The global animal-based pet protein market is set to register 4.4 percent GAGR over the forecast period (2022-2032) and top a valuation of US$117.8 billion by 2032, finds Future Market Insights.
Increasing consumption of protein in pet food applications with rising focus on sustainable eating will drive the demand in the market. Insect-based protein and pulse-based protein are few of the sources that can be used in pet foods. Alongside, microbial protein such as bacteria, chlorella, spirulina, yeast, and fungi is a prominent source of protein.
Growing trend of pet humanization is driving the need to provide them with protein rich pet food. Animal-based protein source helps in providing optimum nutrition to the pets to improve their metabolism. Subsequently, rising concerns regarding the health of the pets and increased spending capacity of the pet owners is expected to increase the consumption of animal-based pet protein in the coming decade.
Further, pet owners are changing their preferences towards consuming premium pet foods to ensure that a good diet could be followed by their pets. High levels of protein would help maintain a good digestive system and a smooth skin texture.
Hence, key participants such as Mars Petcare Incorporated have come up technological advancements involving techniques that help in producing animal-based pet food which is rich in protein. This is expected to address the needs of consumers who are willing to provide a rich protein diet to the pets to ensure their good health.
North America is expected to account for the maximum value share of the global market of about 38 percent by 2032, with the U.S. leading the growth in animal-based pet protein market. By nature, conventional type is expected to hold a value share of nearly 85 percent of the global market by 2022. By product type, dry pet food is expected to account for the maximum market value share of about 39 percent followed by wet pet food with 30 percent value share in 2022. In terms of packaging, the bag segment is expected to hold a value share of nearly 38 percent of the global market by 2022.
India and China are expected to dominate the South and East Asia animal-based pet protein market, respectively.
“Animal-based pet protein food manufacturers are likely to generate high revenue by producing animal-based pet food which is rich in protein. They are also introducing new products with high nutritional value to cater to the growing demand from pet owners,” says a Future Market Insights analyst.
Leading players in animal-based pet protein market are majorly focusing on research & development, product innovation, geographical expansion, partnerships and mergers and acquisitions to create a larger customer base. For instance:
- In 2020, Mars Petcare has introduced a premium pet nutrition brand named “Lams”, particularly in India. This brand was launched in the market with an aim to promote pet nutrition and health
- In 2020, Eukanuba came up with its new product line which involved the first dog food prepared by using premium quality of animal proteins to ensure proper nutrition intake by pets.
These insights are based on a report on Animal-Based Pet Protein Market by Future Market Insights.
