The global animal-based pet protein market size is projected to exhibit modest growth from 2023 to 2033. According to the research report by FMI, the global market is predicted to surpass a valuation of USD 79,352 million in 2023. It is anticipated to reach a valuation of USD 121,923 million by 2033. The market is estimated to showcase a considerable CAGR of 4% from 2023 to 2033.
The market for animal-based pet protein is anticipated to grow as a result of rising pet ownership rates and the new trend of pet parenting. The demand for treats, toys, and other pet food products is anticipated to rise as households with cats, birds, and dogs increase. The market is growing as pet owners’ concerns about pet food and the nutritional advantages it provides grow. The demand for animal-based pet protein is anticipated to soar as a result.
The market’s growth is further aided by the expanding e-commerce market and consumers’ growing propensity for online purchasing. The expansion of online channels is supported by the factors of convenience, ease, discounts, and low prices that online businesses provide. Also, a crucial trend driving the sales of animal-based pet proteins is the growing population of aging pets. Pet food and pet care businesses are expected to use this opportunity to offer goods and services that address the changing needs of aging animals.
Key Takeaways from the Global Market:
- The global market expanded at a modest CAGR of 2.4% from 2018 to 2022.
- In 2018, the global market size stood at US$ 1,922.5 million.
- The global market accounted for US$ 76,300 million in 2022.
- The dry type animal-based pet protein segment is likely to account for around 40% value share of the global market by 2023.
- The wet pet food type is expected to register a CAGR of more than 4% by 2023.
- The online retailers’ segment is predicted to exhibit a CAGR of 5.7% during the forecast period.
- India held a massive 19.4% market share in 2022.
- China held a market share of 2.9% of the overall East Asia animal-based pet protein market in 2022.
- The United States accounted for 24.1% of the total revenue value share in the North America animal-based pet protein market in 2022.
Recent Developments Observed by FMI:
- Clara Foods, a biotechnology company, officially changed its name to The EVERY Company in October 2021. Additionally, the business unveiled EVERY ClearEgg, a ground-breaking egg protein product. It is the first egg protein in existence.
- New KARMA plant-first formulae were introduced by Mars Petcare, a pet food manufacturer, in June 2021. The two formulae contain a variety of typical pet food proteins, including chicken and white fish. Additionally, the company collaborated with TerraCycle to develop a program for recycling used KARMA packets. Pet owners in the United States were given access to the recycling scheme.
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Animal-based Pet Protein Market Segmentation:
By Product Type:
- Dry
- Wet
- Treats & Chews
- Others
By Pet Type:
- Cat
- Dog
- Birds
- Others
By Nature:
- Organic
- Conventional
By Packaging:
- Pouches
- Bags
- Folding Cartons
- Tubs & Cups
- Can
- Bottles & Jars
By Distribution Channel:
- Store-Based Retailing
- Hypermarket/Supermarket
- 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
- Asia Pacific
- 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.
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