material Type, Global DIY Eyelash Extension Market is segmented as:

Natural
Synthetics

By Sales Channel, Global DIY Eyelash Extension Market is segmented as:

Hypermarkets/Supermarkets
Specialty stores
Pharma & Drugs
Online Retailing
Others

By Region, Global DIY Eyelash Extension Market is segmented as:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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Seafood Market: Exploring Trends, Sustainability, and Growth Drivers in the Global Seafood Industry

The global sales of seafood is set to achieve substantial growth, projected to reach a valuation of US$ 157,042.9 million by 2033, expanding from US$ 114,608 million in 2023. This growth trajectory reflects a compound annual growth rate (CAGR) of 3% through 2033, driven by increasing consumer demand for seafood as a nutritious protein source and culinary delight.

Historically, the seafood industry has demonstrated resilience with a CAGR of 1.6% from 2018 to 2022, showcasing steady demand despite price fluctuations. Seafood remains a preferred protein choice due to its health benefits, including high omega-3 fatty acids and essential nutrients, supporting cardiovascular health and overall well-being.

The tourism and hospitality sectors play a crucial role in bolstering seafood consumption, offering diverse culinary experiences globally. Restaurants, hotels, resorts, and cruise ships prominently feature seafood, catering to the preferences of international travelers seeking high-quality dining options.

Technological Advancements and Market Dynamics:

Innovations such as 3D printing are revolutionizing the seafood industry by enabling customized product development, catering to varied tastes and dietary preferences. This technology not only enhances product innovation but also addresses sustainability concerns by offering plant-based and cell-based seafood substitutes with minimal environmental impact.

Sustainability initiatives are gaining prominence, driven by consumer demand for ethically sourced seafood. Certifications like the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) validate sustainable practices, boosting consumer trust and market competitiveness. Companies focusing on sustainability gain a strategic advantage, appealing to environmentally conscious consumers.

Regional Insights and Market Opportunities:

North America: Leading the market with a CAGR of 23.4% in 2022, the U.S. seafood industry benefits from robust consumer demand and advancements in traceability technologies. Sustainable practices and a diverse product portfolio, including shrimp, salmon, and tuna, drive growth in this region.
Asia: Emerging markets like India and China showcase significant growth potential, fueled by rising disposable incomes and increasing seafood consumption. India, with a notable CAGR of 29.6%, emphasizes shrimp exports and local culinary preferences, while China’s aquaculture sector contributes substantially to global seafood production.
Europe: The United Kingdom, despite Brexit challenges, maintains steady growth with a focus on sustainable fishing practices and market resilience. European markets prioritize fresh and frozen seafood varieties, catering to diverse consumer preferences across the region.

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Competitive Landscape

The seafood sector is frequently characterized by fragmentation, with several small- to medium-sized players competing in different market segments. This comprises aquaculture producers, processors, merchants, and distributors. This fragmentation is a result of the sheer variety of seafood items available and the variety of captured or raised species. While there is a trend toward consolidation among larger fish enterprises, there is also fragmentation at the grassroots level. These businesses may be heavily involved in several facets of the seafood supply chain, including fishing, farming, processing, and distribution. Consolidation may result in economies of scale, improved market accessibility, and improved supply chain management.

Recent Developments:

Four new retail locations will open in Chennai’s Mogappair, OMR, Adayar, and Ambattur neighborhoods, announced Freshma in July 2023, one of the top omnichannel fresh seafood retailers in South India. The Gowriwakkam, Anna Nagar, Rajakilpakkam, Egmore, and Vadapalani stores are already very well-liked, but the Chennai-based D2C brand hopes to gain market share with the new locations. After the venture’s outstanding performance in the previous financial year, when the brand, under the renowned RRK Retail Pvt. Ltd., netted a stunning 15 crore turnover, the business expects to build ten or more outlets in the upcoming fiscal year.
Five new seafood products were added to Whole Foods Market shelves across the United States in July 2023, according to a recent announcement from Wild Planet Foods, a pioneer in sustainably obtained seafood that seeks to make fishing a force for good. Wild World, renowned for offering unmatched flavor, offers these new SKUs to consumers who want to improve their health and the world’s health by acquiring premium, high-quality canned fish products that put sustainability first.

Key Companies in the Seafood Market

Amalgam Frozen Foods Pvt. Ltd. (AFFL)
American Seafoods Company
Austevoll Seafood ASA
Cooke Inc.
Dongwon F&B
Faroe Seafood
Handy Seafood Inc.
Hansung Enterprise Co. Ltd.
High Liner Food Incorporated
Kangamiut Seafood A/S
Lee Fishing Company
Leroy Seafood Group
Lyons Seafoods Limited
Mowi ASA
Pacific Seafood
Phillips Foods Inc.
Princes Ltd.
Sajo Group
Shanghai Fisheries Group Co. Ltd.
Stolt Sea Farm
Surapon Foods Public Company Limited
Tassal Group Limited
Thai Union Limited PCL
Tri Marine International Inc.
Trident Seafoods Corporation
Young’s Seafood Limited
Zhangjiang Guolin Aquatic Products Co. Ltd.

Seafood Market Segmentation

By Nature:

Organic
Natural

By Source:

Farm Raised
Wild Caught

By Product Type:

Ground Fish
Pelagics
Tuna
Salmonids
Molluscs
Crustaceans
Lobsters
Crabs
Shrimp
Others (Prawns, Trouts, etc.)

By Form:

Fresh
Chilled
Frozen
Ambient

By End Use:

Food
Pharmaceutical
Cosmetics
Industrial
Biotechnology
Household Retail

By Sales Channel:

Direct
Indirect
Modern Trade
Convenience Stores
Specialty Food Stores
Wholesale Stores
Discount Stores
Online Retail
Other Retail Forms

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

About Future Market Insights (FMI)

Contact US:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Freeze-Dried Food Market: The Future of Convenience and Long-Lasting Nutrition

The global freeze-dried food market value is estimated at USD 30.4 billion in 2024 and is projected to reach USD 55.9 billion by 2034, at a CAGR of 6.3% from 2024 to 2034.

Consumption of freeze-dried food as snacks, dressings, and soups has been noticed over the past few years. Rising demand for ready-to-eat food products among consumers and an expanding food-processing sector is expected to contribute well to the growth of the freeze-dried food industry. Additionally, the trend towards longer shelf life in food products is playing a significant role in this industry expansion.

Market Dynamics and Growth Drivers

The increasing consumer demand for packaged food and beverage products, particularly ready-to-eat meals, is a significant factor propelling the growth of the freeze-dried food market. The trend towards convenient, nutritious, and long-lasting food options is expected to continue, fueled by busy lifestyles and growing awareness of healthy eating habits.

Freeze-dried foods are gaining popularity due to their extended shelf life, lightweight nature, and the ability to retain nutritional value without the need for refrigeration. These attributes make them ideal for snacks, dressings, soups, and other ready-to-eat products. As consumers become more health-conscious and seek out natural and cost-effective food solutions, the demand for freeze-dried products is expected to soar.

Market Outlook and Trends

Consumers are increasingly incorporating freeze-dried fruits into their diets for health benefits, such as maintaining a healthy weight and reducing the risk of cardiovascular disorders. Additionally, freeze-dried fruits are becoming popular as gifts and snacks, further boosting market sales.

Regional Insights

The USA is anticipated to dominate the North American freeze-dried food market, accounting for 80% of the region’s total sales by 2032. The presence of established food and beverage manufacturers and the growing adoption of healthy diets among American consumers are key drivers of this growth.

In East Asia, China is expected to lead the market, benefiting from the expansion of its food and beverage sector and abundant natural resources. The demand for freeze-dried foods in China is projected to remain robust, contributing significantly to the regional market share.

Segment Analysis

The freeze-dried fruits segment is expected to account for a substantial share of the global market, driven by their increasing use in breakfast cereals, snacks, and desserts. These fruits offer high nutritional value and are less prone to contamination, making them ideal for various applications, from nutritional supplements to dairy products.

In terms of distribution channels, the B2B segment is anticipated to experience considerable growth. The expansion of the global food and beverage sector, which requires bulk quantities of freeze-dried products, will drive sales through B2B channels.

Competitive Landscape

Key players in the freeze-dried food market are focusing on product innovation and expanding their consumer base to gain a competitive edge. Companies like European Freeze Dry are launching complete meal solutions catering to specific dietary needs, sports nutrition, and emergency preparedness.

Key Companies Profiled:

Kerry Group Plc
European Freeze Dry
Paradise Fruits
Chaucer Freeze-Dried
SARAF Foods
Kenegrade Ltd.
Nestle SA
Ajinomoto Co. Inc.
Asahi Group Holdings Ltd.
Harmony House Foods Inc.
Lyofood Sp. z o.o.
Mercer Foods LLC
Nuts.com
The Kraft Heinz Co.
Freeze Dry Foods LLC
Mondelez International Inc.
SouthAm Freeze Dry
The Hain Celestial Group Inc.
Molda AG
Unilever Group

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Pet Food Ingredients Market: Addressing Quality and Nutrition Trends for Health-Conscious Pet Owners

The global market for pet food ingredients value is poised for substantial growth, projected to reach a value of USD 68.3 billion by 2033 from USD 42.2 billion in 2023, with a robust CAGR of 4.9% over the forecast period. Key drivers fueling this expansion include the increasing adoption of pets worldwide and a rising demand for high-quality pet food products.

The surge in pet ownership, particularly among millennials, senior citizens, and single-member households, is a primary catalyst driving the pet food ingredients industry. This trend is influencing the demand for both essential and luxury pet products, including treats, toys, and specialized food items.

Manufacturers are responding to consumer preferences by introducing a diverse range of products that emphasize organic and natural ingredients. Products free from synthetic hormones, antibiotics, harmful pesticides, artificial colors, preservatives, or flavors are gaining popularity. Notably, brands like Kroger are meeting this demand with offerings such as vegetarian and high-protein pet diets that are entirely natural.

Regulatory Considerations

The use of preservatives in pet food, such as parabens, is regulated by agencies like the USA Food and Drug Administration (FDA). Concerns have arisen regarding the potential health impacts of these substances, particularly their effects on the reproductive, nervous, and developmental systems of animals. As a result, there is growing awareness among consumers about the presence of endocrine-disrupting chemicals (EDCs) and heavy metals in pet food, which may impact sales of products containing such ingredients.

Innovations and Trends

Research and development efforts in pet food ingredients are focusing on enhancing product safety and efficacy. Consumers are increasingly seeking pet food products that offer convenience without compromising on quality. Innovations in packaging and formulation are driving the development of appealing products that meet these criteria.

Challenges and Opportunities

Despite the positive growth trajectory, challenges such as regulatory scrutiny and consumer awareness about ingredient safety remain. Manufacturers are navigating these challenges by investing in research to develop safer and more effective pet food ingredients.

Key Takeaways from the Pet Food Ingredients Report:

The Europe pet food ingredients market is anticipated to escalate at 4.5% CAGR over the forecast period.
Leading companies in the global pet food ingredients market are likely to account for around 20% to 25% of the total market share.
The North America pet food ingredients market is estimated to surge at an 3.5% CAGR over the forecast period.
The USA pet food ingredients market is set to create an absolute dollar opportunity of US$ 18.7 billion in the next ten years.
India pet food ingredients market is expected to witness growth at a CAGR of 7.7% in the assessment period.

“Over time, dog adoption has considerably escalated, especially in industrialized and developing countries. Need for pet food is predicted to surge quickly, which would benefit the market for pet food ingredients. Another element driving the market is increasing demand for premium dog food, which is supported by high maintenance costs,” says a lead analyst at Future Market Insights.

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Competition Landscape: Pet Food Ingredients

The global market for pet food ingredients is extremely competitive due to the fact that big pet food manufacturers are continually broadening their product offerings. They are using a wide variety of organic and inorganic strategies, including alliances, mergers, new product launches, construction of novel manufacturing facilities, and bolstering of distribution networks, to enhance their global footprint.

Pet Food Ingredients Market Outlook by Category

By Ingredient Type:

Starches
- Maize/Corn
- Tapioca
- Potato
- Wheat
- Rice
- Whole Grains
- Fruits and Vegetables
- Seeds and Legumes
Dietary Fiber
- Wheat
- Rice
- Bran
- Potato
- Legumes
- Oats
- Inulin
- Nuts and Chicory Root
Fruit Ingredients
- Apple
- Cranberry
- Blueberry
- Other Fruit Ingredients
Protein
- Sugar
- Fructo-Oligosaccharides
- Manna-oligosaccharide
- Sorbitol
- Propylene Glycol
- Glycerol

By Animal Type:

Dogs
Cats
Birds
Others

By Nature:

Organic Pet Food Ingredients
Conventional Pet Food Ingredients

By Product Type:

Wet Food
Dry Food
Treats and Chews
Other Product Types (Frozen Food, Raw Food)

By Distribution Channel:

Online
Offline

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Plant-based Pet Food Market: Health, Ethics, and Sustainability Drive Market Expansion

The plant-based pet food market is expected to reach a valuation of USD 26.9 billion by the year 2024, accelerating with a CAGR of 7.8% by 2024 to 2034.

The industry is expanding significantly due to different factors. This growth is supported by the vegan movement, anthropomorphism of pets, and increasing number of vegan pet owners who opt for a vegetarian diet for their pets.

Driven by a rising awareness of veganism and ethical consumption, coupled with an increasing number of pet owners opting for healthier alternatives, the demand for plant-based pet food has skyrocketed. With pets increasingly being perceived as family members, the trend towards humanization of pets further amplifies the market’s growth. Moreover, the disruptive force of the COVID-19 pandemic has only marginally impacted the market, highlighting its resilience and potential for sustained expansion.

The demand for plant-based pet food is propelled by various factors contributing to its popularity and adoption across different regions. Consumers are seeking organic, high-quality alternatives to traditional meat-based pet food, driven by concerns over pet health and nutrition. Plant-based diets are perceived to address issues such as allergies, skin conditions, weight management, and oral health, further boosting their appeal among pet owners.

Notably, the transition towards plant-based diets is not limited to human consumption but extends to pets as well. With a growing number of vegan pet owners seeking to align their values with their pets’ diets, the market for plant-based pet food continues to expand rapidly. Additionally, innovations in cultivation methods and ingredient technology are driving product development, offering new solutions to meet evolving consumer preferences.

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.

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.

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.

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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Insect-based Pet Food Market: A Sustainable, Nutrient-Rich Solution for Future Pet Nutrition

The insect-based pet food market is forecasted to garner revenue of US$ 3,448.5 million in 2033, up from US$ 1,341.0 million in 2023, advancing at a rate of 10% from 2023 to 2033.

The pet food industry is undergoing a significant transformation as more pet owners seek innovative and sustainable alternatives to traditional pet food products.

One emerging trend that has gained traction in recent years is insect-based pet food. With its numerous benefits for pets and the environment, insect-based pet food is making waves in the market.

Pet owners increasingly embrace insect-based pet food as they become more educated about its benefits. The shifting consumer mindset towards sustainable and ethically sourced pet food has created a favorable environment for the growth of this market segment.

One of the primary challenges in the insect-based pet food market lies in navigating regulatory frameworks. As a relatively new industry, there is a need for clear guidelines and regulations regarding the sourcing, processing, and labeling of insect-based pet food products.

Establishing standardized protocols and ensuring compliance with existing regulations are crucial to build consumer trust and ensuring the quality and safety of these products.

Although the acceptance of insect-based pet food is growing, there is still a need to educate and create awareness among pet owners.

Overcoming the initial hesitation and addressing misconceptions surrounding insect-based ingredients require effective marketing strategies and transparent communication about the benefits and safety of these products.

Insects are highly efficient in converting feed into protein, requiring less land, water, and resources than traditional livestock farming. By utilizing insects as a protein source, the pet food industry can contribute to reducing the ecological footprint while meeting the nutritional requirements of pets.

The market offers an opportunity for continuous product innovation and diversification. Manufacturers can explore different insect species, such as black soldier fly larvae or mealworms, to create unique and nutritious pet food formulations.

Key Takeaways:

The insect-based pet food market value reached US$ 1,289.0 million in 2022, with a CAGR of 6.9% from 2018 to 2022.
The market in the United States of America accounted for a 35% share in 2022 globally.
The United Kingdom insect-based pet food industry is projected to advance at an 8% CAGR from 2023 to 2033.
The market for insect-based pet food in Japan accounted for 0.7% of the market share in 2022.
India market for insect-based pet food is predicted to progress steadily with a CAGR of 9% during the projected period.

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What is the Competition Landscape in the Insect-based Pet Food Market?

The competition landscape in the market is becoming dynamic as more players recognize the potential of this emerging industry. While the market is still relatively nascent, several companies have already established their presence and are vying for a competitive edge.

The presence and activities of various market players, including established companies and new entrants, influence the competitive landscape. These players compete for market share, brand recognition, and consumer loyalty through product innovation, pricing strategies, and marketing efforts.

Different companies’ range and diversity of insect-based pet food products play a crucial role in the competitive landscape. Companies differentiate themselves by providing unique formulations, flavors, and product variations that cater to specific pet dietary needs or preferences.

The competition is also influenced by changing consumer preferences, evolving dietary trends, and market dynamics. Companies that stay abreast of consumer demands, such as organic or grain-free options, and align their product offerings accordingly can gain a competitive advantage.

Market by Category

By Nature:

Organic
Monoprotein
Conventional

By Source:

Crickets
Mealworms
Black Soldier Flies

By Product Type:

Kibble/Dry
- Extruded
- Baked
- Coated
Dehydrated Food
Treats and Chews
Freeze-dried Raw
Wet Food
Frozen
Raw Food
Powder
Freeze-dried Food

By Pet Type:

Cat
- Kitten
- Senior
Dog
- Puppy
- Adult
- Senior
Birds
Others

By Distribution Channel:

Store-based Retailing
- Hypermarkets/Supermarkets
- Convenience Stores
- Mom and Pop Stores
- Pet Stores
- Discounters
- Independent Grocery Retailers
- Drugstores
- Other Retail Formats
Online Retailers

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa

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Dinner Ready-to-Eat (RTE) Food Market: Convenience and Innovation Fueling Sales Growth

The global dinner Ready-to-Eat (RTE) food market is set for impressive growth, projected to increase at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2033. The market, valued at US$ 14,692 million in 2023, is anticipated to reach a staggering US$ 25,184.3 million by 2033. This growth is driven by evolving consumer lifestyles, increased expenditure on food and beverages, and a rising preference for convenient, nutritious meal options.

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Key Drivers of Market Growth

The shift towards convenient and ready-to-eat food options is accelerating globally due to several factors:

Changing Social and Economic Patterns: Increased urbanization, a higher number of working women, and hectic work schedules are pushing consumers towards ready-to-eat food options.
Increased Awareness and Expenditure: There is a growing awareness about nutritious food options and a willingness to spend more on healthy and convenient meal choices.
Variety and Innovation: Consumers are showing increased interest in trying new products, including ethnic cuisines like Indian, Thai, and Italian, alongside traditional meals.
Sustainability and Technology: Manufacturers are incorporating sustainable solutions and advanced technologies, such as 3D printing and High-Pressure Processing (HPP), to enhance product quality and operational efficiency.

Technological Advancements

The integration of advanced technologies is revolutionizing the ready-to-eat food market. For instance, 3D printing technology is being promoted for its potential to create nutritious, customized food items efficiently. Research indicates that 3D-printed meat could significantly reduce environmental impacts, making it a promising solution for sustainable food production.

Market Trends

High-Pressure Processing (HPP): This technology is gaining traction as it meets consumer demands for minimally processed foods with extended shelf life and high sensory quality. HPP technology is particularly popular in plant-based RTE meals, providing a fresh and nutritious option.
Frozen Foods: The demand for frozen dinner RTE foods is increasing, driven by their long shelf life and convenience. This trend was further amplified during the COVID-19 pandemic, as consumers sought to store food to reduce uncertainty.
Healthy Ready-to-Eat Options: Contrary to the common perception that RTE foods are unhealthy, there is a growing segment of healthy RTE meal options available, catering to health-conscious consumers.

Competitive Landscape

The global dinner RTE food market is highly competitive, with key players adopting various

strategies to gain market share. Leading companies are focusing on product innovation, strategic mergers and acquisitions, and geographic expansion to stay ahead in the market. Notable players in the market include Arla Foods, BioGaia AB, Chr. Hansen Holding A/S, Danone, Danisco A/S, General Mills Inc., i-Health Inc., Lallemand Inc., Lifeway Foods, Inc., Mother Dairy Fruit & Vegetable Pvt. Ltd., Kerry, Nestle S.A., Probi, and Yakult Honsha Co., Ltd.

Key Developments

McCain Foods acquired Scelta Products of the Netherlands in September 2022, strengthening its position in the prepared frozen appetizers market.
General Mills Inc. launched prepared meal kits under the Betty Crocker, Old El Paso, Pillsbury, and Annie’s Organic brands in August 2022, offering consumers ready-to-eat meal options for easy home preparation.

Regional Insights

United States: Leading the North American and global RTE food markets, the U.S. is characterized by technological innovations, busy lifestyles, and high disposable incomes. The market is driven by a significant working population and a growing preference for convenient meal options.
Japan: With a market share of 7.2%, Japan is seeing increased demand for frozen and ready-to-eat foods, driven by progressive lifestyles and diverse culinary preferences.
India: Expected to grow at a transformational rate of 29.7%, the Indian RTE food market benefits from rapid urbanization, increased disposable income, and changing food habits.

Future Outlook

The future of the dinner RTE food market looks promising, with anticipated progressive growth driven by technological advancements, changing consumer preferences, and increased focus on sustainability. Investors who leverage these trends and focus on innovation and market expansion are likely to benefit significantly from the growing demand for ready-to-eat food products.

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Food-grade Glycerin Market: Expanding Applications in Food and Beverage Formulations

The food-grade glycerin market is anticipated to expand its roots at an average CAGR of 2.0% between 2023 and 2033. The market is anticipated to cross a market share of US$ 498 million by 2033 while it is likely to be valued at US$ 389 million in 2023.

Apart from the skincare benefits of glycerin, food-grade glycerin is helpful in moisturizing and preserving food items.
Using glycerin in food can also help patients that have constipation and other digestion-related diseases. Furthermore, the growing awareness around its health benefits is pushing end users to use glycerin in different food processing operations.
The medicinal aspect of food-grade glycerin includes its usage in heart medication. For example, nitroglycerin sublingual tablets are being used in treating episodes of angina (chest pain) in people who have coronary artery disease. It narrows the blood vessels that supply blood to the heart.
Food-grade glycerin is also used in the production of toothpaste, soaps, and other consumer products while fueling the demand for food-grade glycerin.
Food glycerin’s usage as a sweetening and moisturizing agent is increasing its consumption through the food and beverages end-user segment.

Key Points

The United States held 13.4% of the market share in 2022. The growth is attributed to the increased awareness of food-grade glycerin usage. Alongside, the expansion of the food and beverage business is garnering the regional growth
India, on the other hand, holds tons of opportunities as it thrives at a CAGR of 6.8% between 2023 and 2033. Higher consumption, production, and various applications are fueling its growth. Its use in sweets and confectionery products is also increasing its sales in the country.
The United Kingdom thrives on a CAGR of 4.1% between 2023 and 2033. The growth is attributed to the restoration of FMCG businesses. Furthermore, the expansion e-commerce business has given an opportunity for the vendors to extend their sales channel in the region.

Competitive Landscape

The competitors are focusing on producing organic, balanced, and food-friendly glycerin. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

The key players in the market are Wilmar International Ltd., Emery Oleochemicals, IOI Oleochemicals, Croda International PLC, P&G Chemicals, KAO Corporation, Avril Group, The DOW Chemical Company (Olin Corporation), Cremer Oleo GmbH & Co KG, PT Smart TBK, Vitusa Products Inc., PT Bakrie Sumatera Plantations TBK, Twin Rivers Technologies Inc., Pacific Oleochemicals Sdn Bhd, and Sakamoto Yakuhin Kogyo Co Ltd.

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Recent Market Developments

PT Bakrie Sumatera Plantations TBK has introduced its food-grade glycerin that is formed through renewable sources of vegetable oil and animal fat. The company has produced both: food and non-food glycerin.
Sakamoto Yakuhin Kogyo Co Ltd. launched organic and natural glycerin for different applications. These applications involve food additives, films, polyurethane, alkyd resins, and toothpaste.

Market Segmentation

Source:

Vegetable Oils
Biodiesel
Soap
Others (Synthetic, etc.)

End Use:

Bakery
Confectionery
Beverages
Dairy Products
Processed Foods
Others

Key Regions Covered:

North America
Latin America
Europe
Japan
Asia Pacific Excluding Japan
The Middle East and Africa

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