The global vegan pet food market is anticipated to expand at a substantial CAGR during the forecast period, 2021-2028. Vegan pet foods are made up of plant-based ingredients and abstained from using any animal-based contents or any of its by-products.
Vegan pet food is made by using legumes, grains, cereals, fruits, nuts, soya and vegetable oils along with other non-animal derived ingredients. The demand for vegan pet food is rising as a large number of people are increasingly inclined towards veganism.
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Considering the benefits of meat-free diet, the pet owners are making the similar transition in choosing the diets of their pets. Vegan pet foods are high quality packed that contain balanced nutritional value.
Market Trends, Drivers, Restraints, and Opportunities:
• Rising demand for the premium quality natural food is estimated to act as a key driving factor to boost the vegan pet food market.
• Adoption of vegan pet food helps reduce in the occurrence of allergies in pets, skin issues, bad breath, and improves maintenance of weight; thereby, rising the consumption of vegan pet food.
• Growing technological advancements that help in enhancing the vegan pet food quality coupled with increasing spending on pet food in developing countries are anticipated to further contribute the market growth during the forecast period.
• Lack of availability of quality ingredients alongside the changing regulations in the international trade act as restraints that can hamper the growth of vegan dog food market during the forecast period.
• Influx of counterfeit pet food products are the major challenges for the growth of the vegan pet food market.
Global Vegan Pet Food Market Segment Insights:
Conventional segment to hold a significant market share
On the basis of types, the global vegan pet food market can be segmented into organic and conventional. Increasing number of vegan consumers and their preference for organic ingredients of the vegan pet food owing to the growing health consciousness of owners. This is anticipated to boost the organic segment during the forecast period.
Dog segment on the rise during the forecast period
In terms of pets, the global vegan pet food market is divided into cats, dogs, birds, and others. The vegan pet food market is dominated by dog-oriented vegan food products. The dogs segment is anticipated to continue its dominance in the market during the targeted years whereas the cats segment is expected to grow at a steady rate during the projection timeline.
Online Channel preferred by customers
Based on distribution channels, the vegan pet food market can be divided into modern trade, pet food stores, veterinary clinics, online retailing, and other retailing formats. The online retailing segment is anticipated to expand at a healthy rate during the forecast period as the number of consumers buying vegan pet food online is increasing significantly and availability of a wide variety of vegan pet foods. The modern trade segment is estimated to hold a significant market share during the forecast period.
North America constitutes a dominant share of the global market
Based on regions, the vegan pet food market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, North America is a major consumer of vegan pet food products, and is followed by Europe. Asia Pacific is anticipated to increase its market share during the forecast period.
Major players in the global vegan pet food market include Antos B.V, Augustine Approved Pty Ltd, Benevo, Halo Pets, Isoropimene Zootrofe Georgios Tsappis Ltd, My Aistra, Soopa Pets, V-dog, Wild Earth, and Yarrah Organic Petfood B.V. Many companies have adopted research and development as a market strategy tool to withstand the competition. The strategy is adopted to provide better quality and new features of products to customers.
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