Global Insect-Based Pet Food Market INFO

Global Insect-Based Pet Food Market SEG

global insect-based pet food market is estimated to reach over USD 15.12 billion by 2030, exhibiting a CAGR of 8.74% during the forecast period.

NEW JERSEY, NJ, USA, November 8, 2022 /EINPresswire.com/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Insect-Based Pet Food Market by Product Type (Kibble/Dry, Extrude, Baked, Coated, Dehydrated Food Treats and Chews, Freeze-Dried Raw, Wet Food, Frozen, Raw Food, Powder, And Freeze-Dried Food) And Nature (Organic, Mannoprotein and Conventional. By Source, The Market Is Segmented as Crickets, Mealworms, And Black Soldier Flies)- Trends, Industry Competition Analysis, Revenue and Forecast To 2030."

The global insect-based pet food market is estimated to reach over USD 15.12 billion by 2030, exhibiting a CAGR of 8.74% during the forecast period.

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Pet food, known as insect-based pet food, uses insects as the main source of protein. Compared to more conventional forms of animal protein, including beef, chicken, and pork, insects are a healthy and sustainable source of protein for pets and have several health advantages. Insect-based pet food items have just entered the market due to the "buzz" regarding them in society, and more are in the works. The most crucial part of feeding pets is giving them a full and balanced diet suitable for their species and life stage. The primary factor driving the market for pet foods made with insects is the rise in pet ownership. A major factor driving the demand for nondiscretionary and discretionary goods, such as toys, snacks, and other food items, is the increase in pet ownership. Due to shifting lifestyles across the globe, there is an increase in demand for frozen and freeze-dried pet food. Consumer attitudes regarding pet health are evolving, driving demand for insect-based pet food items.

Additionally, the rise in nuclear households is to blame for the increased demand for frozen and freeze-dried pet foods. These elements will also support the market growth for pet foods made from insects. In the upcoming years, the market's growth will be aided by ongoing research & development to add other protein-rich ingredients in insect-based pet food. The rising popularity of novel pet diets, such as the gluten-free diet, will continue to drive up demand for insect-based pet food during the projection period. Pet food made with insects may create food sensitivities and allergies, which could impede market expansion.

List of Prominent Players in the Insect-Based Pet Food Market:
Innovafeed
Ynsect
Protix
Purina
Mars Incorporated
Agri Protein Holdings Ltd
Enterra
Entocycle
Beta Hatch
Nobel
Hexafly Biotech
Next Protein
Scout & Zoe's
Others

Market Dynamics:
Drivers-
Demand for pet food based on insects is increasing owing to a rise in responsible pet ownership globally. This has also led to the 'pet humanization' trend, in which people emphasize their pets' health and well-being by feeding them specific meals. Additionally, the rapid uptake of novel pet dietary trends, including gluten-free diets, will keep driving demand for insect-based pet food over the projected period.

Challenges:
Insect-based pet food production is expensive, a significant market limitation. The market is further challenged by the lack of knowledge about the advantages of pet food made from insects. Insect-based pet food may cause dietary sensitivities and allergies, limiting the market growth. The main issue is the need for more knowledge and monetization of products in emerging nations, which is anticipated to slow the market's expansion for insect-based pet food.

Regional Trends:
The North American insect-based pet food market is expected to register a significant market share in revenue and is projected to grow at a high CAGR shortly. Due to the expanding popularity of insect-based pet food, the rising number of pet owners, and increased knowledge of pet healthcare.

Asia Pacific region is expected to hold a higher share of the market. The market for insect-based pet food in the Asia-Pacific region is expected to increase favourably due to rising disposable income, changing lifestyles, and increasing pet adoption. Moreover, the presence of key companies and growing collaboration among major players for market penetration in the region provide the opportunity for growth of the global insect-based pet food market.

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Recent Developments:
• In April 2021-Protifarm, an Amsterdam-based Dutch manufacturer of mealworm ingredients, was acquired by Insect. Mealworm protein is produced at the Insect facility in France and utilized in the pet food sector.
• In April 2021-Mars Incorporated added to their line of goods, Mars Incorporated added to their line of goods.

Segmentation of Insect-based pet food Market-
By Nature:
• Organic
• Mannoprotein
• Conventional
By Source:
• Crickets
• Mealworms
• Black Soldier Flies

By Product Type:
• Kibble/Dry
• Extruded
• Baked
• Coated
• Dehydrated Food
• Treats and Chews
• Freeze-Dried Raw
• Wet Food
• Frozen
• Raw Food
• Powder
• Freeze-Dried Food
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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Priyanka Tilekar
Insightace Analytic Pvt. Ltd.
+1 551-226-6109
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