The plant-based pet food market is likely to expand at a promising CAGR of 9.2% and is forecasted to reach a valuation of USD 57.43 Bn by 2032, while it holds a revenue of USD 26.01 Bn in 2022. The plant-based pet food market is fueled by the vegan movement, the humanization of pets, and the growing number of vegan pet owners choosing a plant-based diet for their pets. These are the reasons contributing to the growth of the plant-based pet food business.
The analysis at FMI explains that the demand for plant-based pet food has increased at a higher growth rate than traditional pet food. Vegan formulas are designed by certified nutritionists in accordance with the same standards as meat-based formulas are wooing pet parents. Rising awareness around vegan consumables coupled with increased adoption of pets fuels the sales of plant-based pet food, bringing innovation for plant-based food items.
The industry is growing because pet owners are prepared to spend more money on high-quality premium plant-based pet food and goods to improve their pets’ health and quality of life. Packaging claims and labels can help build brand equity and confidence by telling customers about ingredient sources, unique processing techniques, functionality, and certifications.
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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.
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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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