DUBLIN, March 15, 2019 /PRNewswire/ -- The "Pet Food Nutraceutical Market - Segmented By Pet Type, Function, Ingredient, and Geography - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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.
Key Market Trends
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.
Competitive Landscape
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.
Topics Covered
1 Introduction
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
5 Market Segmentation
5.1 Ingredient Type
5.1.1 Milk Bioactives
5.1.2 Omega-3 Fatty Acids
5.1.3 Probiotics
5.1.4 Proteins and Peptides
5.1.5 Vitamins and Minerals
5.1.6 Other Ingredient Types
5.2 Function Type
5.2.1 Nutrition/Therapeutics
5.2.2 Supplements
5.3 Pet Type
5.3.1 Dog
5.3.2 Cat
5.3.3 Bird
5.3.4 Fish
5.3.5 Other Pet Types
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Africa
6 Competitive Landscape
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Kemin Industries
6.3.2 Symrise AG
6.3.3 BASF SE
6.3.4 Roquette Freres
6.3.5 DSM Nutritionals
6.3.6 Darling International Inc.
6.3.7 Archer Daniels Midland Company
6.3.8 Nestle SA (Purina Petcare)
6.3.9 Boehringer Ingelheim Animal Health
6.3.10 Novotech Nutraceutical
6.3.11 VIT2be-Diana Group
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/nltm9t/global_pet_food?w=5
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