Functional Pet Food (Industry) Market Size Hits $4.67 billion by 2030, growing at an 8.8 percent CAGR from 2021 to 2030

Pet nutrition is evolving and becoming more closely related with functional pet food. More pet owners are looking for dog and cat diets that not only contain nutritious components, but also provide useful additional advantages in areas such as skin, digestive, and joint health. According to Allied Market Research, the worldwide functional pet food market will grow from $1.95 billion in 2020 to $4.67 billion by 2030, growing at an 8.8 percent CAGR from 2021 to 2030. The pet humanization movement and increased knowledge of the role functional pet meals can play not just in managing existing health issues, but also in proactively maintaining pets' ongoing wellness have been highlighted as factors for this expansion.

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Key findings of the study

The functional pet food market size 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.
By pet, the cat segment is estimated to witness the fastest growth, registering a CAGR of 9.6% during the forecast period.
In 2020, depending on application, the bone health segment was valued at $284.6 million, accounting for 14.6% of the global functional pet food market share.
In 2020, the U.S. was the most prominent market in North America, and is projected to reach $1148.6 million by 2030, growing at a CAGR of 7.0% during the forecast period.

The global functional pet food market is segmented on the basis of pet, source, application, distribution channel, and region.

Based on pet, the dog segment held the largest share in 2020, accounting for more than two-thirds of the market. However, the cat segment is expected to register the highest CAGR of 9.6% during the forecast period.

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On the basis of application, the brain health segment is projected to manifest the highest CAGR of 12.2% during the forecast period. However, the obesity segment held the lion's share in 2020, contributing to more than one-fifth of the market.

The global functional pet food market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is estimated to portray the highest CAGR of 10.6% from 2021 to 2030.

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The global functional pet food market includes an in-depth analysis of the prime market players such as Kerry Group, DAR PRO Ingredients, The Scoular Company, Archer-Daniels-Midland Company, Isonova Technologies LLC, Roquette Frères, Nestlé Purina PetCare Company, PDM Group (Prosper De Mulder Ltd), Bacterfield, and Petcurean Pet Nutrition USA Inc.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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