Plant-based Pet Food Market Value to Grow by Almost USD 57.43 Billion at 9.2% CAGR in 2032 | Future Market Insights, Inc. – Yahoo Finance

Plant-based pet food market report explains that the conventional way of feeding your pets have been a factor restraining the market growth. The high prices associated with plant-based pet food and the formula failing in supplying enough energy to specific pets have hampered the sales of plant-based pet food.
NEWARK, Del: , Sept. 20, 2022 (GLOBE NEWSWIRE) — The plant-based pet food market is likely to expand at a promising CAGR of 9.2% and is forecasted to reach a valuation of USD 57.43 Bn by 2032, while it holds a revenue of USD 26.01 Bn in 2022. The plant-based pet food market is fueled by the vegan movement, the humanization of pets, and the growing number of vegan pet owners choosing a plant-based diet for their pets. These are the reasons contributing to the growth of the plant-based pet food business. 

The analysis at FMI explains that the demand for plant-based pet food has increased at a higher growth rate than traditional pet food. Vegan formulas are designed by certified nutritionists in accordance with the same standards as meat-based formulas are wooing pet parents. Rising awareness around vegan consumables coupled with increased adoption of pets fuels the sales of plant-based pet food, bringing innovation for plant-based food items.
The industry is growing because pet owners are prepared to spend more money on high-quality premium plant-based pet food and goods to improve their pets’ health and quality of life. Packaging claims and labels can help build brand equity and confidence by telling customers about ingredient sources, unique processing techniques, functionality, and certifications.
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Key Takeaways from Market Study
North America will continue to dominate the global plant-based pet food market share. Where U.S. market forplant-based pet food market is expected to be valued at US$ 63 Bn in 2022.
India plant-based pet food market is expected to be account for over 38%of the South Asia market in 2022
In the nature type category, conventional pet food holds the biggest share of 5%in 2022 while the organic segment will hold 23.4% in 2022. The demand for plant-based pet food is attributed to rising sales of vegan pet food and increasing emphasis on nutrition profile of pet food items
In the pet type category, Senior cats hold a market share of 1%among the cats’ segment in the global plant-based pet food business in 2022.
 “The future of the market is going to be fruitful due to the new cultivation methods of plant-based food. The pet food industry is working on nutrients for cats and dogs, healthy and shiny coats, body weight balancing, and reducing bad breath. Vegetarian and plant-based diets have recently been introduced to the pet food market, offering a possible solution to the moral dilemma faced by vegetarians and vegans who live with omnivores and carnivorous dogs.
Increasing demand for organic and high-quality ingredients has fueled the sales of plant-based pet foods. Consumption of plant-based pet food is thought to minimize allergies, skin concerns, improve bad breath, and maintain weight in pets. This enhances the demand of plant-based pet foods in multiple regions.”  says a Future Market Insights analyst while discussing the future of the market.
Competitive Landscape:
The plant-based pet food market holds the potential of having multiple brands at its bay. These players have been using various tactics to acquire a bigger share of the market in recent years. New innovative players have the advantage of launching flavor and supplement types to enhance the market space.
Some of the leading plant-based pet food manufacturers are improving their internet presence and investing in research and development initiatives. To expand their product options, multinational plant-based pet food companies are focusing their efforts on expanding their manufacturing facilities to enhance productivity.
Recent Market Development 
Aistra in 2020 recently launched its plant-based pet food store in India, after noticing a need for healthy plant-based pet food in the Indian market.
Global Food and Ingredients Inc. has announced to acquire a cutting-edge plant-based pet food ingredients manufacturing facility in Bowden, Alberta as well as the launch of GFI’s new plant-Based Pet Food Ingredients business unit.
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Key Segments
By Nature:
Organic
Conventional
By Product Type:
Kibble/Dry
Dehydrated Food
Treats and Chews
Freeze-Dried Raw
Wet Food
Frozen
By Pet Type:
Cat
Dog
Birds
Others (Rabbits, Hamsters, etc.)
By Distribution Channel:
Store-based Retailing
Online Retailers
By Packaging Type:
Pouches
Bags
Folding cartons
Tubs & Cups
Can
Bottles & jars
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Table of Content
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
  3.2. Scenario Forecast
  3.3. Opportunity Map Analysis
  3.4. Product Life Cycle Analysis
  3.5. Supply Chain Analysis
TOC continued..!
About Food & Beverage Division at Future Market Insights
The Food & Beverage team at Future Market Insights provides all the necessary insights and consulting analysis to fulfil the unique business intelligence needs of clients worldwide. With a catalogue of more than 500 reports about the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
Top Reports Related To Food & Beverage Market Insights :
Plant-based Milk Market Size – The demand for plant-based milk market is expected to reach a value of US$ 13.24 Bn in 2021. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 30.79 Bn by 2031. Rising demand for alternative sources of milk and protein will push sales in the market at 8.8% CAGR through 2031.
Plant-based Hot Dogs Market Share – The global plant-based hot dog market witnessed spectacular gains in 2020, with market revenues witnessing over 20% y-o-y growth. Global revenues are set to reach US$ 500 million by 2021.
Plant-based Fish Feed Market Trends – The plant-based fish feed market is valued at US$ 6.8 Bn in 2021. It is set to grow at 6% CAGR through 2032 at a value of US$ 12.2 Bn.
Plant-based Beverages Market Outlook – Newly released data from the plant-based beverages market analyzed by FMI estimates that the market enjoyed year-on-year (YoY) growth of 7.4% in 2022 to a total of 111,701,810 Litres in 2022. The market is expected to witness a prominent growth rate of a CAGR of 6.7% to reach the value of US$ 506,534.7 Mn in 2032.
Plant-based Snacks Market Demand – Experts also attribute the ongoing vegan trend to the surging demand for meat alternatives among key products available in the plant-based snacks market. In addition to meat alternatives, plant-based snacks bars are likely to remain highly popular among health conscious population.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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