“Insect-Based Pet Food Market” in terms of revenue was estimated to be worth $8.31 billion in 2023 and is poised to reach $16.72 billion by 2031, growing at a CAGR of 9.33% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Insect-Based Pet Food market are:
The following are the primary obstacles to the Insect-Based Pet Food market’s expansion:
Future expansion opportunities for the global Insect-Based Pet Food market include:
Market Analysis:
Insect-based pet food producers use various health and sustainability claims for marketing purposes. Pet owners’ rising acceptance of such claims are the main drivers of the growth of the insect-based pet food industry. Furthermore Insect-based pet foods have high palatability. However, as previously indicated, the perception of health and sustainability claims by pet owners will be one of the key drivers fuelling the growth of the insect-based pet food industry.
List of Prominent Players in the Insect-Based Pet Food Market:
Insect-Based Pet Food Market Report Scope:
Report Attribute
Specifications
Market size value in 2023
USD 8.31 billion
Revenue forecast in 2031
USD 16.72 billion
Growth rate CAGR
CAGR of 9.33% from 2024 to 2031
Quantitative units
Representation of revenue in US$ Million, 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
By Nature Type, Source, Product Type, Pet Type, Distribution Channel
Regional scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Recent Developments:
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Insect-Based Pet Food Market Dynamics:
Market Drivers: Increasing Demand for Insect-Based Pet Food
Insect-based toppings, snacks, and jerky availability via online shopping channels is projected to be boosted by insect-based pet food sales. Increasing demand for insect-based pet food, consumer demand for organic and sustainable pet food, ongoing research and development efforts to add more protein-rich ingredients to insect-based pet food are likely to drive the industry growth. Furthermore, demand for pet food based on insects is increasing due to pet adoption worldwide, and 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.
Challenges: Allergic Reactions by Insect Consumption
Despite many advantages of using insects in pet food, there is a need to analyze the risks of adverse food reactions, including allergic reactions that may be caused by insect consumption and other hazards that may relate to the contamination of insects contaminated with anthropogenic during breeding, packaging, cooking, or feeding. These contaminants may contain bacteria, mold fungi, mycotoxins, and heavy metals.
North America Is Expected To Grow With the Highest CAGR during the Forecast Period
The North America Insect-Based Pet Food Market is likely to register a significant revenue share and to develop at a rapid CAGR in the near future. This is because many businesses attempt to develop novel flavors for their goods. The primary ingredients of pet foods are wheat, corn, and soy, which are then mixed with animal fats to provide them a meaty flavor. Further, 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 more sustainable, lower-impact, and less expensive source of pet nutrition.
Segmentation of Insect-Based Pet Food Market-
By Nature-
Source:
Product Type:
Pet Type:
By Distribution Channel:
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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Media ContactCompany Name: InsightAce Analytic Pvt. LtdContact Person: Diana D’SouzaEmail: Send EmailCountry: United StatesWebsite: https://www.insightaceanalytic.com/