DUBLIN--(BUSINESS WIRE)--The "Vegan Pet Food Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type, Pet Type, and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The vegan pet food market was valued at US$ 8,667.97 million in 2020 and is projected to reach US$ 15,651.22 million by 2028; it is expected to grow at a CAGR of 7.67% during 2020-2028.
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 factors such as the trend of veganism, humanization of pets, and increasing number of pet owners propel the growth of the vegan pet food market. However, nutrient deficiency related to vegan pet food hinders the market growth.
Based on product type, the vegan pet food market is segmented into dry food, wet food, and others. The dry food segment led the market in 2020. Dry foods are low in moisture content and are available in various forms such as pellets, kibbles, flaked cereals, and others. Vegan dry pet food items contain plant-based ingredients such as corn, rice, soybean, oats, chickpea, sunflower seed meals, pea protein, hydrolysed vegetable meal, and flaxseed meal. Dry pet foods ensure the teeth health of dogs and cats by reducing the plaque build-up. Owing to its low moisture content, dry food can be stored without refrigeration unlike canned foods, which are prone to decay.
Based on region, the vegan pet food market is segmented into North America, Europe, Asia Pacific, South and Central America, and the Middle East & Africa. In 2020, Europe accounted for the largest share in the market. Veganism trend is becoming more popular across Europe. Vegan population in the region is increasing at a faster rate. Additionally, easy availability of vegan pet food products with the same nutrient content of traditional meat-based pet foods enables pet owners to choose vegan diet over conventional. All these factors fuel the demand for vegan pet food products in Europe.
Reasons to Buy
- Highlights key business priorities to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global vegan pet food market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Market Dynamics
Drivers
- Rising Number of Pet Owners
- Humanization of Pets
Restraints
- Nutrient Deficiency Related to Vegan Pet Food
Opportunities
- Increasing Demand from Asia-Pacific
Future Trends
- Pet Food Fortification
Companies Mentioned
- Antos B.V.
- Benevo
- Bond Pet Foods, Inc.
- V-dog
- Soopa Pets
- Vegan4dogs
- Wild Earth
- YARRAH
- Isoropimene Zootrofe Georgios Tsappis Ltd.
- Halo Pets
For more information about this report visit https://www.researchandmarkets.com/r/tzyc8d
