Functional Pet Food Market

SKU: DMFB3014 | Last Updated On: Oct 14 2022 | Available Formats

>Functional Pet Food Market Expected to reach a high CAGR of 5% during the forecast period 2022-2029:

Functional Pet Food Market is segmented 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 (Immunity, Mental Acuity, Calming)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Functional pet food market size was valued at USD 11,354.44 million in 2021. It is forecasted to reach USDD 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 outcome role in well-being of pet animals. These formulations are proven to offer 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 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.

Functional Pet Food Market Growth 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, functional pet food market is expected to grow during the forecast period. Increasing number of pet owners shifting towards the benefits of 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 had encouraged 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.

Functional Pet Food Market Segmentation Analysis

Dog function food segment for the highest share in global functional pet food market.

Dog functional food segment is the largest market segment in the global functional pet food industry, owing to high number of pet dogs around the world, high spending on dog health and nutrition, development of new dog specific supplies and medicinal products. Dogs are considered to be most friendly and loyal companions in many cultures across the globe, due to which, more and more dogs are humanized and taken care by their owners. The US witnesses the highest registration of pet dogs, which is estimated to be more than 89.7 million. The demographical statistics in Asia are unreliable as pet dogs do not have to be registered in this region. However, the number of pet dogs is estimated to be nearly 32 million in India.  According to the American Veterinary Medical Association, nearly 57 percent of all U.S. households owned a pet by the end of 2020, with dogs being the most popular pet choice. Currently, dog ownership rate is the highest ever since the association began recording the numbers, with approximately 45 percent of households across the country having one or more dogs. Developing countries, such as China, offer lucrative growth opportunities for manufacturers in the dog food market, as the dog population is outnumbering the cat population, the popularity of dogs as pets is increasing and dog ownership rates in the urban cities are rising in China. key players are focusing on offering functional pet food for dogs to gain a significant share in the global market for functional pet food. Some of the key players include, Arthur Dogswell, L.L.C., Hill's Pet Nutrition, Inc., Mars, Incorporated and Nestle Purina among others.

Functional Pet Food Market Geographical Presentation Outlook

North America is the Controlling region during the forecast period 2022-2029

In 2021, North America had the highest revenue share of almost decent ration. Increasing pet humanization, increase in pet ownership, emergence of private label store brands and growing urbanization are some of the major driving force that are propelling the growth of North America market for functional pet food. In the country the functional pet food is majorly being driven by the dog food segment. Most of these trends have been fueled by the growth of premium natural and healthier pet food products. Through an increased consumer awareness of healthy diets and intensified pet humanization, the demands for better-quality formulas and healthier functional ingredients have permeated preferences across price platforms. Functional ingredients are of the utmost importance for American pet owners. With the increase in concern for pet health, the demand for functional pet food products is expected to have a high potential for growth. With the growing demands for functional pet food due to the rising trends of pet humanization, the major players in the pet food industry are also increasing investments to occupy major shares and stand as the market leaders. For instance, in 2020, Nestle Purina announced an investment of USD 140 million in its US pet food factory to expand its operations in the country. The main aim of the expansion is to add new processing and packaging lines for the production of 'dry', or kibble-based, pet foods in the market.

Functional Pet Food Market Competitive Landscape:

The global market is consolidated with top players accounting for major share. 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.

In October 2019, Petcurean introduced GO! SOLUTIONS wet food recipes in Teta Pak cartons, solutions-based nutrition with functional benefits to address pets’ unique dietary needs. Moreover, the key players are adopting various strategies such as mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the global market for functional pet food.

For instance, in December 2020, Nestlé Purina PetCare Company invested USD 550 million to expand its Hartwell, Georgia, pet food manufacturing facility, creating up to 130 jobs in Hart County. As a result of growing demand for Purina's high-quality and nutritious pet care brands, the facility is expanding to add processing, packaging and warehouse capacity, for a total of USD 870 million committed to the company's Hartwell operations.

Functional Pet Food Market Scope

Metrics

Details

Market CAGR

5%

Segments Covered

By Pet Type, By Ingredient, By Form, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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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 cause 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 pandemic period.

The global functional pet food market report would provide an access to approximately 69 market data tables, 67 figures and 170 pages

Frequently Asked Questions

What is the Projected CAGR value of the Functional Pet Food Market?

Functional Pet Food Market is expected to grow at a CAGR of 5% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Functional Pet Food Market during 2022-2029.

Which is the fastest growing region in the Functional Pet Food Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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