Owing to a surging population of aged pets and the growing acceptance for supplements by the veterinary community, the global pet food nutraceutical is estimated to grow in the forecast period.
The pet food market with a growing CAGR of 6.34% is estimated to be valued at USD 8.25 billion by 2023.
Increasing use of nutritional supplements by pet owners as an alternative to veterinary visits is expected to drive the entire pet supplements segment, followed by therapeutic foods. The market sees huge potential in the form of natural and organic-based pet foods, and pet recalls due to cases of contamination.
This is expected to result in pet manufacturers strengthening their raw material sourcing practices, and focusing more on good manufacturing practices (GMP) and labelling requirements to gain customer’s trust in the growing market.
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Brand value enhancement in emerging markets and customer preference for reputed brands are driving the market
Multinational players have more resources to invest in new product development and marketing. These brands are building their presence in emerging markets through increased marketing expenditure and campaigns, focusing on the credibility of their products for pet nutrition as compared to cheaper competitor products.
Strengthened consumer preference for foreign brands in the emerging countries of South East Asia has also encouraged manufacturers from North America to take stride. India, one of the fastest growing markets for functional pet food.
Companies are building on their brand equity in these countries through partnerships, mergers and acquisitions of small players. The market for private label brands continues to pose a threat to the presence of major brands.
However pet food recalls are continuing to trade down on the scaling up of private labels.
North America to Dominate the Market Growth
North America, Europe, Asia-Pacific, South America and Africa are the geographical regions considered in this study. North America dominates the market, while Asia-Pacific is estimated to be the fastest growing segment.
The growth in the North American region is largely contribute 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.
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Key Developments in the Market
- November 2017: Creso Pharma has clinched a major milestone with the commercial launch of its first animal health product in Switzerland and Lichtenstein
- March 2017: Mars Inc., to invest USD 70 million in US manufacturing for improving its work efficiency.
Major Key Players:
KEMIN, DUPONT, NUTRACEUTICALS INTERNATIONAL LLC, ARCHER DANIELS MIDLAND amongst others
This report helps
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Study on product type and application expected to dominate the market.
- Study on regions expected to witness fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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