The 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 2019, North America was the largest geographic segment of the market studied and accounted for a share of around 47% 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 use of drugs have led to consumers looking for 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 based on intended functionality is making supplements therapeutic and nutritional treats
Top Driver: Increasing Number of People Adopting Pets
Due to changes in lifestyle, pet humanization is on the rise in different 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 middle class and easy access to the internet is a few other drivers contributing significantly to the growth 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.
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. Concerns regarding muscle development, digestive health, cognitive health and skin type, especially in cats and dogs, provide specific targets for the nutraceuticals industry to innovate.
Dog neutraceutical to Make Crucial Contribution for Growth to Global Pet food nutraceutical
Based on pet type, the pet food nutraceuticals markets is segmented into cat, fish, bird, dogs and others. The dog and the cat segment together account for majority of the market share due to them being the species of pet most widely adopted across the world. Based on application, the pet food nutraceuticals market is segmented into weight management, immune system, food allergies, pain relief, digestive health, skin and coat, eye care and others. The immune system segment accounts for majority of the market, closely followed by the food allergies and pain relief segment.
North America dominates the market in Pet food nutraceutical 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 in the North American region is largely 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 expected to augment consumer’s expenditure on nutritional food.
Players to Focus on 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 global 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 2017 Creso 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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