Worldwide Functional Pet Food Industry to 2030 - Product Innovation and Rise in Demand for Organic Application Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Functional pet food Market by Pet, Source, Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

The functional pet food market was valued at $1,954.8 million in 2020, and is estimated to reach $4,676.1 million by 2030, registering a CAGR of 8.8% from 2021 to 2030.

Functional pet food has rich source of nutrients, proteins, vitamins, and minerals. It is gaining significant traction among developing countries, owing to increasing pet humanization and rising disposable income. The concern regarding pet health has gained major importance since the last few years, owing to stringent government regulations and owners' love toward their pets. For instance, as per the Queensland Government, the owners are required to register their pets in some council areas and provide their pets with appropriate food, shelter, and total care. The government also ensures complete animal welfare to provide utmost care, love, and best possible quality of life to them. However, with rising disposable income of people, pet owners are capable of spending on nutritious and organic food to minimize the risk of any possible animal disease. Consumers are becoming more curious and conscious about the overall health of pets, which is expected to surge the demand for products that aim to promote better health, increase longevity, and prevent various diseases such as calming, hip & joint, and skin & coat problems.

Pet owners treat their cats, dogs, and other pet animals as their family members and this increase in pet humanization has witnessed growth toward consumers' preferences for natural & organic products and healthy ingredients. Therefore, it creates lucrative opportunity for niche manufacturers to offer organic, natural, and allergen-free products. In addition to natural products, innovation in specialty and premium cat food products would foster the market. Some of the popular premium products include Hill's Science Diet Senior Age Defying cat food, Purina Veterinary Diets' Hypoallergic Feline Formula cat food, and Hill's Prescription Diet Feline Thyroid Health cat food to promote dental and oral health.

However, lack of awareness regarding the concept of functional pet food and proper guidelines & suggestions regarding how to nourish pets, especially in developing countries, including India and China are considerably expected to hinder the growth of the functional pet food market during the forecast period. Furthermore, people from rural areas feed their pets with leftover meals, milk, and meat, which hampers the growth of the marke.

The functional pet food market is segmented into pet, source, application, distribution channel, and region. On the basis of pet, the market is categorized into dog, cat, and others. On the basis of source, the market is bifurcated into organic and conventional. By application, it is segregated into bone health, brain health, obesity, heart health, and others. Depending on distribution channel, it is divided into pet stores, pharmacies, veterinary clinics, online stores, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and rest of LAMEA).

Key benefits for stakeholders

• The study provides an in-depth analysis of the global functional pet food market, with current and future trends to elucidate the imminent investment pockets in the market.
• The report provides information regarding drivers, restraints, and opportunities with impact analysis.
• A quantitative analysis from 2020 to 2030 is provided to showcase the financial competency of the market.
• Porter's five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
• Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
• Competitive intelligence highlights business practices followed by leading market players across various regions.

Market Dynamics

Drivers

• Rise in trend of pet humanization
• Increasing awareness about pet health
• Rapid growth of the retail sector and pet shops

Restraints

• Traditional ways of feeding pet animals
• Lack of awareness regarding benefits of functional pet food
• Increase in regulatory on pet food

Opportunities

• Product innovation and rise in demand for organic application
• Increasing pet ownership in developing nations
• Rising e-commerce sales

Companies Mentioned

• DAR PRO Ingredients
• Kerry Group
• Archer-Daniels-Midland Company
• The Scoular Company
• Roquette Freres
• Isonova Technologies LLC
• PDM Group (Prosper De Mulder Ltd)
• Nestle Purina PetCare Company
• Bacterfield
• Petcurean Pet Nutrition USA Inc

For more information about this report visit https://www.researchandmarkets.com/r/4jy7oc