10.JPG)
The Insect-Based Pet Food Market Size is valued at USD 8.31Billion in 2023 and is predicted to reach USD 16.72 Billion by the year 2031 at a 9.33 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the report:
- The advent of this market arose due to ongoing research and development efforts to add more protein-rich ingredients to insect-based pet food.
- The increasing consumer demand for organic and sustainable food is expected to drive industry growth.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the Allergic reactions by insect consumption and contamination of insects.
The simple accessibility of insect-based snacks, toppings, and jerky via online shopping channels is anticipated to be boosted by insect-based pet food sales. Sales of pet foods based on insects are anticipated to increase due to rising consumer demand for organic and sustainable pet food. The market will expand due to ongoing research and development efforts to add more protein-rich ingredients to insect-based pet food. Expedited product approvals will aid market expansion for new components used in pet foods based on insects. Demand for pet food based on insects is increasing due to pet adoption worldwide. Because of this, people are increasingly adopting the "pet humanization" trend, in which they place a high value on the health and happiness of their pets by feeding them specific meals.
Insects from the pet's country of origin are increasingly being used, and this is because there is a higher likelihood of these insects being nourishing and safe for pets. The demand for insect-based pet food is anticipated to be driven by rising consumer awareness of the consumption of nutrient-dense foods and a rising inclination for a healthy lifestyle. The increased demand for wholesome food products due to rising health consciousness among customers worldwide has given manufacturers in various industries a chance to sell such foods.
Market Segmentation:
The insect-based pet food market is segmented based on product, nature, source, pet type and distribution channel. Based on product type, the market is segmented as kibble/dry, extrude, baked, coated, dehydrated food treats and chews, freeze-dried raw, wet food, frozen, raw food, powder, and freeze-dried food. By nature, the market is segmented into organic, mannoprotein and conventional. By source, the market is segmented as crickets, mealworms, and black soldier flies. According to pet type, the market is segmented into Cat (Kitten, Senior), Dog (Puppy, Adult, Senior), Birds, and Others. As per the distribution channel, the market is distributed into Store-based Retailing (Hypermarkets/Supermarkets, Convenience Stores, Mom and Pop Stores, Pet Stores, Discounters, Independent Grocery Retailers, Drugstores, Other Retail Formats) and Online Retailers
Based On Nature, The Organic Segment Is Accounted As A Major Contributor To The Insect-Based Pet Food Market.
The organic category is expected to hold a significant share of the global insect-based pet food market. Consumers are more concerned about the substances in pet foods made from insects. Most pet owners are looking for pet food with similar qualities as organic foods become more widely consumed by humans, which is projected to drive the segment.
Pet food is not allowed to contain hormone pills, hazardous pesticides, pharmaceuticals, flavorings, colors, or additives. Companies are creating various pet food brands with a wide range of organic ingredients to take advantage of the current market trend.
The Frozen Segment Witnessed Growth At A Rapid Rate.
The frozen segment is projected to grow rapidly in the global insect-based pet food market. The demand for frozen pet food is rising because of shifting lifestyles worldwide. Customers' perceptions of pet health are evolving, driving demand for frozen pet foods. One of the key elements driving the growth of the frozen pet food market is the steady rise of nuclear households. One main factor driving the demand for frozen pet foods is rising pet health awareness, especially in countries such as the US, Germany, the UK, China, and India.
The North American Insect-Based Pet Food Market Holds A Significant Regional Revenue Share.
The North American insect-based pet food market is expected to register the highest market share in revenue soon. Many businesses are attempting to develop novel flavors for their goods, likely to drive market growth. The primary ingredients of pet foods are wheat, corn, and soy, which are then combined with animal fats to give them a meaty flavor. Additionally, there are just a few pet meals containing insect-based pet foods on the market, but this industry is anticipated to grow as consumers look for a lower-impact, more sustainable, and less expensive source of pet nutrition.
In addition, Asia Pacific is projected to grow rapidly in the global insect-based pet food market. As insect-based pet foods are more practical and suitable for city dwellers' hectic lifestyles, the trend toward urbanization in rural areas has a greater impact on pet food sales. Due to rising pet nutrition costs and an increasing pet population, the Asia Pacific insect-based pet food sector is flourishing.
Recent Developments:
- In Aug 2023, Nestlé Purina launched pet food that is built on alternative proteins to make better use of the natural resources of the world. The new line included insects as well as plant protein from fava beans and millet. The insect protein came from black soldier fly larvae, which were already used in animal feed in Europe. The millet and fava beans provided protein, energy, and fibre to aid digestion. All the ingredients were steamed to maintain nutrient quality.
- In Jan 2021, The Association of American Feed Control Officials (AAFCO) granted authorization for the use of black soldier fly larvae (BSFL) in adult maintenance dog food and treats, indicating implicit permission from the FDA.
Competitive Landscape
Some major key players in the Insect-Based Pet Food Market:
- Innova feed
- Ynsect
- Protix
- Purina
- Mars Incorporated
- Agri Protein Holdings Ltd
- Enterra, Endocycle
- Beta Hatch
- Ennoble
- Healy Biotech
- Next Protein
- Scout & Zoe’s
Insect-Based Pet Food Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 8.31 Billion |
|
Revenue Forecast In 2031 |
USD 16.72 Billion |
|
Growth Rate CAGR |
CAGR of 9.33 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Nature Type, Source, Product Type, Pet Type, Distribution Channel |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Innova feed, Ynsect, Protix, Purina, Mars Incorporated, Agri Protein Holdings Ltd, Enterra, Endocycle, Beta Hatch, Ennoble, Healy Biotech, Next Protein, Scout & Zoe’s, Others. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
