Vegan Pet Food Market to Reach $16.3 Bn, Globally, by 2030 at 5.5% CAGR: Allied Market Research
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 outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global vegan pet food market, owing to increase in pet adoption rate.
- Owing to strict lockdown policies, various sales channels such as hypermarkets/supermarkets and specialty stores were temporarily shut down, which led to a drop in the availability of vegan pet food. However, the market recovered soon as most of the key players happened tp shift toward online sales channel.
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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Leading Market Players
- Benevo
- Evolution Diet
- Freshpet
- Hill's Pet Nutrition
- Mars Incorporated
- Nestle Purina
- Supreme Petfoods
- V-dog
- Wild Harvest
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