What are pet food nutraceuticals? – An analysis
Pets as companion animals have a long history but with the industrial revolution and rise of the middle class in the 19th century, families with disposable income began to keep domesticated cats and dogs. James Spratt introduced the first commercially prepared pet food in 1860 by formulating the first dog biscuit (mix of wheat meals, vegetables, beetroot and, beef blood) and he succeeded in this business venture. The pet food nutraceuticals can be defined as those pet foods that contain bioactive chemicals derived from foods but taken as supplements at much higher concentrations than an ordinary diet alone could provide.
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Pet food nutraceuticals contain most common nutraceuticals such as glucosamine and the US FDA does not consider these as drugs. The global pet food nutraceuticals market worth was the US $4.40 billion dollars in 2016 that are estimated to grow at a CAGR of 4.12% reaching about US $5.39 billion by 2021. The pet food industry itself accounts for 12% towards value-based foods with the rest accounting for general consumption.
Nutraceuticals pet food market – Recent Trends
Formulated diets in the form of nutritional supplements are one of the fastest growing segments of the pet product industry as one out of five pet owners give some kind nonprescription supplement to their cat or dog. Increasing urbanization, growing disposable incomes and changing lifestyle leading to single person families even in developing economies is leading to pets being adopted or considered as part of family fraternity.
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The growing number of pet owners is driving the food Pet Food Nutraceuticals Market with consumers preferring nutrition enabled pet food with other major driving forces to include companies producing nutraceutical pet food products adopting channel specific product development.
In developed economies like United States of America, Americans spend about $60 billion on their pets that includes spending on pet food nutraceuticals. The total North American nutraceuticals pet food market was valued at US $1528.4 million in 2015 that is expected to grow significantly by 2020. Global Pet Food Nutraceuticals Market Trends that are now visible relates to the consumer movement towards nutraceutical foods which are in addition to traditionally based factors such as marketing claims, packaging, convenience and cost are also moving towards those consumers who are willing to pay more to get the best nutraceutical pet food for their pets. Nutritional supplements for pets are a source of standard vital nutrients like Vitamin A, Calcium etc that guarantee the nutritional wholeness of the pet diet.
Consumers are now more aware of their pets’ health when they are ready to enrich the pet foods with functional ingredients such as vitamins, minerals, and probiotics for boosting their pets overall health that itself is helping in the growth of pet food nutraceutical market.
Global Pet Food Nutraceuticals Market – A Segmented View
The global pet food nutraceuticals market is growing due to the demand for pet foods to be used as dietary supplements and for their therapeutic use with the key therapeutic applications that include pain relief, weight management, digestive health, immune system, eye care, food allergies and other factors for the benefit of pets. The pet food nutraceuticals market is segmented into based on Ingredient Type, Function Type, Pet Type and Application Type with each of these segments further classified into the below mentioned types or divisions.
|Ingredient Type||Function Type||Pet Type||Application Type|
|Omega 3 Fatty Acids||Nutrition/Therapeutic||Cats||Weight Management|
|Proteins/ Peptides||Supplements||Dogs||Immune System|
|Milk Bio actives||Birds||Food Allergies|
|Dietary Fibers||Others||Digestive Health|
|Others||Skin and Coat|
Table—1: Market Segmentation of Global Pet Food Nutraceuticals Market
Based on ingredient type pet food nutraceuticals – Omega 3 fatty acids occupies the largest share of the global pet food nutraceutical market. Geographically North America and Europe accounts for 60% of entire pet food nutraceuticals market with North America having the highest share in the global pet food nutraceuticals market. The Asia-Pacific region has the highest CAGR of 5.1% during 2016. The major companies or players who are dominating the global pet food nutraceuticals market include-
- Diana Group
- Kemin Industries Ltd
- Nutraceutical International LLC
- Royal DSM N.V
The above-mentioned companies adopt various strategies and marketing techniques to increase their market share.