According to Future Market Insights, the market value for microalgae in the pet food industry is anticipated to reach US$ 22.2 Mn in 2021, growing by around 7% annually (FMI). The total market value is anticipated to increase at a CAGR of 4.8 percent from 2021 to 2031, reaching US$ 35.5 Mn.
Pets may experience stress during transportation, boarding, grooming, and veterinary visits. Prozac and other calming and sedative medications can make pets sleepy and lethargic. Microalgae-based pet tablets can reduce anxiety without making your pet sleepy or lethargic. Microalgae-based pet supplements are gaining popularity as a way to help pets cope with anxiety.
The growing number of pet owners and the resulting demand for non-discretionary and discretionary goods, such as treats, toys, and other food items, are the main factors driving the microalgae market in the pet food industry.
The market for pet food is being driven by the growing adoption of cats and dogs as family pets. In Japan, for instance, there are more pets than children under the age of 15 in the country. The main ingredient in pet food is microalgae. As a result, there is an increasing demand for microalgae in pet food.
Important Takeaways from the Study on Demand for Microalgae in Pet Food
- Due to its large population and expanding tendencies of pet humanization, China occupies the top spot in the East Asian industry, accounting for more than 52% of total sales.
- Due to consumer desire for pet food free of artificial colors, flavors, and preservatives, the U.S. dominates the North American industry.
- A excellent nutritional profile will help spirulina products maintain their market share of 45.6% in 2021.
- Due to increased acceptance as pets, it is predicted that applications for dog feed would make up 46.5% of the global market in 2021.
- 84.4 percent of the world’s microalgae market is made up of freshwater algae. Marine water substitutes, on the other hand, are anticipated to increase with a CAGR of 6.5 percent.
“In response to the growing need for ingredient transparency in feed and food, the clean label movement is gaining ground. Due to greater knowledge of pet nutrition and health, as well as simple access to information, the demand for microalgae in pet food formulations has increased. These elements will fuel long-term growth, according to a chief analyst at FMI.
Market Growth Is Driven by Naturally Derived Ingredients in Pet Food
More than ever before, consumers are paying close attention to the components used in pet food. As natural and organic options for human food gain popularity, more and more pet owners are seeking out foods with comparable qualities to their animals.