The plant-based pet food market is expected to increase steadily, with a total value reaching US$ 23.82 Bn in 2021. As per Future Market Insights (FMI), plant-based pet food sales are expected to surge at 9.2% CAGR between 2021 and 2031. Overall growth forecast for the market will remain positive for the assessment period.
Plant-based pet food contains no animal-derived raw materials, assuring that no animals have been harmed or abused in any way. The vegan movement, humanization of pets, and the growing number of vegan pet owners preferring a plant-based diet for their pets are contributing to the growth of the plant-based pet food business.
Spurred by aforementioned factors, the plant-based pet food market will account for 23.8% of sales in pet food market in 2021. Pet humanization has recently gained popularity in the mainstream media throughout the world. In the plant based pet food market, the change from pet ownership to pet parenting has been a critical and defining development, particularly in industrialized countries.
Pets are now considered members of the family as a result of this pet humanization movement. Consumers’ willingness to spend more on healthy pet food is shaped by the developing attachment between pet owners and their pets. They are becoming more concerned of their pets’ health and are purchasing plant based pet food with high nutritional value for their pets’ benefit. Pet owners nowadays are looking for pet consumables that are locally made, natural, vegan or have unique health benefits, in addition to standard meal products.
“Some of the leading plant-based pet food brands have a well-defined product classification system. Manufacturers are focusing their research and development efforts on developing distinctive and nutrient-rich products, which will help them increase their revenue streams,” said a lead analyst at FMI
Additionally, the movement toward pet humanization has resulted in a rise in health consciousness. Coupled with this, the rise in pet food that is free of meat, sugar, grain, dye, and other chemical additives will result in high growth in the market. Driven by trends such as surging demand for vegan pet food, pet humanization, and premiumization, plant based pet food demand is predicted to increase in the coming years.
Increasing demand for organic and high-quality ingredients has fuelled pet food expenditure. Consumption of plant-based pet food is thought to minimize allergies, skin concerns, improve bad breath, and maintain weight in pets. This is encouraging pet parents to pick plant-based pet food over other types of pet foods.