The fish based pet food market projected to be worth $1.4 billion in 2023 and grow at a 5% compound annual growth rate to $16.7 billion by 2033. Due to their experience with pet food, increased disposable income, and growing inclination for high-quality, sustainable fish-based pet food, developed countries such as Germany, Japan, the UK, and India are expected to control the majority of the market.
The market for pet food made from fish is expected to grow from its estimated US$ 1.4 billion in 2023 to US$ 16.7 billion by 2033. Over the course of the projection period, the market is growing at a CAGR of 5%.
How Top Countries Are Uplifting the Global Market Size?
By 2033, it is expected that industrialised nations such as Germany, Japan, the UK, and India will control the majority of the global market. The market is expanding significantly due to factors like improved pet food expertise, increased disposable money, and growing desire for pet adoption. The industry is expanding as more consumers express a desire for premium pet food that is based on fish and comes from sustainable sources.
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The United States is dominating the global market by registering a share of 25.3% by 2033. The increasing number of pet owners, growing trends of pet humanization, and increasing adoption of nutritious pet foods are boosting the market growth. Around 67% of households in the United States are adopting pets, including cats, dogs, birds, and others.
These factors capture huge revenue in the United States market during the forecast period. The present key players are launching novel products to upsurge the market growth. The prominent key players in the global market include Pacific Bio Products, Purina, Freshpet, JustFoodForDogs, Mars Inc, and others.
These players boost sales through distribution channels, such as supermarkets, online retailers, suppliers, etc. These players can enhance their reach through distribution networks to meet relevant customers. These players are researching to develop innovative products in the global market.
Stringent Regulations Decline the Global Market Size
The market has several restraining factors that may limit the global market size. With the increasing consumer demand for alternative options such as vegan and plant-based pet foods, the market growth is declining. On the other hand, the lack of raw material supply and unavailability of pet foods are also declining the market growth.
The rising overfishing and advanced competitors’ strategies are other factors that may face challenges in the market growth. These are a few factors that can limit the global market growth.
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Key Takeaways:
- The fish based pet food Induustry is securing a CAGR of 5% with a valuation of US$ 16.7 billion by 2033.
- Historically, the market captured a valuation of US$ 9.1 billion in 2018.
- The United States is estimated to register a share of 25.3% in the global market by 2033.
- Germany is securing a share of 5.6% in the global market during the forecast period.
- With a share of 4.0%, Japan is capturing a significant driving of the global market share.
Recent Developments in the Global Market are:
- In 2021, Mars Inc announced its huge investment of US$ 200 million to expand the Royal Canin plant. This investment took place to add new corporations to enhance the production capacity.
- In 2020, Nestle Purina PetCare invested around US$ 500 million to expand its business in Georgia.\
Fish-Based Pet Food Market by Category
By Nature:
- Organic
- Conventional
By Product Type:
- Dry
- Wet
- Treat & Chews
By Pet Type:
- Cat
- Dog
- Birds
By Packaging:
- Pouches
- Bags
- Folding Cartons
- Tubs & Cups
- Can
Region:
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East Africa
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