The pet food market with a growing CAGR of 6.34% is estimated to be valued at USD 8.25 billion by 2023. Owing to a surging population of aged pets and the growing acceptance for supplements by the veterinary community, the global pet food nutraceutical is estimated to grow in the forecast period. Increasing use of nutritional supplements by pet owners as an alternative to veterinary visits is expected to drive the entire pet supplements segment, followed by therapeutic foods. The market sees huge potential in the form of natural and organic-based pet foods, and pet recalls due to cases of contamination. This is expected to result in pet manufacturers strengthening their raw material sourcing practices, and focusing more on good manufacturing practices (GMP) and labelling requirements to gain customerÕs trust in the growing market.
Brand value enhancement in emerging markets and customer preference for reputed brands are driving the market
Multinational players have more resources to invest in new product development and marketing. These brands are building their presence in emerging markets through increased marketing expenditure and campaigns, focusing on the credibility of their products for pet nutrition as compared to cheaper competitor products. Strengthened consumer preference for foreign brands in the emerging countries of South East Asia has also encouraged manufacturers from North America to take stride. India, one of the fastest growing markets for functional pet food. Companies are building on their brand equity in these countries through partnerships, mergers and acquisitions of small players. The market for private label brands continues to pose a threat to the presence of major brands. However pet food recalls are continuing to trade down on the scaling up of private labels.
North America to Dominate the Market Growth
North America, Europe, Asia-Pacific, South America and Africa are the geographical regions considered in this study. North America dominates the market, while Asia-Pacific is estimated to be the fastest growing segment. The growth in the North American region is largely contribute to by affluence trends, where an increased concern toward pet health is shaping the market. Increasing disposable incomes and urbanization have resulted in declining birth rates, rise in divorce rates and increase in single household families. The emerging countries of Latin America, Asia-Pacific and Northern Africa are largely driven by westernization, which is resulting in increased pet adoption rates in these countries. Similar to humans, the rising population of aged pets is expected to augment consumerÕs expenditure on nutritional food.
Key Developments in the Market
¥ November 2017: Creso Pharma has clinched a major milestone with the commercial launch of its first animal health product in Switzerland and Lichtenstein
¥ March 2017: Mars Inc., to invest USD 70 million in US manufacturing for improving its work efficiency.
Major Key Players: KEMIN, DUPONT, NUTRACEUTICALS INTERNATIONAL LLC, ARCHER DANIELS MIDLAND amongst others
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1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Modelling
3. Executive Summary
4. Market Overview and Trends
4.2 Market Trends
4.3 PorterÃ•s Five Force Framework
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Competitive Rivalry within the Industry
5. Market Dynamics
5.1.1 Increasing Number of People Adopting Pets
5.1.2 Rapid Urbanization
5.2.1 Regulatory Bodies & Stringent Regulations
5.2.2 Lack of Recognition of Pet Food in Under-Developed Countries Due To Low Incomes
5.3.1 Retail Grocery Chains Dominating Distribution & Marketing Space
6. Global Pet Food Nutraceutical Market Segmentation, By Pet Type
7. Global Pet Food Nutraceutical Market Segmentation, By Function Type
8. Global Pet Food Nutraceutical Market Segmentation, By Ingredient Type
8.1 Milk Bio Actives
8.2 Omega 3 Fatty Acids
8.4 Proteins and Peptides
8.5 Dietary Fiber
9. Global Pet Food Nutraceutical Market Segmentation, Segmented By Region
9.1 North America
9.1.1 United States
9.1.3 Rest of North America
9.2.4 Rest of Asia-Pacific
9.3.1 United Kingdom
9.3.5 Rest of Europe
9.4 Rest of the World
9.4.2 South Africa
10. Competitive Landscape and Introduction
10.2 Market Share Analysis
10.3 Developments of Key Players
11. Key Vendor Analysis (Overview, Products & Services, Strategies)
11.4 Roquette Freres
11.7 Darling International Inc
11.8 Archer Daniels Midland
11.9 Nestle (Purina Petcare)
11.10 Boehringer Ingelheim Animal Health
11.11 Novotech Neutraceutical
11.12 Vit2be-Diana Group
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.