DUBAI, United Arab Emirates, December 6, 2021 / PRNewswire / – Global Sales of insect-based pet food are projected in total 7.09 billion US dollars in 2021, predicts Future Market Insights (IMF). Rising demand for organic and sustainable pet food is expected to propel insect-based pet food sales at a CAGR of 9.3%, pushing the market size to US $ 17.29 billion by 203
The growing adoption of pets across the world is driving the demand for insect-based pet foods. It has also resulted in the popularity of the “humanization of pets” trend in which individuals place equal importance on the health and well-being of their pets by giving them specialized diets.
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As a result, insect-based pet foods are becoming more and more popular among pet owners. The shifting consumer preference towards sustainable pet foods, as well as the increasing incidence of pet diseases caused by animal-based pet foods will continue to drive sales of pet foods. insect-based animals in the years to come.
In response to the growing demand for insect-based pet foods, manufacturers are launching pet foods derived from black soldier fly larvae (BSFL). In January 2021The Ingredient Definition Committee Association of American Feed Control Officials (AAFCO) has approved black soldier fly larvae (BSFL) for use in adult dog food and treats. The use of BSFL in cat food is on track for approval in 2022.
Such developments should bode well for the insect-based pet food market. Sales of insect-based pet food to US, UK, China, and India are expected to gain ground at a remarkable rate during the review period, due to the growing awareness regarding grain-free pet foods.
“Ongoing research and development to incorporate other high protein ingredients into insect-based pet foods will increase market growth in the years to come. sales of insect-based pet foods during the forecast period, ”says an IMF analyst.
Key points to remember:
- On the basis of nature, the demand for organic insect-based pet food is expected to increase by 10.4% CAGR during the evaluation period.
- In terms of source, the black soldier flies (BSF) segment is expected to account for 35% of the total market share in 2021.
- The consumption of insect-based pet food in the dog segment is expected to increase at a CAGR of 8.4% through 2031.
- Online retail will remain the dominant distribution channel for insect-based pet food during the forecast period.
- Demand for Insect-Based Pet Foods Expected to Grow at a CAGR of 7.1% in the United States
- China The insect-based pet food market is expected to grow at 12.5% CAGR through 2031.
- UK insect-based pet food sales are expected to accelerate at a CAGR of 5.9% during the forecast period.
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- Expedited product approvals for new ingredients used in insect-based pet foods will increase market growth.
- The easy availability of insect-based treats, toppings and dried meat through online retail channels is expected to drive sales of insect-based pet food through 2031.
- Food Sensitivities And Allergies Caused By Insect-Based Pet Foods May Hinder Market Growth
Major players operating in the insect based pet food market are investing in research and development to improve their product portfolios. In addition to this, collaborations, partnerships and acquisitions are among the other anticipated strategies adopted by players to gain a competitive advantage. For example:
- In April 2021, Ynsect announced the acquisition of Protifarm, a Dutch producer of mealworm ingredients based in Amsterdam. Ynsect’s facilities at 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 Introducing Lovebug, A BSF-Based Pet Food In The UK
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The Major Players Operating in the Insect Based Pet Food Market Featured By IMF are:
- Mars incorporated
- Agri Protein Holdings Ltd
- Beta Hatch
- Hexafly Biotech
- Next protein
- Scout and Zoe
More Insight Based Pet Food Market Insights From IMF
The latest insect-based pet food market research study by Future Market Insights gives detailed segmentation for the forecast period 2021-2031. In order to get a better perspective on the global insect-based pet food market potential, growth, trends and opportunities, the market is segmented on the basis of:
- The black soldier is flying
Type of product:
- Dry food
- Dehydrated food
- Treats and chews
- Freeze-dried raw
- Wet food
- Raw food
- Freeze-dried foods
- Retail in-store
- Hypermarkets / Supermarkets
- Convenience Stores
- Mom and Pop Stores
- Pet shops
- Independent retail grocery stores
- Other retail formats
- Online Retailers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (AEM)
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Key Questions Answered In The Insect-Based Pet Food Market Report
- The report offers detailed information about the Insect-Based Pet Food market demand outlook for 2021-2031.
- The market study also highlights the expected sales growth for the insect-based pet food market between 2021 and 2031.
- The Insect-Based Pet Food market research identifies key growth drivers, restraints, and other forces impacting dominant trends and evaluating the current size and forecast of the market. market and technological advancements within the industry.
- Analysis of the insect-based pet food market share of key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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