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(Health-NewsWire.Net, March 30, 2020 ) Market Overview
• The Global Pet Nutraceuticals Market is expected to grow at a high CAGR during the forecasting period (2019-2026).
• Pet nutraceuticals are micronutrients, macronutrients, and nutritional supplements intended to use as therapeutic agents in companion animals. Currently, pet nutraceuticals are available for both disease management and health promotion through conventional pet foods and individual supplements. The consumption of nutraceuticals provides several benefits to pet including immune regulation, improved metabolic activities and 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.
Market Dynamics:
• The growing trend of pet ownership and increased spending by the pet owners for health maintenance of pets are the factors driving the growth of global pet nutraceuticals market. Growing presence of aging pet population and decreasing bone health led to 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, muscle health, joint health, eye, and tooth care of pet animals evolved as the key concerns of pet owners. The lack of required doses of essential nutrients in domestically made pet food is motivating the pet owners towards additional supplements.
• However, high cost associated with pet nutraceuticals and unorganized pet food prepared by pet owners are the major factors hindering the growth of global pet nutraceuticals market.
Segmentation Analysis
• Global pet nutraceuticals market is segmented on the basis of product type into fatty acids, enzymes, proteins & peptides, antioxidants, vitamins & minerals, others.
• Vitamins and Minerals accounted for the highest share in global pet nutraceuticals market owing to the pet owner preference towards bone related issues and overall health of the animal. Aging population in pets and high probability of occurrence of osteoarthritis is forcing pet owners towards vitamin supplementation as a preventive measure.
Geographical Presentation
• 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 owing to high presence of pet community associated with increase in expenditure in pet maintenance. According to Insurance Information Association in 2018, the annual pet industry expenditure in 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 over 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.
Competitive Analysis
• The global pet nutraceuticals market is consolidated with major market players such as Nestlé Purina PetCare Company, VH Group, Zoetis Inc., Kemin Industries, Inc., and Koninklijke DSM N.V occupying significant amount of share.
• The key strategies adopted by the prominent players in the global pet nutraceuticals market includes new product launches in probiotics and enzymes segments targeting weight and anxiety management applications.
• In June 2019, LifeSense launched C8 (Caprylic Acid), and MCT (Medium Chain Triglyceride) for dogs. C8 and MCT Oil possess ability to improve cognitive skills and alertness associated with weight management.
• In May 2019, Purina Pro Plan Veterinary Supplements launched “Calming Care”, a probiotic supplement for canine anxiety management.
• In June 2018, Microbial launched Profauna 100, a high-count multi stain probiotic for Dogs for digestive health maintenance.
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• Visualize the composition of the global pet nutraceuticals market in terms of various types of product types, application and pet types highlighting the key commercial assets and players.
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• A PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
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Target Audience
• Investors/Investment Bankers
• Distributors
• Pet Associations
• Pet Food Manufacturers
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