Plant-based Pet Food Market will grow by 9.2% CAGR Driven by High Demand in Wet Food and Kibble/Dry Segments
According to Future Market Insights (FMI), sales in the plant-based food market will grow by 9.2% CAGR between 2021 and 2031. Increasing pet humanization and surging focus on nutrition for well-being of pets will spur growth in the market.
Plant Based Pet Food Market
A recent market study published by Future Market Insights on the plant based pet food mark...
Pet humanization has recently gained popularity in the mainstream media throughout the world. In the plant based pet food market, the change from pet ownership to pet parenting has been a critical and defining development, particularly in industrialized countries.
Pets are now considered members of the family as a result of this pet humanization movement. Consumers' willingness to spend more on healthy pet food is shaped by the developing attachment between pet owners and their pets.
They are becoming more concerned of their pets' health and are purchasing plant based pet food with high nutritional value for their pets' benefit. Pet owners nowadays are looking for pet consumables that are locally made, natural, vegan or have unique health benefits, in addition to standard meal products.
Additionally, the movement toward pet humanization has resulted in a rise in health consciousness. Coupled with this, the rise in pet food that is free of meat, sugar, grain, dye, and other chemical additives will result in high growth in the market. Driven by trends such as surging demand for vegan pet food, pet humanization, and premiumization, plant based pet food demand is predicted to increase in the coming years.
Key Takeaways from the Plant Based Pet Food Market Study:
- North America will account for 36.1% of the global plant-based pet food market in 2021. The U.S. is expected to spearhead growth in North America.
- Kibbles come in a range of sizes and forms and are expected to remain the most popular sort of plant-based pet food. Kibbles are dried, cooled, and coated with a protective coating, and they account for 23.5% of the global market in 2021.
- Demand for plant-based pet food for adult cats will grow at a CAGR of 6.3% during the forecast period (2021-2031).
- The store-based retailing sector accounted for 86.4% of the market share in 2021, and it is predicted to grow at a steady pace through the forecast period.
- Bags accounted for 35.8% of the global plant-based pet food market in terms of packaging, as they are more cost-effective alternative to the cumbersome containers and jars that were previously used in packaging.
"Some of the leading plant-based pet food brands have a well-defined product classification system. Manufacturers are focusing their research and development efforts on developing distinctive and nutrient-rich products, which will help them increase their revenue streams,” said a lead analyst at FMI,
Who is Winning?
Some of the leading companies offering plant based pet food Market are Cannapple, Nature's Recipe , Nature's Diet, Wysong, Benevo, , Evanger's Dog & Cat Food,My Aistra, Evolution Diet, Eco Dog and Cats, Dr.goodpet and others.
Plant-based pet food manufacturers strive to bring natural and healthy products to market in order to attract a big customer base. Manufacturers in both developed and developing economies are investing in R&D to meet expanding customer needs.
Furthermore, as a result of the COVID-19 outbreak, manufacturers are focusing on online retailing to deliver a diverse range of items to customers via a variety of E-commerce websites. In the Covid-19 epidemic, producers are promoting online shopping to provide a wide choice of items to clients through a variety of E-commerce websites.
Get Valuable Insights into Plant Based Pet Food Market
Future Market Insights, in its new offering, provides an unbiased analysis of the plant based pet food market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the plant based pet food market based on nature (organic and conventional), product type (kibble/dry, dehydrated foods, treats and chews, freeze-dried raw, wet food, frozen, powder, freeze-dried food), by pet type cat (kitten and Adults) dog(puppy, adult, senior), birds and others (rabbits, hamsters, etc.), and by distribution channel (Online Retailers, Store-based Retailing) and by packaging (bags, bottles & jars, cans, folding cartons, pouches, tubs & cups) across seven 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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