Functional Pet Food Market Jump Out USD $4,676.1 Million by 2030 | Pet Stores Exceed at a CAGR 8.3% by 2030

PORTLAND, OREGON, UNITED STATES, March 30, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled functional pet food market size is expected to reach $4,676.1 million by 2030 at a CAGR of 8.8% from 2021 to 2030.

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functional pet food market top impacting factor

One of the top impacting factors in the functional pet food market is the increasing awareness and concern among pet owners about their pets' health and well-being. Pet owners are becoming more aware of the importance of providing their pets with high-quality, nutritious food that can support their overall health, as well as address specific health issues or concerns.

Another factor that is driving the growth of the functional pet food market is the increasing availability of specialized pet foods that are designed to address specific health conditions such as obesity, joint problems, allergies, and digestive issues. This is creating new opportunities for pet food manufacturers to develop and market products that meet the specific needs of different types of pets.

Additionally, the growing trend towards humanization of pets, where pets are seen as part of the family and treated as such, is also contributing to the growth of the functional pet food market. Pet owners are willing to spend more on premium pet foods that provide their pets with the same level of nutrition and quality ingredients as human food.

Other factors that are impacting the functional pet food market include increasing urbanization and the rise of pet ownership in developing countries, as well as the growing demand for natural and organic pet foods.

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functional pet food market market dynamics

Increasing demand for functional pet food:
As pet owners become more aware of the health benefits of functional pet food, the demand for these products is increasing. Pet owners are seeking out pet food that provides specific health benefits, such as improved digestion, weight management, and joint health.

Growing popularity of natural and organic pet food:
The demand for natural and organic pet food is also increasing as pet owners become more conscious of the ingredients in their pets' food. Natural and organic pet food is perceived to be healthier and safer for pets, which is driving its popularity.

Rise of e-commerce:
The growth of e-commerce has made it easier for pet owners to access a wider range of pet food products, including functional pet food. Online sales of pet food are expected to continue to increase in the coming years, as more pet owners prefer the convenience of ordering pet food online.

Technological advancements:
Advances in technology are driving innovation in the functional pet food market, with manufacturers developing new products that offer targeted health benefits. For example, there are now pet foods that are formulated to support cognitive function and mental health in pets.

Regulatory environment:
The regulatory environment for pet food is constantly evolving, with new regulations and guidelines being introduced in different countries. Manufacturers need to stay up-to-date with these changes to ensure compliance and to maintain consumer trust in their products.

functional pet food market recent development

Increasing demand for CBD-infused pet food:
CBD (cannabidiol) has gained popularity as a potential treatment for various health conditions in pets, including anxiety, pain, and inflammation. As a result, there is growing demand for CBD-infused pet food products that offer these potential health benefits.

Use of novel proteins:
Some pet food manufacturers are using novel proteins, such as insect-based or plant-based proteins, to offer alternative sources of protein for pets. These novel proteins are often more sustainable and can help address concerns about food allergies and intolerances.

Personalized nutrition:
Some pet food companies are offering personalized nutrition plans for pets based on their individual needs and health conditions. These plans may include customized functional pet food formulations or supplements.

Innovation in packaging:
There is growing innovation in the packaging of functional pet food products, with manufacturers introducing new packaging materials and designs that offer greater convenience and freshness.

Emphasis on sustainability:
Many pet food manufacturers are placing greater emphasis on sustainability and eco-friendliness, with some companies using recycled materials in their packaging or sourcing ingredients from sustainable sources.

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Key findings of the study

By pet, the cat segment is estimated to witness the fastest growth, registering a CAGR of 9.6% during the forecast period.

In 2020, depending on application, the bone health segment was valued at $284.6 million, accounting for 14.6% of the global functional pet food market share.

In 2020, the U.S. was the most prominent market in North America, and is projected to reach $1148.6 million by 2030, growing at a CAGR of 7.0% during the forecast period.

The players operating in the functional pet food industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include DAR PRO Ingredients, Kerry Group, Archer-Daniels-Midland Company, The Scoular Company, Roquette Frères, Isonova Technologies LLC, PDM Group (Prosper De Mulder Ltd), Nestlé Purina PetCare Company, Bacterfield, and Petcurean Pet Nutrition USA Inc.

Tushar Rajput
Allied Analytics LLP
+18007925285 ext.
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