Pet Food Nutraceutical Market - Segmented by Pet Type, Function, Ingredient, and Geography - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Pet Food Nutraceutical Market - Segmented by Pet Type, Function, Ingredient, and Geography - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global pet food nutraceutical market is projected to register a CAGR of 4.8% during the forecast period. In 2019, North America was the largest geographic segment of the market studied and accounted for the majority share 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. The ongoing COVID-19 pandemic compelled the companies to rethink their strategies in the process of manufacturing pet food nutraceutical products. The companies are manufacturing more of these products, as the sales have surged recently in order to maintain the health of their pets. Various companies are joining hands with e-commerce sites to drive their sales. The e-commerce sites are lean on taking premiums from these companies, which in turn is anticipated to boost the market growth amidst the pandemic.

Key Market TrendsIncreasing 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 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 pet nutraceutical products, globally.

North America Dominates the 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.

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• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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