The ‘functional’ pet food market was valued at $1,954.8m worldwide last year and is forecast to reach $4,676.1m by 2030, registering a CAGR of 8.8% from 2021 to 2030, according to new research.
Functional food is gaining significant traction among developing countries, owing to increasing pet humanisation and rising disposable income along with growing interest in pet health, the report says.
Consumers’ preferences for natural and organic products and healthy ingredients has created a ‘lucrative opportunity’ for niche manufacturers to offer organic, natural, and allergen-free products, and innovation in specialty and premium cat food products is boosting the market.
But the report also suggests that a lack of awareness regarding the concept of functional pet food and proper guidelines and suggestions regarding how to nourish pets, especially in developing countries such as India and China, are expected to hinder the growth of the functional pet food market during the forecast period.
The ‘Functional pet food Market by Pet, Source, Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030’ report from ResearchAndMarkets.com
Products mentioned in the ‘Functional Pet Food Market by Pet, Source, Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030′ from ResearchAndMarkets.com include Hill’s Science Diet Senior Age Defying cat food, Purina Veterinary Diets’ Hypoallergic Feline Formula cat food, and Hill’s Prescription Diet Feline Thyroid Health cat food to promote dental and oral health.
