The “Pet Food Nutraceutical Market” report forecast 2019-2024 is a professional and detailed study on the present state also focuses on the major drivers, Pet Food Nutraceutical business strategists and effective growth for the key players. Global Pet Food Nutraceutical Industry also provides granular analysis of the Pet Food Nutraceutical market dynamics, share, segmentation, revenue forecasts and facilitate better decision-making.
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The global pet food nutraceutical market was valued at USD 6.3 billion in 2019, and is expected to register a CAGR of 4.8% during the forecast period (2019-2024). In 2019, North America was the largest geographic segment of the market studied and accounted for a share of around 47% of the overall market, while Asia-Pacific was the fastest-growing region.
The increasing number of single families, rising animal healthcare costs, aging pet population, and poor outcomes of the use of drugs have led to consumers looking for alternatives in the form of natural and organic products. Supplements are used as alternatives to drugs, by the veterinary community. The addition of active ingredients based on intended functionality is making supplements therapeutic and nutritional treats.
Scope of the Report
Nutraceuticals are categorized as dietary supplements, functional foods, or medicinal foods. Nutritional supplements for pets are products that provide a source of recognized essential nutrient, like calcium or vitamin A. They are intended to work as supplements and ensure the nutritional completeness of the diet in pets. The supplements are being marketed not only as pills/powders, but also as ingredients in pet foods/gravies/snacks. The other alternative delivery formats that are gaining shares, due to the preference for pet palatability, include gels and pastes, as well as gravies and powders, designed to be added to pet food.
Pet Food Nutraceutical Market by Top Manufacturers:
Analysis and Key Opportunities of Pet Food Nutraceutical Market Report: Extensive analysis of the Global market, by component, helps in understanding the components of the Market that are currently used along with the variants that would gain prominence in the future. Pet Food Nutraceutical market report analyses the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenarios.
Key Market Trends
Increasing Number of People Adopting Pets
Due to changes in lifestyle, pet humanization is on the rise in different countries. The increasing pet ownership among younger generations, in particular, consumed by social media and adoption of the western lifestyle, is the main driver of the market. Hence, an increasing number of people in the country are treating pets as members of the family. The rise of the middle class and easy access to the internet are a few other drivers contributing significantly to the growth of the market. Urbanization trends in many countries have also contributed to the growth in sales of prepared pet foods, as these products are more convenient and more suitable for the busy lifestyles of urban dwellers. An important part of pet humanization is the safety and nutritional needs of pets, which is also a result of consumers being educated about labeling and the ingredients used in products. Although these extra considerations come at a higher cost, the rise of the middle-class population in the world, coupled with higher disposable income, is contributing to the sales of commercial pet foods, globally.
North America Dominates the Global Market
The North American market is the first respondent to any major global trend or consumer pattern; the high level of market penetration and corresponding infrastructure are cited as reasons for the pioneering attitude. The concept of pet humanization’ is the major trend that is consolidating both the pet care and pet food markets into a sense of overall pet well-being. One significant outcome of this trend is the consumer focus toward nutraceutical foods and remedies from the comfort or treat foods. This focus is well visible in the marketing and new product launches of the major firms.
The United States is expected to lead the pack, followed by Canada and Mexico. The rapid increase in urbanization rates and income levels that are expected of Mexico are fuelling the high expectations of the market. The increasing forces of globalization and infrastructure improvement are giving rise to considerable growth in the other regions of North America.
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Some Major Point cover in this Pet Food Nutraceutical report are: –
What will the market growth rate, Overview and Analysis by Type of Pet Food Nutraceutical Market in 2024?
What are the key factors driving, Analysis by Applications and Countries Global Pet Food Nutraceutical industry?
What are Dynamics, This Overview Includes Analysis of Scope, and price analysis of top Manufacturers Profiles of Pet Food Nutraceutical?
Who are Opportunities, Risk and Driving Force of Pet Food Nutraceutical Market? Knows Upstream Raw Materials Sourcing and Downstream Buyers
Who are the opportunities and threats faced by the Manufacturers in Pet Food Nutraceutical space? Business Overview by Type, Applications, Gross Margin and Market Share
What are the market opportunities, market risk and market overview of the Pet Food Nutraceutical Market?
No. of Pages: – 130
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Table of Contents included in Pet Food Nutraceutical Market Report –
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user industry
PART 07: Market segmentation by application
PART 08: Geographical Segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
List of abbreviations
List of Exhibits
And Many More….
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