According to a new report published by Allied Market Research, titled, “Functional Pet Food Market by Pet, Source, Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global functional pet food market size is expected to reach $4,676.1 million by 2030 at a CAGR of 8.8% from 2021 to 2030.
Veterinary pet trials clearly indicated that functional foods provide health benefits when administered on a regular basis with adequate active principles in the context of a well-balanced diet. Functional pet foods are meant to provide high nutritional food for overall health of the pet.
Functional pet foods are processed form of food with added required minerals, carbohydrates, proteins, and fats. They improve the health of pets and meet the nutrient & mineral requirements in pets. Pet humanization has created awareness among pet owners concerning their pet’s behavior, fitness, and overall health. It has resulted in pet owners switching from allergic content food to functional food to keep pets healthy and disease-free. In addition, the trend of functional dog food in the market has given lucrative opportunities to small-scale producers to increase their market share and create competition for global companies, such as, Nestlé, The Scoular Company, and Roquette Frères, by offering organic dog food products. Fish and birds are widely adopted pets after dogs and cats as they are less expensive and easy to be taken care of. The diet of birds and fish vary depending on their size, habitat, and other behavior. A bird’s diet includes seeds, nuts, worms, water, small insects, and beetles whereas fish usually eat flaked foods made of fish meal, vitamins, minerals, and squid meal. The other pet food sales have witnessed slight increase over the years due to rising population of fish, small mammals, and reptiles. Growing adoption of birds and fish further contributes to the growth of the functional pet food market during the forecast period.
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According to the functional pet food market trends, on the basis of pet, the cat segment was valued at $439.5 million in 2020, and is projected to reach $1,127.8 million by 2030, registering a CAGR of 9.6% from 2021 to 2030. Smaller pets are ideal companions to the lifestyle of a busy consumer. Pet ownership of cats is gaining popularity due to rise in need of smaller pets in households. There is a growing tendency to manufacture cat food products as per different life stages of a cat. Therefore, manufacturers are increasingly offering product ranges and variants from baby cats to adult cats. However, organic functional cat foods are increasingly marketed as consumers are switching to healthy and nutritious food to meet their cats’ therapeutic needs. With increasing health-consciousness among consumers, product manufacturers aim at offering food without adding artificial additives, false colors, and preservatives. Therefore, manufacturers, particularly small-scale producers are finding success in the cat food market by focusing on premium and health categories. Some of the functional ingredients, such as prebiotics, probiotics, and omega-3, are also found in cat food to improve skin and coat, oral health, weight management issues, urinary tract issues, and strengthen the immune system.
According to the functional pet food market study, On the basis of application, the bone health segment is estimated to reach $284.6 million by 2030 at a CAGR of 9.6%. Bone health supplements are gaining significant importance among pet owners as bone problems in cats, dogs, and other pet animals are very painful, which sometimes lead to loss in their will to play, eat, or go on walks. Moreover, joint pain, osteoarthritis, dysplasia, and osteochondrosis dissecans are serious joint issues that need to be dealt with as soon as their symptoms arise in pets.
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The players operating in the functional pet food industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include DAR PRO Ingredients, Kerry Group, Archer-Daniels-Midland Company, The Scoular Company, Roquette Frères, Isonova Technologies LLC, PDM Group (Prosper De Mulder Ltd), Nestlé Purina PetCare Company, Bacterfield, and Petcurean Pet Nutrition USA Inc.
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.
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