PORTLAND, PORTLAND, UNITED STATES, November 30, 2021 /EINPresswire.com/ – According to the report published by Allied Market Research, the functional pet food market was worth $ 1.95 billion in 2020 and is expected to rake in $ 4.67 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.
The soaring trend towards the humanization of companion animals, the growth of the retail and pet shop industry, and the awareness of the health of companion animals are driving the growth of the global functional food market for pets. However, lack of awareness regarding the benefits of functional pet foods, increasing pet food regulations, and traditional methods of pet feeding are hampering the market growth. On the contrary, rapid product innovation, demand for biological applications, increasing online sales and pet ownership in developing countries would open lucrative opportunities for market players in the future. .
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Veterinary trials on companion animals have clearly indicated that functional foods are beneficial to health when administered regularly with adequate active ingredients as part of a well-balanced diet. Functional pet foods are intended to provide highly nutritious food for the overall health of the animal.
Functional pet foods are processed foods with added minerals, carbohydrates, protein and fat. They improve the health of pets and meet the nutrient and mineral needs of pets. The humanization of pets has raised awareness among pet owners about their pet’s behavior, fitness and overall health. This has caused pet owners to switch from foods with allergic content to functional foods to keep pets healthy and disease free. In addition, the trend of functional dog food in the market has given small producers lucrative opportunities to increase their market share and create competition for global companies, such as NestlÃ©, The Scoular Company and Roquette FrÃ¨res, in offering organic dog food products. Fish and birds are widely adopted pets after dogs and cats because they are cheaper and easier to maintain. The diets of birds and fish vary depending on their size, habitat, and other behaviors. A bird’s diet includes seeds, nuts, worms, water, small insects, and beetles, while fish usually eat flake foods made from fishmeal, vitamins, minerals and squid meal. Other sales of pet food have seen a slight increase over the years due to the increase in the population of fish, small mammals and reptiles. The increasing adoption of birds and fish further contributes to the growth of the functional pet food market during the forecast period.
The Covid-19 pandemic has positively impacted the demand for functional pet foods due to the increase in the humanization of pets and the increase in the adoption of pets for the company.
Additionally, people have become more concerned about the health of pets due to the Covid-19 outbreak, which has supplemented the demand for functional pet foods.
The global functional pet food market is segmented on the basis of pet, source, application, distribution channel, and region.
On a companion animal basis, the dog segment held the largest share in 2020, accounting for over 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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Based on applicants, the brain health segment is expected to post the highest CAGR of 12.2% during the forecast period. However, the obesity segment held the lion’s share in 2020, contributing over a 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 North American market held the largest share in 2020, accounting for over a third of the market. However, the Asia-Pacific market is estimated to have the highest CAGR of 10.6% from 2021 to 2030.
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Global Functional Pet Food Market includes in-depth analysis of major market players such as Kerry Group, DAR PRO Ingredients, The Scoular Company, Archer-Daniels-Midland Company, Isonova Technologies LLC, Roquette FrÃ¨res, NestlÃ© Purina PetCare Company , PDM Group (Prosper De Mulder Ltd), Bacterfield and Petcurean Pet Nutrition USA Inc.
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