Demand for Microalgae in Pet Food Sector Research Report 2021 - Global Forecast till 2031
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 mi...