Insect-based Pet Food Market to Top US$ 17.29 Bn with Exhibiting Growth at Healthy CAGR of 9.3% for 2031
12/26/2022, Newark // Future Market Insights, Inc. //
Global sales of insect-based pet food are projected to total US$ 7.09 Bn in 2021, predicts Future Market Insights (FMI). Growing demand for organic and sustainable pet food is expected to propel sales of insect-based pet food at a 9.3% CAGR, pushing the market size to US$ 17.29 Bn by 203
Rising pet adoption across the globe is spurring demand for insect-based pet food. This has also resulted in the popularity of the ‘pet humanization’ trend in which individuals are giving equal importance to their pet’s health and well-being by giving them specialized diets.
Request a report sample with 250 pages to gain comprehensive insights @ https://www.futuremarketinsights.com/reports/sample/rep-gb-14210
As a result, insect-based pet food is becoming increasingly popular among pet owners. Shifting consumer preference towards sustainable pet food, along with the rising incidence of illnesses in pets from livestock-based animal food will continue driving sales of insect-based pet food in the forthcoming years.
In response to growing demand for insect-based pet food, manufacturers are launching pet food derived from black soldier flies larvae (BSFL). In January 2021, the Ingredient Definition Committee Association of American Feed Control Officials (AAFCO) approved black soldier fly larvae (BSFL) to use in adult dog food and treats. BSFL’s use in cat food is on track to be approved in 2022.
Such developments are anticipated to bode well for the insect-based pet food market. Sales of insect-based pet food in the U.S., the U.K., China, and India are anticipated to gain traction at a remarkable pace over the assessment period, owing to rising awareness regarding grain-free pet food.
“Ongoing research and development to incorporate other protein-rich ingredients in insect-based pet food will augment the growth of the market in the forthcoming years. Besides this, surging adoption of innovative dietary patterns for pets such as gluten-free diet will continue pushing sales of insect-based pet food over the forecast period,” says an FMI analyst.
- Based on nature, demand for organic insect-based pet food is expected to rise at 10.4% CAGR over the assessment period.
- In terms of source, the black soldier flies (BSF) segment is projected to account for 35% of the total market share in 2021.
- Consumption of insect-based pet food in the dogs segment is anticipated to increase at 8.4% CAGR through 2031.
- Online retailing will remain the dominant distribution channel for insect-based pet food over the forecast period.
- Demand for insect-based pet food is expected to grow at a 7.1% CAGR in the U.S.
- China insect-based pet food market is projected to expand at 12.5% CAGR through 2031.
- Sales of insect-based pet food in the U.K. are anticipated to accelerate at a 5.9% CAGR over the forecast period.
View Full Report With TOC: https://www.futuremarketinsights.com/reports/insect-based-pet-food-market
- Fast-tracked product approvals regarding new ingredients used in insect-based pet food will augment growth of the market.
- Easy availability of insect-based treats, toppings, and jerky via online retail channels is expected to fuel sales of insect-based pet food through 2031.
- Food sensitivities and allergy caused by insect-based pet food might hamper the growth in the market
Key players operating in the insect-based pet food market are investing in research and development to improve their product portfolios. Besides this, collaborations, partnerships, and acquisitions are among other anticipated strategies adopted by players to gain a competitive edge. For instance:
- In April 2021, Ynsect announced its acquisition of Protifarm, a Dutch mealworm ingredient producer based out of Amsterdam. The Ynsect facilities in France produce protein from mealworms, which can also be used in the pet food industry.
- In April 2021, Mars Incorporated expanded its product portfolio by launching Lovebug, a BSF-based pet food in the U.K.
Get 40% Discount on Customized Report@ https://www.futuremarketinsights.com/customization-available/rep-gb-14210
Leading players operating in insect-based pet food market profiled by FMI include:
- Mars Incorporated
- Agri Protein Holdings Ltd
- Beta Hatch
- Hexafly Biotech
- Next Protein
- Scout & Zoe’s
More Insights on FMI’s Insect-based Pet Food Market
The latest market study on the insect-based pet food market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global insect-based pet food market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
- Black Soldier Flies
- Dehydrated Food
- Treats and Chews
- Freeze-Dried Raw
- Wet Food
- Raw Food
- Freeze-Dried Food
- Store-based Retailing
- Convenience Stores
- Mom and Pop Stores
- Pet Stores
- Independent Grocery Retailers
- Other Retail Formats
- Online Retailers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
Direct Purchase the Report @ https://www.futuremarketinsights.com/checkout/14210
Key Questions Covered in Insect-based Pet Food Market Report
- The report offers detailed insights into insect-based pet food market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for insect-based pet food market between 2021 and 2031.
- Insect-based pet food market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Insect-based pet food market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
Explore FMI’s related ongoing Coverage on Food and Beverage Domain
Natural Rosemarine Extract Market: The global natural rosemarine extract market size is expected to reach a market valuation of US$ 156.0 Mn in 2022 and further accelerate at a CAGR of 8.1% between 2022 and 2032.
Vegan Donuts Market: Global vegan donuts market is expected to be valued at US$ 120.4 Mn in 2023 and to reach a valuation of US$ 273.8 Mn by 2033.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers, Dubai
United Arab Emirates
For Sales Enquiries: email@example.com
Browse Other Reports: https://www.futuremarketinsights.com/reports
The post Insect-based Pet Food Market to Top US$ 17.29 Bn with Exhibiting Growth at Healthy CAGR of 9.3% for 2031 appeared first on Future Market Insights.
Source: Future Market Insights, Inc.
Release ID: 477020
Original Source of the original story >> Insect-based Pet Food Market to Top US$ 17.29 Bn with Exhibiting Growth at Healthy CAGR of 9.3% for 2031
This content is published on behalf of the above source. Please contact them directly for any concern related to the above.
This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.