Global sales of insect-based pet food are projected to total $7 billion in 2021, predicts Future Market Insights (FMI). Growing demand for organic and sustainable pet food is expected to propel sales of insect-based pet food at a 9.3% CAGR, pushing the market size to $17.29 billion by 2030.
Rising pet adoption across the globe is spurring demand for insect-based pet food. This has also resulted in the popularity of the 'pet humanization' trend in which individuals are giving equal importance to their pet's health and well-being by giving them specialized diets.
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As a result, insect-based pet food is becoming increasingly popular among pet owners. Shifting consumer preference towards sustainable pet food, along with the rising incidence of illnesses in pets from livestock-based animal food will continue driving sales of insect-based pet food in the forthcoming years.
In response to growing demand for insect-based pet food, manufacturers are launching pet food derived from black soldier flies larvae (BSFL). In January 2021, the Ingredient Definition Committee Association of American Feed Control Officials (AAFCO) approved black soldier fly larvae (BSFL) to use in adult dog food and treats. BSFL's use in cat food is on track to be approved in 2022.
Such developments are anticipated to bode well for the insect-based pet food market. Sales of insect-based pet food in the U.S., the U.K., China, and India are anticipated to gain traction at a remarkable pace over the assessment period, owing to rising awareness regarding grain-free pet food.
"Ongoing research and development to incorporate other protein-rich ingredients in insect-based pet food will augment the growth of the market in the forthcoming years. Besides this, surging adoption of innovative dietary patterns for pets such as gluten-free diet will continue pushing sales of insect-based pet food over the forecast period," says an FMI analyst.
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Key players operating in the insect-based pet food market are investing in research and development to improve their product portfolios. Besides this, collaborations, partnerships, and acquisitions are among other anticipated strategies adopted by players to gain a competitive edge. For instance:
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Leading players operating in insect-based pet food market profiled by FMI include:
More Insights on FMI's Insect-based Pet Food Market
The latest market study on the insect-based pet food market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global insect-based pet food market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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Key Questions Covered in Insect-based Pet Food Market Report
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