NEWARK, Del, June 16, 2023 (GLOBE NEWSWIRE) -- The insect-based pet food market is forecasted to garner revenue of US$ 3,448.5 million in 2033, up from US$ 1,341.0 million in 2023, advancing at a rate of 10% from 2023 to 2033.
The pet food industry is undergoing a significant transformation as more pet owners seek innovative and sustainable alternatives to traditional pet food products.
One emerging trend that has gained traction in recent years is insect-based pet food. With its numerous benefits for pets and the environment, insect-based pet food is making waves in the market.
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Pet owners increasingly embrace insect-based pet food as they become more educated about its benefits. The shifting consumer mindset towards sustainable and ethically sourced pet food has created a favorable environment for the growth of this market segment.
One of the primary challenges in the insect-based pet food market lies in navigating regulatory frameworks. As a relatively new industry, there is a need for clear guidelines and regulations regarding the sourcing, processing, and labeling of insect-based pet food products.
Establishing standardized protocols and ensuring compliance with existing regulations are crucial to build consumer trust and ensuring the quality and safety of these products.
Although the acceptance of insect-based pet food is growing, there is still a need to educate and create awareness among pet owners.
Overcoming the initial hesitation and addressing misconceptions surrounding insect-based ingredients require effective marketing strategies and transparent communication about the benefits and safety of these products.
Insects are highly efficient in converting feed into protein, requiring less land, water, and resources than traditional livestock farming. By utilizing insects as a protein source, the pet food industry can contribute to reducing the ecological footprint while meeting the nutritional requirements of pets.
The market offers an opportunity for continuous product innovation and diversification. Manufacturers can explore different insect species, such as black soldier fly larvae or mealworms, to create unique and nutritious pet food formulations.
Key Takeaways:
- The insect-based pet food market value reached US$ 1,289.0 million in 2022, with a CAGR of 6.9% from 2018 to 2022.
- The market in the United States of America accounted for a 35% share in 2022 globally.
- The United Kingdom's insect-based pet food industry is projected to advance at an 8% CAGR from 2023 to 2033.
- The market for insect-based pet food in Japan accounted for 0.7% of the market share in 2022.
- India's market for insect-based pet food is predicted to progress steadily with a CAGR of 9% during the projected period.
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What is the Competition Landscape in this Market?
The competition landscape in the market is becoming dynamic as more players recognize the potential of this emerging industry. While the market is still relatively nascent, several companies have already established their presence and are vying for a competitive edge.
The presence and activities of various market players, including established companies and new entrants, influence the competitive landscape. These players compete for market share, brand recognition, and consumer loyalty through product innovation, pricing strategies, and marketing efforts.
Different companies' range and diversity of insect-based pet food products play a crucial role in the competitive landscape. Companies differentiate themselves by providing unique formulations, flavors, and product variations that cater to specific pet dietary needs or preferences.
The competition is also influenced by changing consumer preferences, evolving dietary trends, and market dynamics. Companies that stay abreast of consumer demands, such as organic or grain-free options, and align their product offerings accordingly can gain a competitive advantage.
Who is Winning?
- Innovafeed
- Ynsect
- Protix
- Purina
- Mars Incorporated
- Agri Protein Holdings Ltd
- Enterra
- Entocycle
- Beta Hatch
- Entobel
- Hexafly Biotech
- Next Protein
- Scout & Zoe’s
- Others
Key Segmentation:
By Nature:
- Organic
- Monoprotein
- Conventional
By Source:
- Crickets
- Mealworms
- Black Soldier Flies
By Product Type:
- Kibble/Dry
- Extruded
- Baked
- Coated
- Dehydrated Food
- Treats and Chews
- Freeze-dried Raw
- Wet Food
- Frozen
- Raw Food
- Powder
- Freeze-dried Food
By Pet Type:
- Cat
- Kitten
- Senior
- Dog
- Puppy
- Adult
- Senior
- Birds
- Others
By Distribution Channel:
- Store-based Retailing
- Hypermarkets/Supermarkets
- Convenience Stores
- Mom and Pop Stores
- Pet Stores
- Discounters
- Independent Grocery Retailers
- Drugstores
- Other Retail Formats
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. Buy Now to gain access to detailed information about each segment @ https://www.futuremarketinsights.com/checkout/14210
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 / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Nature
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-14210
Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
Pet Food Microalgae Market Size: The pet food microalgae market is slated to reach US$ 24 million by 2023. By the end of 2033, the market is pegged to achieve US$ 38.3 million, meanwhile expanding at a CAGR of 5%.
Pet Food Ingredients Market Share: The pet food ingredients market is estimated to reach US$ 42.2 billion in 2023. It is projected to be valued at US$ 68.3 billion by 2033. It is anticipated to witness a CAGR of 4.9% from 2023 to 2033.
Pet Food Market Trends: The global pet food market industry size is expected to reach US$ 1,17,691.2 million in 2023. During the forecast period 2023 to 2033, global pet food sales are likely to soar at 6.4% CAGR. By 2033, the total market value is projected to cross a mark of US$ 2,20,477.1 million.
Fish Based Pet Food Market Growth: The fish-based pet food market is capturing a valuation of US$ 1.4 billion in 2023 and is predicted to reach US$ 16.7 billion by 2033. The market is registering a CAGR of 5% during the forecast period.
Frozen Pet Food Market Forecast: The global frozen pet food market is expected to reach a market valuation of US$ 14 Billion by 2022, with demand increasing at a CAGR of 5.1% over the assessment period.
Natural Pet Food Market Types: The global natural pet food market is expected to reach a valuation of US$ 13.4 Billion by 2022, accelerating at a CAGR of 4.8% from 2022 to 2032.
Dehydrated Pet Food Market Analysis: The dehydrated pet food market is capturing a valuation of US$ 8.9 billion in 2023 and is predicted to reach US$ 14.2 billion by 2033. The market is registering a CAGR of 5% during the forecast period.
Plant-based Pet Food Market Outlook: The global plant-based pet food market is set to expand its roots in the global market at a promising CAGR of 9.2%, while the market is anticipated to hold a revenue of US$ 57.43 Billion in 2032. The market is valued at US$ 26.01 Billion in 2022.
Organic Pet Food Market Overview: The organic pet food market is expected to total US$ 2.0 Billion in 2022. As per the report, sales of organic pet food are projected to increase at a healthy CAGR of 7.4% during the forecast period, reaching US$ 4.0 Billion by 2032.
Freeze Dried Pet Food Market Demand: The global freeze-dried pet food market is expected to reach a market valuation of US$ 16.6 Billion in 2022, with sales growing at a CAGR of 5.3% over the forecast period.
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