Functional Pet Food Ingredients Market - An Overview
The global functional pet food ingredients market is expected to witness moderate growth during the forecast period between 2021 and 2031.
The importance of functional pet food ingredients in animal food products has risen in the last few years. Some of the commonly-used functional pet food ingredients include omega-3 fatty acids, prebiotic fibers, and beneficial probiotic bacteria.
Omega-3 has emerged as a key functional pet food ingredient in dog food. Functional pet food products rich in calcium have proven beneficial to maintaining bone and teeth health in animals.
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The outbreak of the COVID-19 pandemic adversely affected the global functional pet food ingredients market. With governments imposing social distancing regulations and lockdowns, production units were forced to shut down temporarily or permanently.
This impacted functional pet food production and led to reduced demand for functional pet food ingredients.
However, with the subsequent reduction in cases and vaccine availability, it is expected the production units will start to operate at full capacity soon, leading to increase in product demand and growth in the overall functional pet food ingredients market.
Functional Pet Food Ingredients Market - Trends and Opportunities
Rising concern of animal health worldwide is the key growth driver for the functional pet food ingredients market.
Also, increasing number of pet ownerships in leading economies globally is expected to fuel the functional pet food ingredients demand, in the years ahead.
In addition to this, growing need among different population sections globally for energy-boosting, disease-preventing, and health-promoting benefits in pet food products could fuel the growth in the functional pet food ingredients market, in the coming years.
Government initiatives and measures, promoting the advantages of functional pet food ingredients could bolster the functional pet food ingredients demand, in the years ahead.
Animal-based functional pet food market is expected to make the largest contribution to the functional pet food ingredients market due to the several nutritional and health benefits offered by these products.
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Functional Pet Food Ingredients Market - Competitive Landscape
The global functional pet food ingredients market is extremely competitive and comprises several leading players, many of whom are expected to hold a large share in the global market, in future.
Collaborations with smaller players could help prominent players expand their market presence and increase their consumer base.
Growth strategies such as new product launches could help well-established gain a competitive edge over the others. For example, Mars Inc. launched a cat food product under its Whiskas brand in June 2021.
Some of the prominent players in the overall market include Diamond Pet Food, Nestle Purina Petcare Company, Mars Inc., and JM Smucker Company.
Functional Pet Food Ingredients Market - Regional Assessment
The global functional pet food ingredients market is classified into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Latin America is expected to be the dominant region in the functional pet food ingredients market. Brazil has emerged as the leader in the functional pet food ingredients market and is expected to stay on top in future, thereby contributing significantly to the growth of the market in the region.
North America is anticipated to witness substantial growth in the overall market in future due to increasing pet ownership and the emergence of private stores label brands in countries such as US and Canada.
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Asia Pacific is expected to witness strong growth in the functional pet food ingredients market because of factors such as rapid urbanization and rising disposable income among families, residing in countries such as India.
Europe and Middle East and Africa is anticipated to witness moderate growth in the functional pet food ingredients market, in the coming years.
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