Above Food’s pet food segment reaches $110M with TRG deal

REGINA — Above Food Ingredients delivers additional details related to its expanded pet food ingredients business in connection with its recent acquisition of the specialty crop food ingredient division of Montana-based The Redwood Group.

“This acquisition expands our total pet food business to approximately US$110M, or 25 per cent of our combined revenues on a proforma basis,” said Lionel Kambeitz, founder, president, CEO and Executive chair of Above Food.

“Furthermore, our seed-to-fork platform uniquely positions us to serve the evolving needs of the plant-based pet food industry, previously demonstrated by delivering a 13 per cent organic CAGR in our pet food business since 2022,” Kambeitz added.

The global plant-based pet food market is valued at US$26 billion and is projected to grow at a compound annual growth rate (CAGR) of 9 per cent through 2032. In the U.S., pet ownership is widespread, with 66 per cent of households owning pets, and the pet population has been growing at a rate of 1-2 per cent annually. The trend of pet humanization, where pets are considered family members, is influencing owners to invest in higher-quality nutrition options for their pets.

The plant-based food trend is driving innovation in pet food, with ingredients like chickpeas and flaxseed gaining popularity as alternatives to traditional proteins.