Consumer Preference for Naturally-derived Ingredients Supports Demand for Microalgae in Pet Food Formulations, says FMI
Separation anxiety is an increasingly common condition among pets, particularly among those of urban pet owners. Hectic lifestyle and stress often result in destructive behavior in pets such as shredding, incontinence, and excessive salivation. The efficacy of microalgae in controlling anxiety will support adoption in the long term. According to FMI’s research, the demand for microalgae in pet food sector will hit US$ 22 Mn in 2021, growing at a CAGR of 4.8% through 2031 end.
Microalgae Pet Food Sector
A recent market study published by Future Market Insights on the demand for microalgae in ...
Travel, boarding, grooming, and visits to the veterinarian can be stressful for pets. Calming and sedative drugs, such as Prozac, can cause pets to become drowsy and lethargic. Pet pills containing microalgae can help alleviate anxiety without causing drowsiness or sluggishness. Microalgae-based pet supplements are becoming popular as they aid in the reduction of anxiety in pets.
The primary driver of the microalgae in the pet food sector market is the rising rate of pet ownership and the resultant demand for nondiscretionary and discretionary products including treats, toys, and other food products.
The increasing adoption of cats and dogs as companions for families is driving the pet food market. Japan for instance, has a larger number of pets as compared to the number of children under 15 years. Microalgae is a primary ingredient in the pet food. Consequently, rising pet adoption is fueling the demand for microalgae in pet food.
Key Takeaways from the Demand for Microalgae in Pet Food Sector Study:
- China holds the lead in the East Asia market accounting for more than 52% owing toa vast population, and growing trends of pet humanization.
- The U.S. leads the North America market size supported by consumer demand for pet food free of artificial colours, preservatives, and flavours.
- Spirulina products account for a share of 45.6% in 2021, supported by a superior nutritional profile.
- Dog feed applications are estimated to account for 46.5% of the global market in 2021, owing to higher adoption as pets.
- Fresh water microalgae hold 84.4% of the global microalgae market. However, marine water alternatives are expected to rise with a CAGR 6.5%.
“The clean label movement is gaining momentum in response to the rising demand for transparency regarding feed and food ingredients. The demand for microalgae in pet food formulations has grown due to increasing awareness about pet nutrition and health, with easy access to information. These factors will will drive long term growth,” said a lead analyst at FMI.
Naturally Derived Ingredients in Pet Food Market Drives Expansion
Consumers have become more attentive towards pet food and ingredients use than ever before. As natural and organic options become a popular choice for human food, an increasing number of pet owners are looking for similar attributes in food for their pets.
Customers expect pet food that is free of preservatives, artificial colors, and flavors, in addition to checks on toxic pesticides, antibiotics, and synthetic hormones. As a result, naturally derived ingredients such as microalgae are in high demand in pet food and animal feed.
Who is Winning?
To increase penetration in untapped markets, major companies are focusing on product development strategies. Key players operating in the global market also focusing on mergers and acquisitions with the local manufacturers to reach emerging markets such as India, China, and Brazil.
Some of the leading companies offering microalgae in the pet food sector 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, Algatec (Lusoamoreiras), Cyanotech Corporation, BASF SE, Parry Nutraceuticals, Beijing Gingko Group, KDI Ingredients, Sinoway Industrial Co. Ltd and others.
Get Valuable Insights into Demand for Microalgae in Pet Food Sector
Future Market Insights, in its new offering, provides an unbiased analysis of the demand for microalgae in pet food sector presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the demand for microalgae in pet food sector based on species type (spirulina, chlorella, dunaliella, haematococcus, crypthecodinium, schizochytrium, euglena, nanochloropsis, phaedactylum, and others), by source (marine water and fresh water), and by end use application (dog feed, cat feed, birds and others) across five major regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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