Functional pet food market to reach $ 4.67 billion by 2030
The boom in the trend of humanization of companion animals, the growth of the retail and pet shop industry is driving the growth of the functional pet food market.
PORTLAND, PORTLAND, USA, Aug 9, 2021 /EINPresswire.com/ – According to the report published by Allied Market Research, the global functional pet food market was worth $ 1.95 billion in 2020 and is expected to bring in 4 , $ 67 billion by 2030, with a CAGR of 8.8% from 2021 to 2030.
The soaring trend towards the humanization of companion animals, the growth of the retail and pet shop industry, and the awareness of the health of companion animals are driving the growth of the global functional food market for pets. However, lack of awareness regarding the benefits of functional pet foods, increasing pet food regulations and traditional methods of pet feeding are hampering the market growth. On the contrary, rapid product innovation, demand for biological applications, increasing online sales and pet ownership in developing countries would open lucrative opportunities for market players in the future. .
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The Covid-19 pandemic has positively impacted the demand for functional pet foods due to the increase in the humanization of pets and the increase in the adoption of pets for the company.
Additionally, people have become more concerned about the health of pets due to the Covid-19 outbreak, which has supplemented the demand for functional pet foods.
The global functional pet food market is segmented on the basis of pet, source, application, distribution channel, and region.
On a companion animal basis, the dog segment held the largest share in 2020, accounting for over two-thirds of the market. However, the cat segment is expected to register the highest CAGR of 9.6% during the forecast period.
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Based on applications, the brain health segment is expected to post the highest CAGR of 12.2% during the forecast period. However, the obesity segment held the lion’s share in 2020, contributing over a fifth of the market.
The global functional pet food market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The North American market held the largest share in 2020, accounting for over a third of the market. However, the Asia-Pacific market is estimated to have the highest CAGR of 10.6% from 2021 to 2030.
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Global Functional Pet Food Market includes in-depth analysis of major market players such as Kerry Group, DAR PRO Ingredients, The Scoular Company, Archer-Daniels-Midland Company, Isonova Technologies LLC, Roquette Frères, Nestlé Purina PetCare Company , PDM Group (Prosper De Mulder Ltd), Bacterfield and Petcurean Pet Nutrition USA Inc.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to be successful. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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