Pet Food Nutraceutical Market - Segmented by Pet Type, Function, Ingredient, and Geography - Growth, Trends and Forecast (2019 - 2024)
|発行||Mordor Intelligence LLP||商品コード||392264|
|出版日||ページ情報||英文 130 Pages
|ペット用栄養補助食品の世界市場：成長率、動向、予測 Pet Food Nutraceutical Market - Segmented by Pet Type, Function, Ingredient, and Geography - Growth, Trends and Forecast (2019 - 2024)|
|出版日: 2019年02月01日||ページ情報: 英文 130 Pages||
The global pet food nutraceutical market was valued at USD 6.3 billion in 2019, and is expected to register a CAGR of 4.8% during the forecast period (2019-2024). In 2018, 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.
Nutraceuticals are categorized as dietary supplements, functional foods, or medicinal foods. Nutritional supplements for pets are products that provide a source of recognized essential nutrient, like calcium or vitamin A. They are intended to work as supplements and ensure the nutritional completeness of the diet in pets. The supplements are being marketed not only as pills/powders, but also as ingredients in pet foods/gravies/snacks. The other alternative delivery formats that are gaining shares, due to the preference for pet palatability, include gels and pastes, as well as gravies and powders, designed to be added to pet food.
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 are 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. An important part of pet humanization is the safety and nutritional needs of pets, which is also a result of consumers being educated about labeling and the ingredients used in products. Although these extra considerations come at a higher cost, the rise of the middle-class population in the world, coupled with higher disposable income, is contributing to the sales of commercial pet foods, globally.
North America Dominates the Global Market
The North American market is the first respondent to any major global trend or consumer pattern; the high level of market penetration and corresponding infrastructure are cited as reasons for the pioneering attitude. The concept of pet 'humanization' is the major trend that is consolidating both the pet care and pet food markets into a sense of overall pet well-being. One significant outcome of this trend is the consumer focus toward nutraceutical foods and remedies from the comfort or treat foods. This focus is well visible in the marketing and new product launches of the major firms.
The United States is expected to lead the pack, followed by Canada and Mexico. The rapid increase in urbanization rates and income levels that are expected of Mexico are fuelling the high expectations of the market. The increasing forces of globalization and infrastructure improvement are giving rise to considerable growth in the other regions of North America.
The global pet food nutraceutical market is a highly concentrated market and there are a limited number of players contributing to this sector. These players are BASF, Purina Pet Care, DSM, Kemin Industries, Symrise, Danisco Animal Nutrition, and Boehringer Ingelheim. The greater market share of these players can be attributed to their large geographical presence and highly diversified product portfolios. These players are known to be focusing on R&D, large product portfolio, wide geographical presence, and aggressive acquisition strategy.