HYDERABAD, India, March 28, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the Pet Food Nutraceuticals Market. The report titled, "Global Pet Food Nutraceuticals Market - Growth, Trends, and Forecasts (2015-2020) "discusses the current landscape and outlook of the said market.
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The pet food nutraceuticals market was estimated at USD 5.0 billion in 2015 and is projected to reach USD 6.76 billion by 2020, at a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2015 to 2020.
Nutraceuticals are extracts from plants, animals, and microbial cultures, which provide health benefits related to bone, skin, and dental issues. Nutritional supplements for pets are products that provide a source of recognized essential nutrients, such as calcium or vitamin A, and are intended to work as supplements to ensure the nutritional completeness of the diet for pets.
The rapid pace, at which the economic and professional constructs are developing, influences the way we live, and similarly, the adoption or buying rates of pets are a result of these changes. The North American markets are among the first to respond to any major global trend or consumer patterns due to the high levels of market penetration and corresponding infrastructure in this region. The North American market was valued at USD 23,130.9 million in 2014.
The studied market is segmented based on product type, ingredient type, pricing, animal type, and sales channel. Based on product type, the market is further segmented into dry & wet food. On the basis of ingredients, the market is segmented into animal derived, plant derived, and cereal & cereal derivatives-based products. In addition, pet nutraceuticals have various pricing ranges, which are economic, premium, and super premium products.
North America has the highest share in the pet food nutraceuticals market and Asia-Pacific has the highest estimated CAGR of 5.1% during the given forecast period. The dry & wet pet foods have their own pros and cons. Hence, a combination of dry and wet foods is mostly preferred. In addition, the products that are manufactured from meat and animal derivatives have a higher preference over fruit and vegetables. Dry pet food is gaining the attention of pet owners, due to its storage, stability, and cost effectiveness.
Some of the major players in this market are Mars Inc., Nestle, Hill's Pet Nutrition, and Procter & Gamble, among others. Acquisitions, mergers, and partnerships are a few strategies, which are adopted by the major players to increase their market share.
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