The demand for microalgae in the pet food sector market value is expected to total US$ 22.2 Mn in 2021, exhibiting year on year growth of nearly 7%, according to Future Market Insights (FMI). The overall market value is expected to reach US$ 35.5 Mn by 2031, growing at a CAGR of 4.8% for 2021-31.
Separation anxiety is an increasingly common condition among pets, particularly among those of urban pet owners. Hectic lifestyle and stress often result in destructive behavior in pets such as shredding, incontinence, and excessive salivation. The efficacy of microalgae in controlling anxiety will support adoption in the long term.
Travel, boarding, grooming, and visits to the veterinarian can be stressful for pets. Calming and sedative drugs, such as Prozac, can cause pets to become drowsy and lethargic. Pet pills containing microalgae can help alleviate anxiety without causing drowsiness or sluggishness. Microalgae-based pet supplements are becoming popular as they aid in the reduction of anxiety in pets.
To Get Sample Copy of Report visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-13362
The primary driver of the microalgae in the pet food sector market is the rising rate of pet ownership and the resultant demand for nondiscretionary and discretionary products including treats, toys, and other food products.
The increasing adoption of cats and dogs as companions for families is driving the pet food market. Japan for instance, has a larger number of pets as compared to the number of children under 15 years. Microalgae is a primary ingredient in the pet food. Consequently, rising pet adoption is fueling the demand for microalgae in pet food.
Key Takeaways from the Demand for Microalgae in Pet Food Sector Study:
- China holds the lead in the East Asia market accounting for more than 52% owing toa vast population, and growing trends of pet humanization.
- The U.S. leads the North America market size supported by consumer demand for pet food free of artificial colours, preservatives, and flavours.
- Spirulina products account for a share of 45.6% in 2021, supported by a superior nutritional profile.
- Dog feed applications are estimated to account for 46.5% of the global market in 2021, owing to higher adoption as pets.
- Fresh water microalgae hold 84.4% of the global microalgae market. However, marine water alternatives are expected to rise with a CAGR 6.5%.
“The clean label movement is gaining momentum in response to the rising demand for transparency regarding feed and food ingredients. The demand for microalgae in pet food formulations has grown due to increasing awareness about pet nutrition and health, with easy access to information. These factors will will drive long term growth,” said a lead analyst at FMI.
Naturally Derived Ingredients in Pet Food Market Drives Expansion
Consumers have become more attentive towards pet food and ingredients use than ever before. As natural and organic options become a popular choice for human food, an increasing number of pet owners are looking for similar attributes in food for their pets.
Customers expect pet food that is free of preservatives, artificial colors, and flavors, in addition to checks on toxic pesticides, antibiotics, and synthetic hormones. As a result, naturally derived ingredients such as microalgae are in high demand in pet food and animal feed.
Who is Winning?
To increase penetration in untapped markets, major companies are focusing on product development strategies. Key players operating in the global market also focusing on mergers and acquisitions with the local manufacturers to reach emerging markets such as India, China, and Brazil.
Some of the leading companies offering microalgae in the pet food sector are DIC Corporation, Koninkliijke DSM NV, Roquette Frères, Sun chlorella, Cellana LLC, Fuji Chemical Industries Co., Ltd., Corbion (TerraVia Holdings), Yunnan Green-A-Bio-engineering Co Ltd., Buggypower, Algatec (Lusoamoreiras), Cyanotech Corporation, BASF SE, Parry Nutraceuticals, Beijing Gingko Group, KDI Ingredients, Sinoway Industrial Co. Ltd and others.
Get Valuable Insights into Demand for Microalgae in Pet Food Sector
Future Market Insights, in its new offering, provides an unbiased analysis of the demand for microalgae in pet food sector presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the demand for microalgae in pet food sector based on species type (spirulina, chlorella, dunaliella, haematococcus, crypthecodinium, schizochytrium, euglena, nanochloropsis, phaedactylum, and others), by source (marine water and fresh water), and by end use application (dog feed, cat feed, birds and others) across five major regions.
For Complete TOC @ https://www.futuremarketinsights.com/reports/microalgae-pet-food-sector/table-of-content
Key Points Covered in Demand for Microalgae in Pet Food Sector Study
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Demand for Microalgae in Pet Food Sector and How to Navigate
- Recommendation on Key Winning Strategies
Key Questions Answered in the Report
- What is the growth outlook for microalgae in the pet food sector?
The demand for microalgae in the pet food sector is projected to grow at a CAGR of 4.8% from 2021 – 2031.
- What is the current microalgae in pet food sector market value?
Microalgae in the pet food sector market is estimated to be valued at US$ 22.1 Mn in 2021.
- What will be the estimated volume growth in demand for microalgae in pet food sector in 2021?
In 2021 the microalgae in pet food sector market accounted for 1653 DW tons.
- At what rate did the demand for microalgae in pet food sector rise in the last 5 years?
Between 2016 and 2020, the demand for microalgae in pet food sector grew at a CAGR of 4%.
- Who are the top players making microalgae available in pet food sector?
The top 5 players of the microalgae in pet food sector market are Koninkliijke DSM NV, Fuji Chemical Industries Co., Ltd., Yunnan Green-A-Bio-engineering Co Ltd., Sun chlorella, and DIC Corporation. These companies cumulatively account for 55-60% of the global market.
- What is the North America demand outlook for microalgae in pet food sector?
The North America demand for microalgae in pet food sector is expected to grow at a moderate CAGR of 3.9%.
- At what rate will the demand microalgae in pet food sector grow in Europe?
The demand for microalgae in pet food sector is forecast to grow at a 4.5% CAGR through 2031 in Europe.
- What is the Y-o-Y growth of the global demand for microalgae in pet food sector?
In 2020 – 2021, the y-o-y growth of the demand for microalgae in the pet food sector hit 7%.
- What are the prospects of demand microalgae in pet food sector in China and Japn for 2021?
In 2021, the China and Japan will account for 52.4% and 11.9% of the East Asia market respectively.
- What are the key trends affecting the demand for microalgae in pet food sector?
Use of pet supplements to reduce anxiety in pets, year-round harvesting, naturally-derived ingredients, preference for quality, and increasing demand from pet owners, cattle farmers, and hobbyists concerning the advantages of microalgae in animals feed are the key trends observed in the market.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
