Functional Pet Food Industry is to Grow at a CAGR 8.8% from 2021 to 2030

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.

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Functional food is gaining significant traction among pet owners due to benefits associated with functional pet food to improve immune system strength, bone, brain, & muscle health, reduce postprandial glucose and insulin concentrations, and prevent diabetes‐related disorders. Furthermore, growing pet humanization and increasing spending on pet grooming & food are expected to boost the growth of the functional pet food market during the forecast period. Functional pet food provides essential nutrients, which help to improve the health of various pets, including dogs, cats, freshwater fish, reptiles, horses, and birds.

According to the insights of CXOs of leading companies, the global functional pet food market is expected to offer remunerative business opportunities in developing economies such as India and China. This is attributed to increase in adoption of pets (especially dogs and cats) and awareness regarding various pet care and pet grooming products such as functional, supplements, medicines, and nutraceuticals.

Internet sales have been presenting continuous growth over the years. The availability of info-centric health products, such as natural, organic, and nutritional foods, as per consumers' demand has gained even more popularity than before, owing to rapid increase in pet humanization. However, some of the small e-retailers, such as EarthlyPets.com, AllAmericanPet.net, PremierPetFoods.com, and SitStay.com, have come up with healthy, nutritional, and organic pet food products that would create lucrative opportunities for other small retailers to increase their networking channel and strengthen their product offerings.

Asia-Pacific is one of the most important and high potential regions for the functional pet food industry. Asia-Pacific has diverse countries, such as Australia and Japan, which have reached a maturity stage and have emerging markets such as China, India, and others. There is also a sharp contrast in the buying patterns and social cultures in these countries. The functional pet food market in Asia-Pacific is being largely driven by rapid urbanization and connectivity programs. In many countries owing a pet, focusing and spending on its care is perceived as a social status and sensitivity.

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Key findings of the study

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.

Pet Stores segment helds the major share of 37.6% in 2020

North America Region helds the major share of 36.5% in 2020

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