Functional Pet Food Market

Functional Pet Food Market Analysis 2022-2029

Functional pet food market size was valued at USD 11,354.44 million in 2021. It is forecasted to reach USD million by the end of 2029, growing at a CAGR of 8.59% during the forecast period 2022-2029.

Prebiotics and probiotics, omega-3 fatty acids, nucleotides and enzymes are the foremost functional ingredients in the outcome role in well-being of pet animals. These formulations are proven to offer a wide range of health benefits in pets. Weight management, dental health, digestive health and immune system boosting are some of the key functional areas of interest among pet owners. Similarly, functional pet foods aid in disease stoppage and treatment amongst dogs and cats. Pet owners are changing their preference for pet food leading to demand for functional pet food that have health-promoting, energy improving and disease preventing aids. According to the report, the North America functional per food market is projected to produce highest share of the global functional pet food market during the forecast period 2022-2029, due to rising pet humanization, growth in pet ownership, and increasing urbanization are some of the key driving factors that are driving the growth of global functional pet food market in North America. Countries such as the United States, and Canada, are the foremost economies in the growth of the North America region. Asia Pacific region is anticipated to show the fastest growth in the global market for functional pet food over the forecast period 2022-2029. Countries in this region cover such as China, India, Japan, South Korea, Singapore, Australia, Malaysia, and rest of the asia pacific countries.

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Market Dynamics

Rising interest towards preventative healthcare among pet owners

As pet food becomes increasingly specialized, with manufacturers catering to consumers' desires to meet the individual needs of their pets, the functional pet food market is expected to grow during the forecast period. Increasing number of pet owners shifting towards the benefits of a protein-rich diet, to increase muscle mass & strength, promote satiety, and assist pets in maintaining the ideal body condition are some of the factors contributing to the market growth. Increasing importance of balanced diet for pets has encouraged a number of manufacturers to incorporate functional pet food ingredients in their pet food thus contributing towards the market growth of functional pet food in the near future.

For example, omega-3 is one of the most common functional pet food ingredients incorporated in dog food. Calcium is another class of functional pet food ingredients important for bone and teeth health. High protein diet is of importance for many manufacturers and pet owners because of proteins' ability to repair tissues and muscles, which is essential for the body to function. Hence, many manufacturers, brands and retailers are projected to incorporate formulas that highlight the sources of protein in pet food along with quality and quantity. More pet owners are shifting towards functional pet food due to growing advantages towards healthcare like improved digestive system, dental care, skin care, joint health and boosting immunity among pets.

However, increasing global trade restrictions are expected to limit the growth of the functional pet foods manufacturing market in the forecast period. Many developed and developing economies are considering imposing restrictions on free trade to boost their local economies. BREXIT is likely to lead to more trade restrictions between the UK and other countries in Europe. For instance, BREXIT will increase costs for animal health and pet food products and can end the EU pet passport scheme so BREXIT will be disastrous for UK's pets.

Market Segmentation

By Pet Type
• Dog
• Cat
By Ingredient
• Prebiotics and Probiotics
• Enzymes
• Omega-3 and Omega-6 Fatty Acids
• Vitamins and Minerals
• Others
By Form
• Dry Food
• Wet Food
• Freeze-Dried Food,
• Others
By Application
• Joint Health*
• Weight Management
• Skin and Coat
• Dental Health
• Digestive Health
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Competitive Landscape:

The global market is consolidated with top players accounting for major shares. The key players operating in the global market for functional pet food are Mars, Incorporated., Nestle Purina, Hills Pet Nutrition, J.M. Smucker, and Diamond Pet Foods among others. New product development is one of the most prominent strategies followed by the market leaders in the industry.

For instance, in November 2020, Nestlé announced the development of Purina Beyond Nature's Protein, a pet food product that uses insect protein, millet and fava beans. The new dry pet food line was put together by veterinarians and nutritionists at Purina and includes two recipes available for dogs and cats.

COVID-19 Impact:

Positive impact on the global Market

The global impact of COVID-19 hit massive sales drops in the functional pet food. During the lockdown, closure of the supermarket and departmental store caused a decline in sales and revenue of the other products to an indirect impact on the global market. Due to the COVID-19 outbreak most of the production plants of food and sales offices are closed. As a result, the functional pet food supply to industrial application has declined.

On other hand, there has been a rise in pet products as an overall category and an increase in demand for pet food. During the lockdown, many pets were adopted and welcomed home and pet parents started stocking up on products, especially the large bags, treats, cat food and others. Puppy adoption rates have gone up in the range of 50-100 per cent in 2020 and the cat market has grown upwards of 40 percent, owing to which the demand for functional pet food increased during the pandemic period.

Related Reports:

Pet Food Ingredients market: https://www.datamintelligence.com/research-report/pet-food-ingredients-market

Organic Pet Food Market:
https://www.datamintelligence.com/research-report/organic-pet-food-market

DATAM INTELLIGENCE 4MARKET RESEARCH LLP
HABSIGUDA, IDA - UPPAL

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This release was published on openPR.