The plant-based pet food market is skyrocketing, set to hit $57.43 billion by 2032 with a projected 9.2% CAGR from $26.01 billion in 2022. Rising vegan pet owners and the humanization of pets are propelling this growth, marking a shift in preference towards plant-based diets for animals.
The plant-based pet food market is growing quickly, with a projected CAGR of 9.2%, and rising from US$ 26.01 billion in 2022 to US$ 57.43 billion by 2032. The humanization of pets, the growing number of vegan pet owners choosing to feed their animals plant-based diets, and the growing appeal of the vegan movement are the main forces behind this increase. Notably, in terms of market growth, plant-based pet food has surpassed traditional pet food.
With a projected growth rate of 9.2%, the market for plant-based pet food is expected to reach a worth of USD 57.43 billion by 2032 and generate USD 26.01 billion in sales in 2022.The market for plant-based pet food is driven by the vegan movement, the humanization of animals, and the increasing number of vegan pet owners who opt to feed their animals a plant-based diet. These are the factors behind the expansion of the plant-based pet food industry.
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The market for plant-based pet food has grown more swiftly than the market for conventional pet food, according to FMI data. Vegan pet parents choose formulas created by certified dietitians that adhere to the same criteria as formulas that contain meat. The market for plant-based pet food is primarily being driven by rising pet adoption rates and consumer interest in vegan products, which encourages the creation of unique plant-based food products.
Customers’ desire to spend more for high-quality, premium plant-based pet food and goods is causing the industry to expand because they want to give their animals a better quality of life and better health. By informing consumers about ingredient sourcing, special processing techniques, functionality, and certifications, packaging claims and labelling can assist increase brand equity and confidence.
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.
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.
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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