Vegan Pet Food Market to Reach $16.3 Bn, Globally, by 2030 at 5.5% CAGR: Allied Market Research – PR Newswire

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Apr 19, 2022, 09:50 ET
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Rise in pet humanization, growth in adoption of dogs, and surge in health awareness regarding pet’s health drive the growth of the global vegan pet food market.
PORTLAND, Ore., April 19, 2022 /PRNewswire/ — Allied Market Research published a report, titled, "Vegan Pet Food Market by Form (Organic and Conventional), Pet Type (Dog Food, Cat Food, and Others), Pet Food Type (Dry Pet Food, Wet Pet Food, Treats & Snacks, and Others), and Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Online Sales Channels, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030". According to the report, the global vegan pet food industry generated $9.6 billion in 2020, and is anticipated to generate $16.3 billion by 2030, witnessing a CAGR of 5.5% from 2021 to 2030.
Prime determinants of growth
Rise in pet humanization, growth in adoption of dogs, and surge in health awareness regarding pet’s health drive the growth of the global vegan pet food market. However, Lack of awareness among pet owners regarding vegan pet food and unfavorable environment for pets hinder the market growth. On the other hand, online availability of the product presents new opportunities in the coming years.
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Covid-19 Scenario
The dog segment to maintain its leadership status throughout the forecast period
Based on pet type, the dog segment held the highest market share in 2020, accounting for nearly half of the global vegan pet food market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 5.5% from 2021 to 2030. Currently, dogs represent one of the most preferred pets across the globe. Health awareness regarding the dog health has influenced the owners to feed their dogs with healthy pet food, including natural-and organic ingredient-based pets’ food. This factor is boosting the growth of the segment.
The dry segment to maintain its lead position during the forecast period
Based on pet food type, the dry segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global vegan pet food market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.6% from 2021 to 2030. Dry pet foods include relatively high level of oils in order to enhance the palatability of the products and provide essential nutrients, fatty acids, and energy for pets, thereby is mostly preferred.
North America to maintain its dominance by 2030
Based on region, North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global vegan pet food market. High number of pet ownership and increase in spending capacity on pet care products are some of the major attributes for growth of the market in this region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 7.0% during the forecast period, owing to rise in disposable income, growth in standard of living, and increase in spending on health of pets.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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