VEGAN PET FOOD I Report I July 2022
Vegan pet food – a young, dynamic market segment that has so far been shaped primarily by start-ups
The M&A activity in the industry makes it clear that the market for vegan pet food is currently experiencing great momentum and brisk demand, especially from financial investors. The demand for vegan products is fueled by current trends such as humanization, premiumization and a change in consumer awareness towards veganism.
The ongoing humanization of pets is driving demand for vegan products, healthier ingredients and alternative proteins. Pet owners are placing increasing emphasis on the incorporation of high-quality, nutrient-rich, synthetic and preservative-free ingredients into pet foods to promote the health of their pets.
The market has so far been driven by innovative startups looking to change the mindset of what has been a meat-heavy industry. But global companies are also slowly beginning to recognize the importance of this niche market and are gradually including plant-based products in their product range in order to secure market share. In many cases, the necessary know-how is acquired through inorganic acquisitions. Although the market is still highly fragmented at the current momentum, a progressive market consolidation is anticipated in the coming years.
This report analyses the global vegan pet food market and presents market forecasts, description of different product types and distribution channels as well as key drivers and challenges. M&A activities and valuation trends for the overall pet food market are shown with a special focus on the private equity involvement.
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