According to a new report published by Allied Market Research, titled, “Vegan Pet Food Market by Form (Organic and Conventional), Pet Type (Dog Food, Cat Food, and Others), Pet Food Type (Dry Pet Food, Wet Pet Food, Treats & Snacks, and Others), and Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Online Sales Channels, and Others): Global Opportunity Analysis and Industry Forecast 2021-2030,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The vegan pet food market was valued at $9.6 billion in 2020 and is estimated to reach $16.3 billion by 2030, registering a CAGR of 5.5% from 2021 to 2030.
Owing to the growth in health awareness regarding pets and various food allergies, pets owners now shift towards vegan pet food in order to avoid any skin allergy or health issue among their pets. Therefore, the rise in trend towards veganism coupled with pets’ health awaness and benefits of vegan pet food propel the demand for vegan pet food among pet owners.
The market faces stiff challenge as per the Australian Veterinary Association Ltd. The study found that majority of the Australian population, which is more than half dreams to own a new dog. However, only 13% of the respondents confirmed that they intend to buy a pet within a year. There are multiple reasons responsible for resistance in pet or dog adoption, such as, responsibility of pet ownership, having an inappropriate home which are unsuitable for the dog or unsuitable lifestyle, and the fact that other members of the household are not comfortable living with pets.
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Moreover, various public places such as restaurants, malls, and hotels restrict the entry of pets including dogs. These factors collectively restrict pet adoption, which in the process restraints the growth of the vegan pet food market.
The vegan pet food market is segmented into form, pet type, pet food type, distribution channel, and region. On the basis of form, the market is bifurcated into organic and conventional segment. Based on pet type, the market is subdivided into dog food, cat food, and others. On the basis of pet food type, the market is categorized into dry pet food, wet pet food, treats & snacks, and others. On the basis of distribution channel, the market is classified into hypermarket/supermarket, specialty stores, online sales channels, and others.
Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, India, Japan, New Zealand, Australia, Singapore, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, MENA, and rest of LAMEA).
The players operating in the global vegan pet food market adopt various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. Key players operating in the market include, Benevo, Evolution Diet, Freshpet, Hill’s Pet Nutrition, Mars, Incorporated, Nestle Purina, Supreme Petfoods, THE PACK, V-dog, and Wild Harvest.
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Key Findings of Report
• By form, the conventional segment is expected to remain the dominant segment in the year 2020, and is expected to gain market share in the coming years.
• By pet type, the others pet food segment is anticipated to be the fastest growing segment during the forecast period.
• By pet food type, dry pet food was the dominating segment in 2020 and is anticipated to be the fastest growing segment during the forecast period.
• By distribution channel, online sales channel is anticipated to be the fastest growing vegan pet food market segment during the forecast period.
• By region, North America dominated in terms of the market share in 2020, and is expected to retain its dominance during the forecast period.
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