According to a new report published by Allied Market Research, titled, “Functional Pet Treat Market,” The functional pet treat market was valued at $290.96 million in 2021, and is estimated to reach $722.8 million by 2031, growing at a CAGR of 9.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Consumers are increasingly demanding pet treat products that address specific health conditions. Obesity is a problem among pets due to overfeeding and a lack of physical activity, especially for indoor cats. Concern for the health of pets has propelled consumers paying closer attention to the ingredients used in pet food products. Increase in number of low-fat and low-calorie products, as well as weight-control foods, have been introduced to address these issues.
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Functional treats offer a variety of extra benefits for cats & dogs and are becoming increasingly specialized. Pet food manufacturers are marketing & developing premium brands or extensions of existing brands that have unique variants specific to age, breed, or size, as well as products containing functional ingredients such as digestive enzymes, prebiotics, probiotics and taurine. Many of these now boast functional benefits that allow consumers to pamper their pets without worrying about potential negative side effects. Regular treats are used as a training tool and a technique for rewarding pets for excellent behavior, however, functional treats provide a dual purpose that includes delicious & healthy food as well as a reward such factors surge in demand for functional pet treat market forecast period.
The functional pet treat market share is segmented into pet, application, distribution channel, and region.
Manufacturers are increasingly offering product ranges and variants from baby cats to adult cats. However, organic functional cat treats are increasingly marketed as buyers are switching to healthy & nutritious treat to meet their cats’ therapeutic needs. With increase in health-consciousness among cat owners regarding their pets, product manufacturers aim at offering treats without adding artificial additives, false colors, and preservatives. Therefore, manufacturers, particularly small-scale producers are focusing on premium & health categories of cat treats.
On the basis of application, the skin diseas segment is estimated to reach $284.6 million by 2031 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 have become more prominent, which sometimes affect their day-to-day activities. Moreover, joint pain, osteoarthritis, dysplasia, and osteochondritis dissecans are serious joint issues that need to be dealt with as soon as their symptoms arise in pets. Growth in concerns about pet health and rise in spending for pets are expected to contribute to the bone health segment growth which contributes to the functional pet treat market demand.
Distribution channel, the pet stores segment is estimated to reach $109.1 million by 2031, growing at a CAGR of 8.9%. A specialized pet shop, popularly known as a pet store, sells different kinds of animals, treat types, and pet accessories under one roof. Specialized pet shop is the second fastest growing sales channel after internet sales. Consumers are benefited with wider and specific option as per their pets’ requirements. For instance, veterinary diet offered by PetCo assists to improve immune system for dogs and cats and promotes healthy fur. Pet stores located in the U.S. and Canada include PetCo, Petland, Pet Valu, and PetSmart. In addition, there are many smaller pet shops, such as Big Al’s and Pet treat Express, which are present at smaller number of locations which increases the functional pet treat market opportunity.
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Region-wise, Asia-Pacific has been gaining considerable traction in the functional pet treat industry, and is expected to grow at a significant CAGR during the forecast period. pet care product manufacturing companies are heavily investing on developing countries, including China and India as these countries are anticipated to witness significant growth opportunities, owing to increase in product demand with rise in population of pet animals. This is anticipated to favor the growth of the Europe functional pet treat market demand during the forecast period.
The key players profiled in this report include Archer-Daniels-Midland Company, Bacterfield, DAR PRO Ingredients, IsoNova Technologies LLC, Kerry Group, Nestlé Purina PetCare Company, PDM Group (Prosper De Mulder Ltd.), Petcurean Pet Nutrition USA Inc., Roquette Frères, and The Scoular Company.
Key Benefits For Stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the functional pet treat market size analysis from 2021 to 2031 to identify the prevailing functional pet treat market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the functional pet treat market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global functional pet treat market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
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