Insect-Based Pet Food Market Key Players Analysis - Innova feed, Ynsect, Protix, Purina, Mars Incorporated, Agri Protein Holdings Ltd.

"Insect-Based Pet Food Market" in terms of revenue was estimated to be worth $8.31 billion in 2023 and is poised to reach $16.72 billion by 2031, growing at a CAGR of 9.33% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Insect-Based Pet Food market are:
• Rising consumer demand for organic and sustainable food
• Ongoing Research and development efforts
• Increasing demand for insect-based pet food

The following are the primary obstacles to the Insect-Based Pet Food market's expansion:
• Allergic reactions by insect consumption
• Contamination of insects

Future expansion opportunities for the global Insect-Based Pet Food market include:
• Product approvals to facilitate market expansion
• Diversity in manufacturing

Market Analysis:
Insect-based pet food producers use various health and sustainability claims for marketing purposes. Pet owners' rising acceptance of such claims are the main drivers of the growth of the insect-based pet food industry. Furthermore Insect-based pet foods have high palatability. However, as previously indicated, the perception of health and sustainability claims by pet owners will be one of the key drivers fuelling the growth of the insect-based pet food industry.

List of Prominent Players in the Insect-Based Pet Food Market:
• Innova feed
• Ynsect
• Protix
• Purina
• Mars Incorporated
• Agri Protein Holdings Ltd
• Enterra, Endocycle
• Beta Hatch
• Ennoble
• Healy Biotech
• Next Protein
• Scout & Zoe's

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Recent Developments:
• In January 2021, the Association of American Feed Control Officials (AAFCO) authorized the use of black soldier fly larvae (BSFL) in adult maintenance dog food and treats, signaling tacit FDA approval.
• In November 2020, Nestle introduced a product called Beyond Nature's Protein in Switzerland incorporating BSFL as one of its protein sources.
• In April 2021, Mars launched their product called Lovebug in the United Kingdom, which also utilizes BSFL.

Insect-Based Pet Food Market Dynamics:
Market Drivers: Increasing Demand for Insect-Based Pet Food
Insect-based toppings, snacks, and jerky availability via online shopping channels is projected to be boosted by insect-based pet food sales. Increasing demand for insect-based pet food, consumer demand for organic and sustainable pet food, ongoing research and development efforts to add more protein-rich ingredients to insect-based pet food are likely to drive the industry growth. Furthermore, demand for pet food based on insects is increasing due to pet adoption worldwide, and people are increasingly adopting the "pet humanization" trend, in which they place a high value on the health and happiness of their pets by feeding them.

Challenges: Allergic Reactions by Insect Consumption
Despite many advantages of using insects in pet food, there is a need to analyze the risks of adverse food reactions, including allergic reactions that may be caused by insect consumption and other hazards that may relate to the contamination of insects contaminated with anthropogenic during breeding, packaging, cooking, or feeding. These contaminants may contain bacteria, mold fungi, mycotoxins, and heavy metals.

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North America Is Expected To Grow With the Highest CAGR during the Forecast Period
The North America Insect-Based Pet Food Market is likely to register a significant revenue share and to develop at a rapid CAGR in the near future. This is because many businesses attempt to develop novel flavors for their goods. The primary ingredients of pet foods are wheat, corn, and soy, which are then mixed with animal fats to provide them a meaty flavor. Further, there are just a few pet meals containing insect-based pet foods on the market, but this industry is anticipated to grow as consumers look for a more sustainable, lower-impact, and less expensive source of pet nutrition.

Segmentation of Insect-Based Pet Food Market-
By Nature-
• Organic
• Monoprotein
• Conventional
Source:
• Crickets
• Mealworms
• Black Soldier Flies
Product Type:
• Kibble/Dry
o Extruded
o Baked
o Coated
• Dehydrated Food
• Treats and Chews
• Freeze-Dried Raw
• Wet Food
• Frozen
• Raw Food
• Powder
• Freeze-Dried Food
Pet Type:
• Cat
o Kitten
o Senior
• Dog
o Puppy
o Adult
o Senior
• Birds
• Others
By Distribution Channel:
• Store-based Retailing
o Hypermarkets/Supermarkets
o Convenience Stores
o Mom and Pop Stores
o Pet Stores
o Discounters
o Independent Grocery Retailers
o Drugstores
o Other Retail Formats
• Online Retailers
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.