Future Market Insights (FMI) in its recent market analysis highlights trends, opportunities, threats, and restraints prevailing in the global insect-based pet food market. The report divulges compelling insights into recent developments across segments of the market including nature, source, product type, pet type, and distribution channel. As per the report, sales of organic insect-based pet food are anticipated to balloon over the assessment period.
DUBAI, UAE, Dec. 6, 2021 /PRNewswire/ -- Global sales of insect-based pet foodare 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.
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.
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.
Leading players operating in insect-based pet food market profiled by FMI include:
Agri Protein Holdings Ltd
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:
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.
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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.