Vegan Pet Food Market Is Anticipated To Record A Valuation Of Us$ 15,651.22 Million By 2028, A Recent Study By The Insight Partners

According to our latest market study on "Vegan Pet Food Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Dry Food, Wet Food, Others), Pet Type (Dogs, Cats), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, Others)", the market accounted for US$ US$ 8,667.97 million in 2020 and is expected to grow at a CAGR of 7.7% during 2021-2028 to reach US$ 15,651.22 million by 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Vegan pet food is produced with plant-based and natural ingredients without having a trace of animal derived raw material and ensuring no cruelty or exploitation of animals in any sorts. The factors such as the trend of veganism, humanization of pets, and increasing number of pet owners propel the growth of the vegan pet food market. However, nutrient deficiency related to vegan pet food hinders the market growth.

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Key players profiled in the Vegan Pet Food Market report includes: Antos B.V., Benevo, Bond Pet Foods, Inc., V-dog, Soopa Pets, Vegan4dogs, Wild Earth, Yarrah, Isoropimene Zootrofe Georgios Tsappis Ltd., Halo Pets

Asia-Pacific is anticipated to be the fastest-growing market for vegan pet foods in the coming years. With the economic growth and rise in disposable income of people, lifestyle and consumption pattern of food are changing in countries such as India, China, and Japan. People in the region tend to prefer vegan diet due to some holistic beliefs, to protect the environment, and to focus on weight management. Vegan pet owners are offering vegan pet food to their pets since it is healthy and easy to digest, which is further influencing the growth of the vegan pet food market in Asia-Pacific. Also, the vegan pet food industry in the region is witnessing the entrance of new manufacturers with innovative products.

Impact of COVID-19 Pandemic on Vegan Pet Food Market

The COVID-19 outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverage industry is among the significant industries suffering from severe disruptions, such as restrictions on supply chain and shutdown of production plants. The shutdown of various plants and factories is hindering the global supply chains and negatively impacting the manufacturing activities, delivery schedules, and various goods sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products.

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Market Insights:

Humanization of Pets
People value their pets and are also ready to spend significant money on keeping them healthy. The pet owners who are vegan prefer to feed vegan food to their pets. Most of the pet owners always opt for products that have clean labels, sustainability claims, and functional nutrition. Majority of the global population consider their pet as a family member. In addition, some of the families own more than just one dog, making them an integral part of the household. Moreover, the number of pet-friendly workplaces are increasing at a significant rate. Thus, growing humanization of pets increases the awareness regarding the quality and ingredients of the pet food provided by the owners, which propels the demand for the vegan pet food market.

GLOBAL VEGAN PET FOOD MARKET SEGMENTATION

Vegan Pet Food Market - by Product Type
Dry Food
Wet Food
Others

Vegan Pet Food Market - by Pet Type
Dogs
Cats

Vegan Pet Food Market - by Distribution Channel
Supermarkets and Hypermarkets
Specialty Stores
Online Retail
Others

Report Spotlights:

• Progressive industry trends in the vegan pet food market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the vegan pet food market from 2019 to 2028
• Estimation of global demand for vegan pet food
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook as well as factors driving and restraining the growth of the vegan pet food market
• Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The size of the vegan pet food market size at various nodes
• Detailed overview and segmentation of the market, as well as the vegan pet food industry dynamics
• Size of the vegan pet food market in various regions with promising growth opportunities

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About The Insight Partners:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our wide range of research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials and Foods and Bavarages.

This release was published on openPR.