The Pet Food Microalgae Market has experienced consistent growth over the years, showcasing a promising trajectory. From a value of US$ 21.3 million in 2018, it has steadily risen to US$ 23.16 million in 2023 and is projected to reach US$ 38.3 million by 2033. With a CAGR of 5% from 2023 to 2033, this industry exhibits substantial potential for expansion in the pet food sector.
Between 2016 and 2020, demand for microalgae increased at a CAGR of 4%. As more people opt to keep dogs, cats, and other animals as members of their family, its incorporation in pet food is expected to expand in order to improve the nutritional value and palatability of the diet. In light of this, FMI predicts that demand would rise at a 4.8% CAGR between 2021 and 2031.
Unlock Growth Potential in Your Industry – Get Your Sample Report Now!
https://www.futuremarketinsights.com/reports/sample/rep-gb-13362
Because of the expansion of the veterinary industry, pets are living longer lives on average. As pets age, they become more susceptible to ailments such as cancer, arthritis, separation anxiety, and cardiovascular disease. Microalgae-based pet supplements are used to cure and prevent age-related diseases and suffering in older pets. As a result, the demand for microalgae in the pet food sector is expected to rise.
The pet food industry is expected to have a high demand for spirulina microalgae. Spirulina microalgae, which contains high levels of micro- and macronutrients such as iron, protein, vitamins, carotenoids, and gamma-linolenic fatty acids, is expected to account for more than 64% of the market in 2021.
“To cater to increasing demand for microalgae in the pet food industry, companies are focusing on developing innovative products such as anti-anxiety pet pill & pet supplement by using microalgae as a key ingredient. Besides this, Food and Drug Administration (FDA) approval on the use of Spirulina in food and beverage products is likely to fuel the demand for microalgae over the coming years,” says the FMI analyst.
Key Takeaways from the Study on the Demand Microalgae in the Pet Food Sector
- Owning to the increasing number of pets owners across North America, the demand for microalgae products in the pet food sector is expected to grow at a CAGR of 3.9% by 2021.
- By 2021, the demand for microalgae in the pet food sector in Germany is likely to reach a valuation of US$ 911.6 thousand.
- Increasing pet adoption in China is estimated to account for over 52% of the market in Asia Pacific.
- Based on application, dog feed is predicted to dominate in terms of end-use applications, accounting for around 46.5% of the global market through 2021.
- Fresh water microalgae are expected to reach a valuation of US$ 2.2 million by 2031, growing at a CAGR of 4.8% over the forecast period.
Key Drivers
- Growing number of pet owners is bolstering the demand for microalgae in the pet food sector.
- Increasing lifespan of pets is spurring the sales of microalgae-based products in the pet food sector.
- Rising awareness regarding the benefits of microalgae-based pet food products is driving the market growth.
Key Restraints
- Availability of substitutes is hampering the demand for microalgae in the pet food industry.
- The outbreak of coronavirus has negatively impacted the sales of microalgae in the pet food industry due to disruption of the supply chain amid lockdown.
Uncover the Key to Our Methodological Success
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-13362
Competitive Landscape
Companies operating the microalgae industry are aiming at developing new products and forging strategic collaboration and acquisition to expand their market share. For instance,
- In May 2016, Now Health Group Inc., an American company, launched its new product in natural pet supplements under the brand “NOW Pets” focusing cats and dogs which includes spirulina microalgae as primary ingredient.
- In June 2020, Evonik, a Germany based company, announced it collaboration with DSM, a company based in Netherlands, to establish a new joint venture named, Veramaris to create a microalgae-based fish oil alternative for fish food.
Some of the prominent players operating in the market profiled by FMI are:
- DIC Corporation
- Koninkliijke DSM NV
- Roquette Frères
- Sun chlorella
- Cellana LLC
- Fuji Chemical Industries Co., Ltd.
- Corbion (TerraVia Holdings)
- Yunnan Green-A-Bio-engineering Co Ltd
- Buggypower
- Cyanotech Corporation
- BASF SE
- Parry Nutraceuticals
- Beijing Gingko Group
- KDI Ingredients
- Algatec (Lusoamoreiras)
More Valuable Insights on Microalgae Market
FMI, in its new report, offers an unbiased demand analysis for microalgae in the pet food sector, analyzing forecast statistics through 2021 and beyond. The study reveals growth projections on the demand for microalgae pet food sector with detailed segmentation:
By Species Type:
- Spirulina
- Chlorella
- Dunaliella
- Haematococcus
- Crypthecodinium
- Schizochytrium
- Euglena
- Nannochloropsis
- Phaedactylum
- Others
By Source:
- Marine Water
- Fresh Water
By End Use Application:
- Dog Feed
- Cat Feed
- Birds
- Others (Rabbits, Hamsters, etc.)
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Report
- The report offers insight into demand outlook for microalgae in pet food sector for the forecast period 2021-2031
- The market study also highlights projected sales growth for microalgae in the pet food sector between 2021 and 2031
- Demand for microalgae in the pet food sector survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Demand analysis for microalgae in the pet food sector, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
