According to a new report, the vegan pet market is expected to grow from $ 9.3 million in 2021 to $15.6 million by 2028. It is likely to register “a CAGR of 7.7% during 2021–2028”. The report is titled “Vegan Pet Food Market to 2028 – Global Analysis and Forecast – by Product Type, Pet Type, and Distribution Channel”.
Although the vegan pet market is growing throughout the world, the study notes that “In 2020, Europe held the largest share of the global vegan pet food market.” Researchers state that this is primarily attributed to “the presence of major manufacturers in the region, as well as the rising veganism trend and easy availability of vegan pet food products with similar nutrient content as that of traditional meat-based pet foods.”
However, “Asia Pacific is estimated to register the fastest CAGR in the market during the forecast period owing to the increasing pet population, along with the growing consumer inclination toward a vegan diet.”
The study states that “As the economies are planning to revive their operations, the demand for vegan pet food is rising. In addition, most people are now working from home, and this lifestyle change has further inspired families to welcome new pets to their families.” Vegan pet owners “are looking for sustainable vegan pet food for their pets. Also, there is no evidence yet that pets contribute to the spread of COVID-19; hence, families feel safe to welcome new companion animals for emotional support.”
In March 2020, “animal shelters across the UK have seen a notable uptick in dog and cat adoption.” For instance, “the American Society for the Prevention of Cruelty to Animals (ASPCA) noticed a 70% rise in foster programs in New York City and Los Angeles. Moreover, consumers are opting for online products for themselves and their pets; this is further giving an opportunity to the market players to recover their loss and grow business through online platforms.” The study found that “Based on such factors, the negative impact of the COVID-19 pandemic has not been significant in the vegan pet food market.”
More information on this report can be found by clicking here.