Krill For Pet Food Market: Key Player Profiles, Segment Analysis, Demand, and Recent Trends Forecast to 2024-2031 | Aker BioMarine, Rimfrost AS, Kessler Zoologiewholesale GmbH & Co. KG.

Krill For Pet Food Market Research Report By DataM Intelligence: A comprehensive analysis of current and emerging trends provides clarity on the dynamics of the Krill For Pet Food market. The report employs Porter's Five Forces model to assess key factors such as the influence of suppliers and customers, risks posed by different entities, competitive intensity, and the potential of emerging entrepreneurs, offering valuable insights. Additionally, the report presents research data from various companies, including their benefits, gross margins, and strategic decisions in the global market, all conveyed through tables, charts, and infographics.

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What is the projected growth rate (CAGR) of the Global Krill For Pet Food market from 2024 to 2031, and what is the market value expected to change by 2031?

Global Krill for Pet Food Market reached US$ 410.2 million in 2023 and is expected to reach US$ 1,001.2 million by 2031, growing with a CAGR of 11.8% during the forecast period 2024-2031.

What is Krill For Pet Food Market?

The krill for pet food market involves the use of krill, a small shrimp-like crustacean, as a high-quality ingredient in pet nutrition. Rich in omega-3 fatty acids, antioxidants, and protein, krill enhances the health benefits of pet food, promoting a shiny coat, joint health, and overall well-being. The market is expanding due to increasing pet ownership, a growing demand for premium pet food, and rising consumer awareness of the nutritional value of marine-sourced ingredients. Sustainable sourcing practices are also gaining traction as eco-conscious consumers seek environmentally friendly options for their pets.

Growth Driver

Rising Pet Ownership and Expenditure

According to the American Pet Products Association's 2021-2022 National Pet Owners Survey, approximately 90.5 million families, or 70% of American households, own pets. Spending in the U.S. pet sector reached $123.6 billion, reflecting a significant 19% increase from $103.6 billion in 2020. This growing pet ownership trend is accompanied by a shift in consumer behavior, with pet owners increasingly willing to invest in premium pet foods that provide superior nutritional benefits, ensuring the health and well-being of their furry companions.

Key Players:

Profiles of some of the major players in the global Krill For Pet Food market, which include Aker BioMarine, Rimfrost AS, Kessler Zoologiewholesale GmbH & Co. KG, Qingdao Antarctic Weikang Biotechnology Co., Ltd., LazyPet Foods, GRIZZLY PET PRODUCTS, BEWITAL petfood GmbH & Co.KG, Hikari Sales USA, Inc., Northfin Fish Food, San Francisco Bay Brand, Inc.

Industry Development:

In April 2021, Aker BioMarine, a biotech innovator known for its Antarctic krill harvesting, announced the signing of six new contracts and strategic alliances aimed at strengthening its presence in the pet food and supplement market in Asia. As a result of these efforts, Aker BioMarine's krill meal is set to become a key ingredient in premium pet food products in China.

In May 2022, Rimfrost made significant investments in research and development, sales, and marketing for its unique line of pet krill products, further enhancing its offerings in this niche market.

In December 2023, Real Mushrooms, a company specializing in mushroom-based food, health, and supplement products, launched Daily Dawg, a new multipurpose dog supplement packed with various health benefits. The formulation includes herbal adaptogens, probiotics, seaweed, phytoplankton, krill, lignans, antioxidants, and fatty acids, making it a comprehensive health booster for dogs.

The purpose of the report is to offer a comprehensive analysis of the market, along with insightful conclusions, statistical data, historical information, market data that has been confirmed by the industry, and predictions based on a sound methodology. By identifying and examining market segments and forecasting global market size, the study also contributes to understanding the dynamics and structure of the global Krill For Pet Food market.

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Market Segments:

The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviours.

By Product: Krill Meal, Krill Oil, Krill Treats, Others.

By Pet Type: Dogs, Cats, Fish, Others.

By Distribution Channel: Supermarkets/Hypermarkets, Specialty Pet Stores, Veterinary Clinics, E-Commerce, Others.

Regional Break out:

☞ North America - US, Canada, Mexico

☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe

☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific

☞ South America- Brazil, Argentina, Colombia, Rest of South America

☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel

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