The plant-based pet food market is witnessing an impressive surge, poised for substantial growth in the coming years. From 2022 to 2032, the market is projected to expand at a robust CAGR of 9.2%, reaching a remarkable revenue milestone of USD 57.43 Billion by 2032. This exponential growth trajectory is underpinned by several key factors reshaping the landscape of pet nutrition worldwide.
Driven by a rising awareness of veganism and ethical consumption, coupled with an increasing number of pet owners opting for healthier alternatives, the demand for plant-based pet food has skyrocketed. With pets increasingly being perceived as family members, the trend towards humanization of pets further amplifies the market’s growth. Moreover, the disruptive force of the COVID-19 pandemic has only marginally impacted the market, highlighting its resilience and potential for sustained expansion.
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The demand for plant-based pet food is propelled by various factors contributing to its popularity and adoption across different regions. Consumers are seeking organic, high-quality alternatives to traditional meat-based pet food, driven by concerns over pet health and nutrition. Plant-based diets are perceived to address issues such as allergies, skin conditions, weight management, and oral health, further boosting their appeal among pet owners.
Notably, the transition towards plant-based diets is not limited to human consumption but extends to pets as well. With a growing number of vegan pet owners seeking to align their values with their pets’ diets, the market for plant-based pet food continues to expand rapidly. Additionally, innovations in cultivation methods and ingredient technology are driving product development, offering new solutions to meet evolving consumer preferences.
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.
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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