The Global "Pet Nutraceuticals Market" is expected to grow at a high CAGR of 4.60% during the forecasting period (2022-2029).
Pet nutraceuticals are micronutrients, macronutrients, and nutritional supplements intended to be therapeutic agents in companion animals. Currently, pet nutraceuticals are available for disease management and health promotion through conventional pet foods and individual supplements. The consumption of nutraceuticals provides several benefits to pets, including immune regulation, improved metabolic activities, control or elimination of infection by bacteria, viruses, and parasites. Pest nutraceuticals are strictly regulated in the United States and European Union to ensure safety and efficacy verification. Increasing veterinary healthcare costs associated with growing awareness among the pet owners towards health maintenance of pets through supplements is the major factor driving the market.
The growing trend of pet ownership and increased spending by pet owners for the health maintenance of pets are the factors driving the growth of the global pet nutraceuticals market. The growing presence of the aging pet population and decreasing bone health led to a shift in pet owner preference towards precautionary bone health maintenance through supplementation. The measures adopted by pet owners towards weight and anxiety management of pets led to increased sales of pet nutraceuticals across the globe. Furthermore, pet animals' muscle health, joint health, eye and tooth care evolved as the key concerns of pet owners. The lack of required doses of essential nutrients in domestically made pet food motivates the pet owners towards additional supplements.
However, the high cost associated with pet nutraceuticals and unorganized pet food prepared by pet owners is the major factors hindering the growth of the global pet nutraceuticals market.
The global pet nutraceuticals market is segmented on product type into fatty acids, enzymes, proteins & peptides, antioxidants, vitamins & minerals, others.
Vitamins and Minerals accounted for the highest share in the global pet nutraceuticals market due to the pet owner's preference towards bone-related issues and the animal's overall health. The aging population in pets and a high probability of osteoarthritis are forcing pet owners towards vitamin supplementation as a preventive measure.
By region, the global pet nutraceuticals market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and Africa.
North America is dominating the global pet nutraceuticals market due to the high presence of the pet community associated with an increase in pet maintenance expenditure. According to Insurance Information Association, in 2018, the annual pet industry expenditure in the United States increased from USD 66.8 million in 2016 to 69.4 million in 2017pet nutraceuticals. Pet owners across the United States preferred to spend on vitamin and mineral supplements as part of healthy diet maintenance. According to the survey conducted by the American Pet Foods Association in 2017, approximately 15-20% of bird, small animal and reptile owners give both vitamin and mineral supplements. Annual spending by U.S. pet owners over their pets reached 50 billion in 2017, and annual care spending per pet has grown from USD 225 to 275 during the last five years.
The global pet nutraceuticals market is consolidated with major market players such as Nestlé Purina PetCare Company, VH Group, Zoetis Inc., Kemin Industries, Inc Koninklijke DSM N.V occupying a significant amount of share.
The key strategies adopted by the prominent players in the global pet nutraceuticals market include new product launches in probiotics and enzyme segments targeting weight and anxiety management applications.
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