Asia-Pacific Pet Food Nutraceuticals Market was worth USD 1.7 billion in 2021 and estimated to be growing at a CAGR of 4.56%, to reach USD 2.20 billion by 2026. Nutraceuticals are one of the fastest-growing segments of the pet industry. The usage of pet supplements and nutraceuticals is a rather recent practice in veterinary medicine.
Pet food supplements are classified as either dietary or therapeutic supplements. Dietary supplements are substances combined with the pet foods to make them nutritionally whole and well-adjusted. Therapeutic supplements (also known as nutraceuticals) are foods that are taken orally to provide a health advantage, either for deterrence or treatment of a disease.
The growth of the Asia-Pacific Pet Food Nutraceuticals market is majorly driven by factors such as increasing urbanization, rising wages, implementation of channel-specific product expansion, and varying lifestyles, leading to a drop in birth rates and an increase in the number of single person families. Pets are being considered as family members and thus the user predilection for nutrition empowered pet food is further driving the pet food nutraceutical market. However, factors such as different regulatory bodies, lack of recognition of pet food in under-developed countries, and lack of raw materials are restraining the growth of the market in this region.
The Asia-Pacific Pet Food Nutraceuticals market is segmented based on
The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. India, China, Japan, Australia and South Korea are some of the major markets for Pet Food Nutraceuticals in the Asia Pacific region. The Australian market is largely driven by the high divorce rate and the growing single population. The growth in the Japanese market is due to its large elderly populace that wishes the companionship of a pet. The high education levels and advanced infrastructure services enjoyed by these nations is also supplemented by a robust sense of culture and locality. The affluent standing and company offered by having a pet is a vital driver for the market in this region.
The major players in this market are focusing in the areas of Digestive health, weight management and beauty (Skin and Coat). The major companies dominating the Pet Food Nutraceuticals market in this region are Diana group, BASF SE, Chr. Hansen A/S, Kemin Industries Inc., Nutraceutical International LLC, and Royal DSM N.V.
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