The FMI survey on the demand for microalgae in the pet food sector offers insights into key growth drivers and restraints. The report presents positive demand outlook, with growth predicted to increase at a positive pace across various segments, including species type, source, and end-use application. Spirulina microalgae will continue dominating sales in terms of species type through 2031.
DUBAI, U.A.E, July 14, 2021 /PRNewswire/ -- According to market survey conducted by FMI, the demand outlook for microalgae in the pet food sector is estimated to remain fairly positive, surpassing a valuation of US$ 22.2 Mn, with a year-on-year growth of 7% in 2021. The overall demand for microalgae is anticipated to surpass a valuation of US$ 35 million by 2031.
Between 2016 and 2020, the microalgae demand grew at CAGR of 4%. With rising adoption of dogs, cats, and other pets as companions for families, inclusion for microalgae in pet food is expected to grow in order to enhance its nutritional value & palatability of pet food. Against this backdrop, FMI sees prospects for the demand to rise at a CAGR of 4.8% over the forecast period 2021 to 2031.
Thanks to the progressively improving animal healthcare industry, the lifespan of pets has increased. With increasing age of pets, diseases such as cancer, arthritis, separation anxiety, and cardiovascular disease have become more common. As microalgae-based pet supplements assist in maintaining health and alleviating age-related pains and aches in elderly pets, the demand for microalgae in the pet food sector is expected to soar.
Spirulina microalgae is anticipated to register the high demand in the pet food sector. Owing to the presence of high micro- and macronutrients such as iron, protein, vitamins, carotenoids, and gamma-linolenic fatty acids, Spirulina microalgae is expected to account for over 64% of the market share in 2021.
"To cater to increasing demand for microalgae in the pet food industry, companies are focusing on developing innovative products such as anti-anxiety pet pill & pet supplement by using microalgae as a key ingredient. Besides this, Food and Drug Administration (FDA) approval on the use of Spirulina in food and beverage products is likely to fuel the demand for microalgae over the coming years," says the FMI analyst.
Companies operating the microalgae industry are aiming at developing new products and forging strategic collaboration and acquisition to expand their market share. For instance,
In May 2016, Now Health Group Inc., an American company, launched its new product in natural pet supplements under the brand "NOW Pets" focusing cats and dogs which includes spirulina microalgae as primary ingredient.
In June 2020, Evonik, a Germany based company, announced it collaboration with DSM, a company based in Netherlands, to establish a new joint venture named, Veramaris to create a microalgae-based fish oil alternative for fish food.
Some of the prominent players operating in the market profiled by FMI are:
Koninkliijke DSM NV
Fuji Chemical Industries Co., Ltd.
Corbion (TerraVia Holdings)
Yunnan Green-A-Bio-engineering Co Ltd
Beijing Gingko Group
More Valuable Insights on MicroalgaeMarket
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:
The report offers insight into demand outlook for microalgae in pet food sector for the forecast period 2021-2031
The market study also highlights projected sales growth for microalgae in the pet food sector between 2021 and 2031
Demand for microalgae in the pet food sector survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Demand analysis for microalgae in the pet food sector, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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