The plant-based pet food market is skyrocketing, set to hit US$ 57.43 billion by 2032 with a projected 9.2% CAGR from US$ 26.01 billion by 2022. This trend is driven by an increase in vegan pet owners and the humanization of pets, indicating a shift in animal preferences towards plant-based meals.
With a predicted CAGR of 9.2%, the market for plant-based pet food is expected to expand rapidly, from US$ 26.01 billion in 2022 to US$ 57.43 billion by 2032. The primary reasons for this increase include the humanization of pets, the rise in vegan pet owners who choose to offer plant-based diets to their animals, and the growing popularity of the vegan movement. Notably, plant-based pet food has outgrown traditional pet food in terms of market growth.
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The market for plant-based pet food is anticipated to develop at a predicted pace of 9.2%, reaching a valuation of USD 57.43 billion by 2032 and producing sales of USD 26.01 billion in 2022.The vegan movement, the humanization of animals, and the growing number of vegan pet owners who want to feed their animals a plant-based diet are what are driving the market for plant-based pet food. These are the driving forces behind the pet food industry’s growth in plant-based nutrition.
The plant-based pet food market is set to reach unprecedented heights, projecting a staggering US$ 57.43 billion valuation by 2032, driven by a robust 9.2% Compound Annual Growth Rate (CAGR) from $26.01 billion in 2022. This surge is propelled by a surge in vegan pet owners and the increasing trend of humanizing pets, signaling a significant shift in animal dietary preferences towards plant-based nutrition.
Recent Market Developments:
1. In 2020, Aistra launched its plant-based pet food store in India, catering to the rising demand for healthy plant-based pet nutrition.
2. Global Food and Ingredients Inc. announced the acquisition of a cutting-edge plant-based pet food ingredients manufacturing facility in Bowden, Alberta, signaling a new era for GFI’s plant-Based Pet Food Ingredients business unit.
Key Segments:
1. By Nature: Organic, Conventional
2. By Product Type: Kibble/Dry, Dehydrated Food, Treats and Chews, Freeze-Dried Raw, Wet Food, Frozen
3. By Pet Type: Cat, Dog, Birds, Others (Rabbits, Hamsters, etc.)
4. By Distribution Channel: Store-based Retailing, Online Retailers
5. By Packaging Type: Pouches, Bags, Folding cartons, Tubs & Cups, Can, Bottles & jars
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.
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Key Takeaways:
1. North America continues to lead the global plant-based pet food market, with the U.S. market projected to reach a valuation of $63 billion in 2022.
2. India’s plant-based pet food market is anticipated to capture over 38% of the South Asia market in 2022.
3. In the nature type category, conventional pet food dominates with a significant 5% market share in 2022, while the organic segment is expected to hold 23.4% in 2022.
4. Senior cats hold a remarkable 1% market share in the cats’ segment in the global plant-based pet food business in 2022.
Competitive Landscape:
The plant-based pet food market boasts multiple brands vying for dominance. Industry leaders are leveraging various strategies to expand their market share, with a particular focus on online presence, research and development, and facility expansions.
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
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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