A recent report by Allied Market Research, titled “Functional Pet Treat Market by Pet, by Application, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031,” offers comprehensive insights into the dynamics of the functional pet treat market.
The report delves into top investment prospects, winning strategies, drivers, opportunities, market size estimations, competitive landscape, and evolving trends. In 2021, the functional pet treat market was valued at $290.96 million and is forecasted to soar to $722.8 million by 2031, registering a robust CAGR of 9.2% during the period from 2022 to 2031.
Increasing consumer demand for pet treats addressing specific health concerns, particularly obesity stemming from overfeeding and sedentary lifestyles among indoor cats, has fueled scrutiny over ingredient quality in pet food products. Consequently, a surge in low-fat, low-calorie, and weight-control pet food products has been witnessed to combat these issues.
Manufacturers are capitalizing on this trend by developing functional pet treats tailored to address specific health conditions, life stages, and breeds. With a rising expenditure on pet food, companies are focusing on producing premium-quality functional pet food catering to various diseases based on pet breed, age, and lifestyle. Moreover, the burgeoning trend of pet humanization and increased spending on pet grooming and treats are anticipated to propel market growth in the foreseeable future.
The Asia-Pacific region emerges as a pivotal market for the functional pet treat industry, encompassing a diverse array of countries, ranging from established markets like Australia and Japan to emerging markets such as China and India. Each country within this region exhibits unique purchasing patterns and social cultures.
Urbanization, accompanied by a notable uptick in pet ownership among millennials, serves as a primary driver propelling the functional pet treat market in the Asia-Pacific region. The surge in loneliness incidents has also contributed to this trend, with pets increasingly recognized for their role in providing companionship and alleviating feelings of isolation.
Despite promising growth prospects, the market faces challenges such as close substitutes for functional pet treats and a lack of awareness regarding their benefits. Additionally, a prevalent practice among pet owners to feed human-consumed treats to their pets rather than opting for recommended pet treats poses a hindrance to market expansion.
The functional pet treat market is segmented based on pet type, application, distribution channel, and region. Segments include dogs, cats, and others for pets; applications such as bone health, brain health, obesity, skin disease, among others; distribution channels like pet stores, pharmacies, veterinary clinics, online stores, and others. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In the cat segment, valued at $68.2 million in 2021, a projected CAGR of 9.7% is anticipated, highlighting the growing demand for functional pet treats among cat owners. Manufacturers are expanding their product ranges and variants from baby cats to adults, with an increasing emphasis on organic and nutritious treats devoid of artificial additives, colors, and preservatives.
Applications such as skin disease treatment are projected to reach $284.6 million by 2031, driven by the growing prevalence of bone health issues in pets. Distribution channels, particularly pet stores, are estimated to reach $109.1 million by 2031, experiencing a significant CAGR of 8.9%.
Asia-Pacific is poised for substantial growth in the functional pet treat industry, with companies heavily investing in developing countries like China and India to capitalize on burgeoning demand fueled by a rising pet population.
Key players in the functional pet treat market include Archer-Daniels-Midland Company, Bacterfield, DAR PRO Ingredients, IsoNova Technologies LLC, Kerry Group, Nestlé Purina PetCare Company, PDM Group (Prosper De Mulder Ltd.), Petcurean Pet Nutrition USA Inc., Roquette Frères, and The Scoular Company.
