Market Research Report
Global Pet Nutraceuticals Market - 2019-2026
|Published by||DataM Intelligence||Product code||910433|
Delivery time: 1-2 business days
|Global Pet Nutraceuticals Market - 2019-2026|
|Published: December 1, 2019||Content info:||
Pet nutraceuticals are micronutrients, macronutrients, and nutritional supplements intended to use as therapeutic agents in companion animals. Currently, pet nutraceuticals are available for both disease management and health promotion through conventional pet foods and individual supplements. The consumption of nutraceuticals provides several benefits to pet including immune regulation, improved metabolic activities and control or elimination of infection by bacteria, viruses and parasites. Pest nutraceuticals are strictly regulated in the United States and European Union to ensure safety and efficacy verification. Increasing veterinary healthcare costs associated with growing awareness among the pet owners towards health maintenance of pets through supplements is the major factor driving the market.
The global pet nutraceuticals market valued USD XX million in 2018 and expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.
The growing trend of pet ownership and increased spending by the pet owners for health maintenance of pets are the factors driving the growth of global pet nutraceuticals market. Growing presence of aging pet population and decreasing bone health led to shift in pet owner preference towards precautionary bone health maintenance through supplementation. The measures adopted by pet owners towards weight and anxiety management of pets led to increased sales of pet nutraceuticals across the globe. Furthermore, muscle health, joint health, eye, and tooth care of pet animals evolved as the key concerns of pet owners. The lack of required doses of essential nutrients in domestically made pet food is motivating the pet owners towards additional supplements.
However, high cost associated with pet nutraceuticals and unorganized pet food prepared by pet owners are the major factors hindering the growth of global pet nutraceuticals market.
Global pet nutraceuticals market is segmented on the basis of product type into fatty acids, enzymes, proteins & peptides, antioxidants, vitamins & minerals, others.
Vitamins and Minerals accounted for the highest share in global pet nutraceuticals market owing to the pet owner preference towards bone related issues and overall health of the animal. Aging population in pets and high probability of occurrence of osteoarthritis is forcing pet owners towards vitamin supplementation as a preventive measure .
By region, the global pet nutraceuticals market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and Africa.
North America is dominating the global pet nutraceuticals market owing to high presence of pet community associated with increase in expenditure in pet maintenance. According to Insurance Information Association in 2018, the annual pet industry expenditure in United States increased from USD 66.8 million in 2016 to 69.4 million in 2017pet nutraceuticals. Pet owners across the United States preferred to spend over vitamin and mineral supplements as part of healthy diet maintenance. According to the survey conducted by the American Pet Foods Association in 2017, approximately 15-20% of bird, small animal and reptile owners give both vitamin and mineral supplements. Annual spending by U.S. pet owners over their pets reached 50 billion in 2017 and annual care spending per pet has grown from USD 225 to 275 during the last five years.
The global pet nutraceuticals market is consolidated with major market players such as Nestle Purina PetCare Company, VH Group, Zoetis Inc., Kemin Industries, Inc., and Koninklijke DSM N.V occupying significant amount of share.
The key strategies adopted by the prominent players in the global pet nutraceuticals market includes new product launches in probiotics and enzymes segments targeting weight and anxiety management applications.