The Asia-Pacific Pet Food Nutraceuticals Market was worth $0.75 billion in 2016 and estimated to be growing at a CAGR of 4.56%, to reach $0.94 billion by 2021.
Nutraceuticals are one of the fastest-growing segments of the pet industry. The usage of pet supplements and nutraceuticals is a rather recent practice in veterinary medicine.
Pet food supplements are classified as either dietary or therapeutic supplements. Dietary supplements are substances combined with the pet foods to make them nutritionally whole and well-adjusted.Therapeutic supplements (also known as nutraceuticals) are foods that are taken orally to provide a health advantage, either for deterrence or treatment of a disease.
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The growth of the Asia-Pacific Pet Food Nutraceuticals market is majorly driven by factors such as increasing urbanization, rising wages, implementation of channel specific product expansion, and varying lifestyles, leading to a drop in birth rates and an increase in the number of single person families. Pets are being considered as family members and thus the user predilection for nutrition empowered pet food is further driving the pet food nutraceutical market.
However, factors such as different regulatory bodies, lack of recognition of pet food in under-developed countries, and lack of raw materials are restraining the growth of the market in this region.
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The Asia-Pacific Pet Food Nutraceuticals market is segmented based on Ingredient Type, Function type, Pet Type, and Application Type. The market for Pet Food Nutraceuticals, on the basis of Ingredient Type, is classified into Omega 3 fatty acids, Proteins and Peptides, Milk Bio actives, Probiotics, Dietary Fibre, and others.
Among these, Omega 3 fatty acids lead the Pet Food Nutraceuticals market, followed by Probiotics. This demand is largely driven by the age associated diseases in pets like joints deterioration and cognitive dysfunction.
On the basis of Function type, the Pet Food Nutraceuticals market is segmented into Nutrition/Therapeutic and Supplements. On the basis of Pet Type, the Pet Food Nutraceuticals market is segmented into Cats, Fish, Dogs, Bird, and others.
Under this segment, dogs and cats lead the market accounting for a combined share of 75% of the market. On the basis of Application Type, 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.
Under this segment, Immune system leads the market, followed by Food Allergies and Pain Relief.
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The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. India, China, Japan, Australia and South Korea are some of the major markets for Pet Food Nutraceuticals in the Asia Pacific region.
The Australian market is largely driven by the high divorce rate and the growing single population. The growth in the Japanese market is due to its large elderly populace that wishes the companionship of a pet.
The high education levels and advanced infrastructure services enjoyed by these nations is also supplemented by a robust sense of culture and locality. The affluent standing and company offered by having a pet is a vital driver for the market in this region.
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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 Pet Food Nutraceuticals market in this region are Diana group, BASF SE, Chr. Hansen A/S, Kemin Industries Inc., Nutraceutical International LLC, and Royal DSM N.V.
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