According to Future Market Insights, the insect-based pet food Market industry is anticipated to reach $7.09 billion in 2021. (FMI). With a compound annual growth rate of 9.3 percent, the market value will approach US$ 17.29 billion by 2031. Consumer demand for transparency sparked the clean label movement. The main goal of the clean label movement is to maintain consumer trust in food and feed goods. The demand for clean label goods has grown as people have become more aware of insect-based pet food and nutrition.
Nowadays, pet owners are more cautious about what they buy for their animals, such as whether it is beneficial or dangerous to them, and whether it contains all of the necessary nutrients, among other things. Clean label products are becoming more popular around the world as a result of all of these factors. In addition, pet owners are more aware of the nutritional advantages of insect-based pet food. Nutrition has been increasingly crucial in recent years, and commodities that fail to meet client expectations in this area usually face sales challenges.
Who is winning?
Marketing has become increasingly important in increasing a product’s sales. This is critical to raise product awareness among customers. Along with product quality and flavor, product appearance has become an important factor in influencing a consumer’s purchasing decision. As a result, corporations are putting more money into novel packaging options.
For example, numerous companies are packaging insect-based pet food in recyclable boxes. This is done to increase the shelf life of insect-based pet food items and make them more appealing. The presence of a product on the shelves of hypermarkets/supermarkets, convenience stores, and e-commerce has been shown to boost the likelihood of consumers purchasing it. Innovafeed, Insect, Protix, Purina, Mars Incorporated, Agri Protein Holdings Ltd, Enterra, Motorcycle, Beta Hatch, Entobel, Hexafly Biotech, Next Protein, Scout & Zoe’s, and others are some of the leading insect-based pet food manufacturers.
- In 2021, the insect-based pet food market will account for 7% of total pet food sales.
- Through 2031, demand for insect-based pet food in the United States will grow at a CAGR of 7.1 percent, making it the leading market in North America.
- Between 2021 and 2031, the Chinese insect-based pet food industry will grow at a 12.5 percent compound annual growth rate (CAGR).
- Germany and the United Kingdom are likely to account for more than a third of all sales in Europe.