The Latin America Pet Food Nutraceuticals Market was worth USD 0.72 billion in 2021 and estimated to be growing at a CAGR of 3.63%, to reach USD 1.19 billion by 2026. The health-conscious user perceives nutrition-enabled foods as a substitute for healthcare expenses, thereby driving the growth of the nutraceutical market.
The pet food nutraceuticals market is characterized as dietary supplements, functional or medicinal food products that supply a source of a standard vital nutrient, like calcium or vitamin A. They are meant to function as supplements and guarantee the nutritional wholeness of the pet diet.
The growth of the Latin America Pet Food Nutraceuticals market is majorly driven by factors such as an increasing number of people adopting pets, user attitudinal transformation towards pets with curiosity on their nutrition and health, and rapid urbanization. However, factors such as different regulatory bodies and lack of raw materials are restraining the growth of the market in this region. Another major challenge for the market is the lack of recognition of pet food in under-developed countries due to low incomes.
The Latin America Pet Food Nutraceuticals market is segmented based on
The market for Pet Food Nutraceuticals, on the basis of Ingredient Type, is classified into Omega 3 fatty acids, Proteins and Peptides, Milk Bio actives, Probiotics, Dietary Fibre, and others. Among these, Omega 3 fatty acids lead the Pet Food Nutraceuticals market, followed by Probiotics. This demand is largely driven by age-associated diseases in pets like joints deterioration and cognitive dysfunction. On the basis of Function type, the Pet Food Nutraceuticals market is segmented into Nutrition/Therapeutic and Supplements. On the basis of Pet Type, the Pet Food Nutraceuticals market is segmented into Cats, Fish, Dogs, Bird, and others. Under this segment, dogs and cats lead the market accounting for a combined share of 75% of the market. On the basis of Application Type, the Pet Food Nutraceuticals market is segmented into Weight Management, Immune system, Food Allergies, Pain Relief, Digestive health, Skin and Coat, Eyecare, and others. Under this segment, the Immune system leads the market, followed by Food Allergies and Pain Relief.
Latin America market region includes countries such as Brazil, Argentina, Mexico, and the remaining countries of South America. Mexico and Brazil lead the Pet Food Nutraceuticals market in Latin America with a market share of 36% and 32% respectively. Mexico is characterized by the traits of most developing markets, where the shifting economic and social conditions are the main drivers of the market.
Major Key Players:
The major players in this market are focusing on 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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