The pet food microalgae market is forecast to expand at 5% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 24 million in 2023.
The pet food industry is in full bloom as the adoption of four-legged human friends is increasing steadily. An increase in pet owners is venturing out into premium pet food items to feed their pets. Food replete with nutrition and essential for pets’ health and wellness is being given more importance. The change in people’s purchasing behavior reflects the increased discretionary income, enhanced standard of living, and robust urbanization.
Social media influence has a lot to do with the growth of the pet food microalgae industry. Social media influencers having expertise in pet food provide information related to new ingredients and new debuts in the market. With this knowledge, pet owners make decisions about their pet’s diet.
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Increasing demand for spirulina in pet food is appealing to pet owners worldwide due to its superfood status. The ingredient is also touted as a skin and immunity supporter, adding to its increased demand.
Marketed chlorella powders and tablets for cats and dogs boast of being nutritious, detoxifying, and immunity-boosting. The product is believed to purify cats and dogs’ bodies of accumulated, toxic chemicals from processed foods, the environment, and therapeutic and preventive drugs.
Consuming microalgae also burns macronutrients to produce DHA (docosahexaenoic acid) in animals. This helps with the brain development of pets and is consumed by pregnant and lactating animals and puppies.
Overall, the market is poised to observe an upward growth trajectory backed by the benefits of consuming microalgae-enriched pet food.
Top Highlights from the FMI’s Analysis of the Pet Food Microalgae Market:
- The United States market formed 2.7% of the overall market in 2022.
- The market significantly contributes to the Europe pet food microalgae industry in Germany. The German pet food microalgae industry is expected to contribute more than 5.7% market share in 2023.
- The Japan pet food microalgae industry is expected to form more than 7.2% of the overall market share in 2023.
- The Australian pet food microalgae industry supported 2.9% of the global market in 2022.
- The India pet food microalgae industry is expected to register a 28.1% CAGR from 2023 to 2033.
- The China market is projected to expand at a CAGR of 7.5% in the estimated time.
- The United Kingdom is anticipated to propel at a CAGR of 4% over the forecast period.
- On the basis of source, freshwater is projected to account for more than 84% in 2023.
- Based on the application, the dog feed segment is expected to register above 46% in 2023.
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Competition Alert: Manufacturers Forming New Formulas, Taking into Account Recent Discoveries
Asia Pacific houses several manufacturers of pet food microalgae. Apart from that, the usage of microalgae in Latin America is also widespread.
Studies and experiments substantiate the use of microalgae in pet food for its many benefits. Additionally, companies are conducting their own research to benefit from these discoveries and develop new formulas with extra help and nutrition in their pet food composition.
Market Watch: New Developments in the Market
- In September 2023, MiAlgae partnered with Falkirk Distillery, a Scottish whisky distillery, to contribute to a circular economy and develop sustainable ingredients for animal nutrition. The partnership is going to help Falkirk to reduce its carbon footprint and water consumption.
- In April 2023, MiAlgae introduced NaturAlgae, its Omega 3 microalgae ingredient. This ingredient can be applied to pet food and aquaculture feed.
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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