Pet Food Manufacturers Delving into New Key Ingredients and Ramping up their Production Capacity to Better Serve Pet Owners: Pet Food Microalgae Market to Reach US$ 38.3 million by 2033 | Future Market Insights, Inc.

The pet food microalgae market is forecast to expand at 5% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 24 million in 2023.

The pet food industry is in full bloom as the adoption of four-legged human friends is increasing steadily. An increase in pet owners is venturing out into premium pet food items to feed their pets. Food replete with nutrition and essential for pets’ health and wellness is being given more importance. The change in people’s purchasing behavior reflects the increased discretionary income, enhanced standard of living, and robust urbanization.

Social media influence has a lot to do with the growth of the pet food microalgae industry. Social media influencers having expertise in pet food provide information related to new ingredients and new debuts in the market. With this knowledge, pet owners make decisions about their pet’s diet.

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Increasing demand for spirulina in pet food is appealing to pet owners worldwide due to its superfood status. The ingredient is also touted as a skin and immunity supporter, adding to its increased demand.

Marketed chlorella powders and tablets for cats and dogs boast of being nutritious, detoxifying, and immunity-boosting. The product is believed to purify cats and dogs’ bodies of accumulated, toxic chemicals from processed foods, the environment, and therapeutic and preventive drugs.

Consuming microalgae also burns macronutrients to produce DHA (docosahexaenoic acid) in animals. This helps with the brain development of pets and is consumed by pregnant and lactating animals and puppies.

Overall, the market is poised to observe an upward growth trajectory backed by the benefits of consuming microalgae-enriched pet food.

Top Highlights from the FMI’s Analysis of the Pet Food Microalgae Market:

• The United States market formed 2.7% of the overall market in 2022.
• The market significantly contributes to the Europe pet food microalgae industry in Germany.  The German pet food microalgae industry is expected to contribute more than 5.7% market share in 2023.
• The Japan pet food microalgae industry is expected to form more than 7.2% of the overall market share in 2023.
• The Australian pet food microalgae industry supported 2.9% of the global market in 2022.
• The India pet food microalgae industry is expected to register a 28.1% CAGR from 2023 to 2033.
• The China market is projected to expand at a CAGR of 7.5% in the estimated time.
• The United Kingdom is anticipated to propel at a CAGR of 4% over the forecast period.
• On the basis of source, freshwater is projected to account for more than 84% in 2023.
• Based on the application, the dog feed segment is expected to register above 46% in 2023.

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Competition Alert: Manufacturers Forming New Formulas, Taking into Account Recent Discoveries

Asia Pacific houses several manufacturers of pet food microalgae. Apart from that, the usage of microalgae in Latin America is also widespread.

Studies and experiments substantiate the use of microalgae in pet food for its many benefits. Additionally, companies are conducting their own research to benefit from these discoveries and develop new formulas with extra help and nutrition in their pet food composition.

Market Watch: New Developments in the Market

• In September 2023, MiAlgae partnered with Falkirk Distillery, a Scottish whisky distillery, to contribute to a circular economy and develop sustainable ingredients for animal nutrition. The partnership is going to help Falkirk to reduce its carbon footprint and water consumption.
• In April 2023, MiAlgae introduced NaturAlgae, its Omega 3 microalgae ingredient. This ingredient can be applied to pet food and aquaculture feed.

Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

3.2. Scenario Forecast

3.2.1. Demand in Optimistic Scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in Conservative Scenario

3.3. Opportunity Map Analysis

3.4. Product Life Cycle Analysis

3.5. Supply Chain Analysis

3.5.1. Supply Side Participants and their Roles

3.5.1.1. Producers

3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)

3.5.1.3. Wholesalers and Distributors

3.5.2. Value Added and Value Created at Node in the Supply Chain

3.5.3. List of Raw Material Suppliers

3.5.4. List of Existing and Potential Buyer’s

3.6. Investment Feasibility Matrix

3.7. Value Chain Analysis

3.7.1. Profit Margin Analysis

3.7.2. Wholesalers and Distributors

3.7.3. Retailers

3.8. PESTLE and Porter’s Analysis

3.9. Regulatory Landscape

3.9.1. By Key Regions

3.9.2. By Key Countries

3.10. Regional Parent Market Outlook

3.11. Production and Consumption Statistics

3.12. Import and Export Statistics

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022

4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033

4.2.1. Y-o-Y Growth Trend Analysis

4.2.2. Absolute $ Opportunity Analysis

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Species Type

Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-13362

Explore FMI’s related ongoing Coverage in Food and Beverage Domain:

Pet Food Microalgae Market Share: 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%.

Food and Beverage Microalgae Market Trends: The demand for microalgae in the food and beverage sector is expected to reach a value of US$ 99,623.3 Thousand in 2021. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 1,32,531.2 Thousand by 2031, rising at a CAGR of 2.9% from 2021 to 31.

Animal Feeds Microalgae Market Growth: The demand for microalgae in the animal feed sector totaled US$ 57.54 Million in 2021, according to latest insights by Future Market Insights (FMI). Exhibiting a CAGR of 3.5% for 2021-31, the market is expected to reach US$ 80.96 Million by 2031.

Plant-Based Food Market Forecast: The global plant-based food market size is predicted to expand by 3x, witnessing an increase from US$ 11.3 billion in 2023 to US$ 35.9 billion by 2033. Overall plant-based food sales are poised to surge at a stupendous CAGR of 12.2% between 2023 and 2033.

Seaweed Protein Market Types: The global seaweed protein market size is valued at US$ 456.2 Million in 2022 and it is expected to grow at a compound annual growth rate (CAGR) of 11.3% from 2022 to 2032.

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.