Vegan Pet Food Market to Grow US$ 15,651.22 million, Globally, by 2028 at 7.7% CAGR, COVID-19 Impact and Global Analysis by The Insight Partners
NEW YORK, Sept. 6, 2021 /PRNewswire/ -- According to new research study on "Vegan Pet Food Market to 2028 – Global Analysis and Forecast – by Product Type, Pet Type, and Distribution Channel," the market is expected to grow from US$ 9,302.47 million in 2021 to US$ 15,651.22 million by 2028; it is likely to register a CAGR of 7.7% during 2021–2028. Vegan pet food is produced with plant-based and natural ingredients without having a trace of animal derived raw material and ensuring no cruelty or exploitation of animals in any sorts. The key trends in the pet food market are influenced by human food trends such as clean labels, veganism, alternative proteins, and healthier ingredients. Growing number of vegan pet owners preferring vegan food to their pets and rising humanization of pets are among the factors driving the vegan pet food market growth.
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In 2020, Europe held the largest share of the global vegan pet food market. It is primarily attributed to the presence of major manufacturers in the region, as well as the rising veganism trend and easy availability of vegan pet food products with similar nutrient content as that of traditional meat-based pet foods. However, Asia Pacific is estimated to register the fastest CAGR in the market during the forecast period owing to the increasing pet population, along with the growing consumer inclination toward a vegan diet.
Humanization of Pets to Bolster Market Growth
A majority of the global population considers pets as a part of their family. Dogs and cats are the most preferred pets owing to their friendly nature. More than half of the population in America adopts a dog or a cat, and a significant amount is spent on pets to ensure their wellbeing. With the growing acceptance of veganism, a vegan diet is preferred for themselves and their pets. Most pet owners opt for products that have clean labels, sustainability claims, and functional nutrition. The rising humanization of pets among the global populace increases the awareness regarding the quality and ingredients of the pet food provided by the owners, which, in turn, bolsters the growth of the vegan pet food market.
Vegan Pet Food Market: Segmental Overview
Based on product type, the market is segmented into wet food, dry food, and others. In 2020, the dry food segment held the largest share of the global vegan pet food market and is expected to register the highest CAGR during 2021–2028.
By pet type, the global vegan pet food market is bifurcated into dogs and cats. In 2020, the dogs segment accounted for a larger revenue share and is expected to register a higher CAGR during the forecast period.
In terms of distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores/nurseries, online retail, and others. The supermarkets and hypermarkets segment dominated the global vegan pet food market in terms of value in 2020. However, the online retail segment is expected to register the highest CAGR during 2021–2028.
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Impact of COVID-19 Pandemic on Vegan Pet Food Market
As the economies are planning to revive their operations, the demand for vegan pet food is rising. In addition, most people are now working from home, and this lifestyle change has further inspired families to welcome new pets to their families. Vegan pet owners are looking for sustainable vegan pet food for their pets. Also, there is no evidence yet that pets contribute to the spread of COVID-19; hence, families feel safe to welcome new companion animals for emotional support. In March 2020, animal shelters across the UK have seen a notable uptick in dog and cat adoption. For instance, the American Society for the Prevention of Cruelty to Animals (ASPCA) noticed a 70% rise in foster programs in New York City and Los Angeles. Moreover, consumers are opting for online products for themselves and their pets; this is further giving an opportunity to the market players to recover their loss and grow business through online platforms. Based on such factors, the negative impact of the COVID-19 pandemic has not been significant in the vegan pet food market.
Vegan Pet Food Market: Competition Landscape and Key Developments
Antos B.V.; Benevo; Bond Pet Foods, Inc.; V-dog; Soopa Pets; Vegan4dogs; Wild Earth; Yarrah; Isoropimene Zootrofe Georgios Tsappis Ltd.; and Halo Pets are among the key companies operating in the global vegan pet food market. The major players in the vegan pet food market focus on strategies such as mergers & acquisitions and product innovation to expand their geographic presence and consumer base.
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