Covina, Sept. 27, 2023 (GLOBE NEWSWIRE) -- How big is the Pet Food Nutraceutical Market?
The pet food nutraceutical market projected to US $7.6Bn in 2023 and is projected to register a moderate CAGR of 14.20% over the forecast period.
The pet food nutraceutical are intended to work as supplements and confirm the nutritional completeness of the diet in pets. In developed countries pets has become the part of the family and pet owners refer them as a children and takes care of their food, health, etc., which has driven market growth.
Rising inclination towards adoption of pets has given positive impact on target market growth. Humanization has also given positive impact on growth of target market due to demand for high quality based pet food. Growing health concern for animals and availability of innovative nutritious product has boost the demand for Pet Food Nutraceutical Market growth.
Key Highlights:
- In May 2023, IFF continued expansion of its pet food industry in North American market by providing full product design services to launch of new product for pet food companies. The new launched product design services includes market insights, nutrition and ingredient research, pilot manufacturing and application development.
Analyst View:
Growing demand for high quality pet food products has provided lucrative opportunities in target market growth. Use of natural and organic pet food nutraceuticals regarding health concern has further, facilitated the demand for Pet Food market growth. Growing disposable income with high purchasing power of high quality products is anticipated to increase the demand for Pet Food Nutraceutical market growth in coming years.
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Segmentation:
- By pet type, the target market is segmented into dog, cat, bird, fish, and others
- By function type, the global market is classified into nutrition/therapeutic and supplement.
- By ingredient type, the target market is bifurcated into milk bioactive, omega 3 fatty acids, probiotics, proteins and peptides, vitamins and minerals, and others.
- By region, the market in North America accounts highest revenue share to the global pet food nutraceutical market due to growing urbanization rate and income levels are the boosting factor for the global pet food nutraceutical market. The Asia- Pacific region is the expected to show significant growth during the forecast period due to increasing disposable incomes in the region.
What is the scope of the Pet Food Nutraceutical Market report?
- Market Trends and Drivers:
Identification and analysis of trends and factors driving market growth, including consumer preferences, pet health awareness, and the demand for natural and functional pet food.
- Market Challenges:
An examination of challenges faced by the pet food nutraceutical industry, such as regulatory issues, competition, and supply chain disruptions.
- Consumer Behavior and Preferences:
Insights into consumer behavior related to pet food purchases, including factors influencing purchasing decisions, such as ingredient transparency, product safety, and pet health benefits.
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Competitive Landscape & their strategies of pet food nutraceutical market:
The prominent player operating in the pet food nutraceutical market includes,
- Kemin
- Symrise
- BASF
- Roquette Freres
- DSM
- Dupont
- Darling Ingredients Inc.
- Archer Daniels Midland
- Nestle Purina PetCare
- Boehringer Ingelheim Animal Health
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Questions answered in this report:
- What are the key market trends and market dynamics?
- Who are the major players in the market and what is their market share?
- What are the major drivers and restraints affecting the market?
- What are the growth opportunities in the market?
- What are the regional and local market conditions and consumer behavior?
- What is the market size and growth forecast for different regions and countries?
- What is the impact of government regulations and policies on the market?
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