Newark, DL: , Sept. 20, 2022 (GLOBE NEWSWIRE) – The plant-based pet food market is likely to expand at a promising compound annual growth rate of 9.2% and is expected to reach a valuation of US$57.43 billion by 2032, while having revenue of US$26.01 billion in 2022. The vegan pet food market is fueled by the vegan movement, the humanization of pets, and the growing number of vegan pet owners choosing a vegan diet for their pets. These are the reasons that contribute to the growth of the plant-based pet food business.
Analysis at FMI shows that the demand for plant-based pet foods has increased at a higher growth rate than conventional pet foods. Vegan formulas are designed by certified nutritionists to the same standards as meat-based formulas that appeal to pet parents. Increased awareness of plant-based consumables along with increased pet adoption is driving up sales of plant-based pet foods, leading to innovation in plant-based foods.
The industry is growing because pet owners are willing to spend more money on higher quality, vegan pet food and goods to improve their pets’ health and quality of life. Packaging and labeling suits can help build brand trust by telling customers about ingredient sources, unique processing techniques, functionality, and certifications.
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The main takeaway from the market study
- North America will continue to dominate the global plant-based pet food market share. The US plant-based pet food market is expected to be worth $63 billion in 2022.
- India’s vegetarian pet food market is expected to account for more than 38% of the South Asian market in 2022
- In the natural type category, conventional pet foods will take the largest share with 5% in 2022 while the organic segment will take 23.4% in 2022. The demand for plant-based pet foods is attributable to increased sales of plant-based pet foods and an increased focus on the nutritional profile of elements pet food
- In the pet species category, big cats have a market share of 1% among the cat segment of the global plant-based pet food segment in 2022.
“The future of the market will be fruitful thanks to new farming methods for plant-based foods. The pet food industry is working on nutrients for cats and dogs, healthy and shiny coats, balancing body weight, and reducing bad breath. Recently vegetarian and vegan diets have been introduced to the pet food market, which It provides a possible solution to the ethical dilemma faced by vegetarians and vegans living with carnivores and carnivorous dogs.
Increasing demand for organic and high quality ingredients fuel Selling vegetarian pet food. Consuming plant-based pet foods is believed to reduce allergies and skin concerns, improve bad breath, and maintain pet weight. This boosts demand for plant-based pet foods in multiple regions.” Says Future Market Insights analyst while discussing the future of the market.
The vegan pet food market has the potential of having many brands in the Gulf. These players have used various tactics to gain a larger share of the market in recent years. New innovative players have the advantage of launching flavors and nutritional supplements to enhance market space.
Some of the leading vegan pet food manufacturers are improving their online 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 boost productivity.
The latest market developments
- Aistra in the year 2020 recently launched its vegan pet food store in India, after noticing the need for healthy vegan pet food in the Indian market.
- Global Food and Ingredients Inc. announced its acquisition of a state-of-the-art pet food ingredients manufacturing facility in Bowden, Alberta, as well as the launch of GFI’s new plant-based pet food ingredients business unit.
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By product type:
- cable / dry
- dried food
- treats and chews
- Freeze dried raw
- wet food
By type of pet:
- Others (rabbits, hamsters, etc.)
By distribution channel:
- Retail in store
- Online retailers
By type of packaging:
- folding carton
- basins and cups
- Bottles and Jars
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1. Executive Summary
1.1 Global Market Outlook
1.2 Demand-side trends
1.3 Supply-side trends
1.4 Technology roadmap analysis
1.5 Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Rating
2.2. Market Definition / Scope / Limitations
3. Market background
3.1. market dynamics
3.2 Scenario forecast
3.3 Opportunity Map Analysis
3.4. Product life cycle analysis
3.5 Supply Chain Analysis
About the Food and Beverage Department of Future Market Insights
The Food and Beverage team at Future Market Insights provides all the insights and advisory analysis needed to meet the unique business intelligence needs of clients around the world. With a catalog of over 500 reports on the latest stats and analysis from the food and beverage industry, the team is happy to assist with every business intelligence research and consulting requirement.
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About Future Market Insights, Inc.
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