Global Pet Food Nutraceutical Market - Growth, Trends & Forecasts (2015-2020) - Reportlinker Review

NEW YORK, Oct. 7, 2015 /PRNewswire/ -- The health conscious consumer sees nutrition enabled foods as an alternative to healthcare costs and thus has been the rising the global nutraceutical market at a CAGR of 7.5% to reach $260 billion. The fastest growing segment in the food sector is the pet food industry which is driven by increasing number of people adopting pets and consumer attitudinal change towards pets with interest on their nutrition and health. The global pet food market with a growing CAGR of 4.5% is estimated to be valued at $ 86.3 billion by 2020. The pet food industry accounts only 12% towards value based foods with rest accounted for by general pet foods. Also, with increasing ageing population of and growing acceptance for supplements by veterinary community, the global pet food nutraceutical market is estimated to reach nearly $6 billion by 2020 growing with a CAGR of 4% from 2015 to 2020.

Increasing urbanization, growing disposable incomes, and changing lifestyles have led to lower birth rates and increasing rates of single person families. This is leading to consideration of pets as family members and a number of households owning dogs, cats and others animals. Thus, driving the pet food market and consumers preference for nutrition enabled pet food further growing the pet food nutraceutical market. In US, the baby boomer generations preference for smaller pets accounts to 52% households owning them. Other major drivers include companies adopting channel specific product development. This is explained by the increasing number of households owning small and larger animals, where brands are created for the age specific group and this category wise product development is a reason for uptick in demand. The consumer has expanded his pet related purchases from basic necessities to functional treats and healthcare pet supplements. The trend of consumers enriching the pets foods with functional ingredients such as vitamins, minerals, probiotics for boosting their pets joints health, coat and heart health are an indication for expected growth in the pet nutraceutical market.

The type of pets owned around the world varies. Based on type, Pets are categorized as Dogs, Cats, Birds and Others. Dogs and Cats are accounted to be the most adopted pets globally. Pet foods are rapidly increasing due to their demand coming from the veterinary use as dietary supplements and for their therapeutic use. The key therapeutic application include pain relief, weight management, digestive health, Immune system, eye care, food allergies and others. Based on the Ingredient type, the pet nutraceutical market is segmented as Omega 3 fatty acids, Probiotics, Proteins and Peptides, Plant based enzymes, Antioxidants among others. The popular ingredients include Glucosamine, Omega fatty acids, and Probiotics, along with trendier ingredients such as Bee pollen, Green tea, and elk velvet antler. The demand is driven largely by age related diseases in pets like joints deterioration and cognitive dysfunction.

In the Pet food market Asia posted a growth of 3.2% in 2013.Customers from China, Taiwan and Thailand with their increasing levels of pet humanization perceive pet food as quick and easy solution to provide nutrition to their pets. This drives the demand for pet food nutraceutical in these markets. High percentage of US households recorded high numbers in small dogs when compared to medium and large dogs. The retail sales for pet supplements and nutraceutical treats recorded $1.3 billion in US. Japan is a matured market in this category and sees flat sales. The emerging economies are seeing high demand in the branded pet food category thus driving the branding strategies of pet food manufacturers.

The leading players in this market are Diana group, DSM, BASF, Merial, Nutraceutical International LLC and Kemin. The application areas of these companies are in the area of Digestive health, weight management and beauty (coat and skin). In spite of growing pet population, the companies are seeing stagnant revenues. Hence it is important for the companies to focus on segment wise production of nutritional foods. The major constraint the market sees in the regulatory environment. The Functional pet foods manufacturers claims for the nutritional supplements and therapeutic functioning as drugs do not seem to comply with the drug regulations and the regulatory body is overlooking the claims. The need of the hour is the stringent regulatory guidelines to protect the pet health. Bringing awareness among the veterinary community will help in prescribing the right supplements for the animal health.

In this report we offer,

Market Definition for the specified topic, along with identification of key drivers and restraints for the market.
Market analysis for the Global Pet Food Nutraceutical Market with region specific assessments and competition analysis, on a global and regional scale.
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their share of markets.
Identification and analysis of the Macro and Micro factors that affect the Global Pet Food Nutraceutical Market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Why should you buy this report?

For getting a comprehensive overview of the Global Pet Food Nutraceutical Market.
To gain wide ranging information about the major players in this industry and the strategies adopted by them.
To gain an insight about the major countries/regions in which this industry is blooming and also identify the regions which are untapped.
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