Global Pet Food Nutraceutical market was valued at USD 6.3 billion in 2019 and is expected to register a CAGR of 5.8% during the forecast period. In 2018, North America was the largest geographic segment of the market studied and accounted for a share of around 48% of the overall market, while Asia-Pacific was the fastest-growing region. The increasing number of single families, rising animal healthcare costs, aging pet population, and poor outcomes of the utilization of medicine have led to consumers trying to find alternatives in the form of natural and organic products. Supplements are used as alternatives to drugs, by the veterinary community. The addition of active ingredients supported intended functionality is making supplements therapeutic and nutritional treats.
Top Driver: Increasing Number of People Adopting Pets are the growing factor for Global Pet Food Nutraceutical Market
Due to changes in lifestyle, pet humanization is on the increase in several countries. The increasing pet ownership among younger generations, in particular, consumed by social media and adoption of the western lifestyle, is the main driver of the market. Hence, an increasing number of people in the country are treating pets as members of the family. The rise of the center class and straightforward access to the web are a couple of other drivers contributing significantly to the expansion of the market. Urbanization trends in many countries have also contributed to the growth in sales of prepared pet foods, as these products are more convenient and more suitable for the busy lifestyles of urban dwellers. An important a part of pet humanization is that the safety and nutritional needs of pets, which is additionally a results of consumers being educated about labeling and therefore the ingredients utilized in products.
Some of the recent events that have helped in increasing the overall value of the Pet food nutraceuticals market are termination of anti-dumping measures on China’s pet products by the European Union, introduction new products for small mammals in The India International Pet Trade Fair (9th IIPTF), in February 2017 and an increasing trend of cat rearing in Japan providing scope for innovation in the cat-food segment. Socio-cultural changes, increased in the standard of living in many of the emerging economies and growing awareness about animal health and hygiene have proven to contribute the growth of the market. An increasing shift towards smaller breed of cats and dogs in the market has also shaped the nutraceuticals industry in the region.
As per the pet type Fish segment Make Crucial Contribution to Growth of Global Pet Food Nutraceutical Market
Based on the pet type, the target market is segmented into dog, cat, bird, fish, and others. Based on function type, the global market is classified into nutrition/therapeutic and supplement. Based on ingredient type, the target market is bifurcated into milk bioactive, omega 3 fatty acids, probiotics, proteins and peptides, vitamins and minerals, and others. Based pet type the fish market will expect to grow in forecasting year.
Rising Investments in Global Pet Food Nutraceutical Market to Benefit North America Market
North America dominates the market, while Asia-Pacific is estimated to be the fastest growing segment. The Asia Pacific market has the highest CAGR due to factors such as increasing urbanization and growing disposable incomes, thereby leading to increased adoption of pets. The growth within the North American region is essentially contributed to by affluence trends, where an increased concern toward pet health is shaping the market. Increasing disposable incomes and urbanization have resulted in declining birth rates, rise in divorce rates and increase in single household families. The emerging countries of Latin America, Asia-Pacific and Northern Africa are largely driven by westernization, which is resulting in increased pet adoption rates in these countries. Similar to humans, the rising population of aged pets is predicted to reinforce consumer’s expenditure on nutritional food.
Players to Focus on Expanding Global Pet Food Nutraceutical Market
The major players in this market are focusing in the areas of Digestive health, weight management and beauty (Skin and Coat). The major companies dominating the worldwide Pet Food Nutraceuticals market are Diana group BASF SE, Chr. Hansen A/s, Kemin Industries Inc., Nutraceutical International LLC, and Royal DSM N.V.
Creso Pharma: November 2017Creso Pharma has clinched a major milestone with the commercial launch of its first animal health product in Switzerland and Lichtenstein
Mars Inc.,: March 2017 Mars Inc., to invest USD 70 million in US manufacturing for improving its work efficiency
Scope of the Report
By Ingredient Type
By Function type
By Pet Type
By Application Type
Key Reasons to Purchase this Report
Table of Content
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