Insect-based pet food is one of the newest members of the pet food family, but it is showing massive growth in production and sales.
In 2021, the sales of insect-based pet food were expected to reach $7 billion. The trend is likely to continue, and the sales should grow by 9.3% annually, reaching $17.29 billion in 2031.
These are some of the most crucial market-related changes expected to happen in the next 10 years:
- Products based on black soldier flies will take 35% of the market
- The demand for organic insect-based food products will grow by 10.4%
- Growth of 7.1% CAGR in demand for insect-based pet food in the US
- Chinese insect-based pet food market should grow by 12.5% annually
So, we can see that although there’s already a variety of quality food options on the market, insect-based pet food is starting to take off.
This growth has been fueled by a few factors that are expected to lead the market’s growth in the following period too.
The most significant factor is the growth in online sales during the COVID-19 pandemic. With online shopping, more people have access to this type of food.
Second, insect-based pet food is sustainable and is much better for our planet, which is becoming increasingly important. While raising cattle for food is one of the main reasons for deforestation, getting insects for food produces almost no pollution and needs much less space.
Lastly, insect-based food is a fantastic source of protein. Plus, it can be a protein substitute for pets that are allergic to common protein sources. And they’re full of prebiotics, which are great for digestion.
With all the factors included and the increasing awareness of sustainability in all sectors, insect-based pet food is sure to become a much more popular option.