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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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
Key Findings of Report
- By form, the conventional segment is expected to remain the dominant segment in the year 2020, and is expected to gain market share in the coming years.
- By pet type, the others pet food segment is anticipated to be the fastest growing segment during the forecast period.
- By pet food type, dry pet food was the dominating segment in 2020 and is anticipated to be the fastest growing segment during the forecast period.
- By distribution channel, online sales channel is anticipated to be the fastest growing vegan pet food market segment during the forecast period.
- By region, North America dominated in terms of the market share in 2020, and is expected to retain its dominance during the forecast period.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the vegan pet food market trends, estimations, and dynamics of the vegan pet food market size from 2020 to 2030 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth vegan pet food market analysis and the market size and segmentation assist to determine the prevailing vegan pet food market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning analysis facilitates benchmarking and provides a clear understanding of the present position of the market players in the vegan pet food industry.
