As per FMI’s research, the pet food microalgae market is slated to reach US$ 24 million by 2023. By the end of 2033, the market is pegged to achieve US$ 38.3 million, meanwhile expanding at a CAGR of 5%.
The Pet Food Microalgae Market has experienced consistent growth over the years, showcasing a promising trajectory. From a value of US$ 21.3 million in 2018, it has steadily risen to US$ 23.16 million in 2023 and is projected to reach US$ 38.3 million by 2033. With a CAGR of 5% from 2023 to 2033, this industry exhibits substantial potential for expansion in the pet food sector.
Between 2016 and 2020, demand for microalgae increased at a CAGR of 4%. As more people opt to keep dogs, cats, and other animals as members of their family, its incorporation in pet food is expected to expand in order to improve the nutritional value and palatability of the diet. In light of this, FMI predicts that demand would rise at a 4.8% CAGR between 2021 and 2031.
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Because of the expansion of the veterinary industry, pets are living longer lives on average. As pets age, they become more susceptible to ailments such as cancer, arthritis, separation anxiety, and cardiovascular disease. Microalgae-based pet supplements are used to cure and prevent age-related diseases and suffering in older pets. As a result, the demand for microalgae in the pet food sector is expected to rise.
The pet food industry is expected to have a high demand for spirulina microalgae. Spirulina microalgae, which contains high levels of micro- and macronutrients such as iron, protein, vitamins, carotenoids, and gamma-linolenic fatty acids, is expected to account for more than 64% of the market in 2021.
Key Takeaways from the Study on the Demand Microalgae in the Pet Food Sector
Key Drivers
Key Restraints
Competitive Landscape
Companies operating the microalgae industry are aiming at developing new products and forging strategic collaboration and acquisition to expand their market share. For instance,
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Some of the prominent players operating in the market profiled by FMI are:
More Valuable Insights on Microalgae Market
FMI, in its new report, offers an unbiased demand analysis for microalgae in the pet food sector, analyzing forecast statistics through 2021 and beyond. The study reveals growth projections on the demand for microalgae pet food sector with detailed segmentation:
By Species Type:
By Source:
By End Use Application:
By Region:
Key Questions Covered in the Report
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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 12, 2024