Asia-Pacific Pet Food Nutraceuticals Market

Description

Worldwide changes in socio-cultural aspects, lifestyle and increased humanization of animals have enhanced the potential for global Pet Food market and the Asia-Pacific region is no exception to it. The most recent trend in the pet healthcare and nutrition industry is that of nutraceuticals. The market of Pet food nutraceuticals in the region is currently accounted for US$XX Million and is expected to grow to US$XX Million by 2022, at a CAGR of XX% during the forecast period. Increased awareness about animal health, growing innovations in pet nutrition and increasing concerns about side-effects of pet-medications have been the key factors in the development of nutraceuticals industry. Increased rate of divorce, growing number of nuclear families and a rapid increase in the educated and socially aware population in the region have also been some of the factors responsible for the growth of the industry.

Market Dynamics:

Some of the recent events that have helped in increasing the overall value of the Pet food nutraceuticals market are termination of anti-dumping measures on China’s pet products by the European Union, introduction new products for small mammals in The India International Pet Trade Fair (9th IIPTF), in February 2017 and an increasing trend of cat rearing in Japan providing scope for innovation in the cat-food segment. Socio-cultural changes, increased in the standard of living in many of the emerging economies and growing awareness about animal health and hygiene have proven to contribute the growth of the market. An increasing shift towards smaller breed of cats and dogs in the market has also shaped the nutraceuticals industry in the region. Concerns regarding muscle development, digestive health, cognitive health and skin type, especially in cats and dogs, provide specific targets for the nutraceuticals industry to innovate.

Further, the sharp contrast between the almost saturated markets of Europe and North America, with the new markets of Asia, is a visible indicator of the future acuteness in market predictions. The market witnessed slow yet steady growth, over the past several years. New product launches, Expansions and Mergers and Acquisitions have been key strategies, in decreasing order of influence, that have impacted the dynamics of Pet Foods market.

Market Segmentation:

On the basis of ingredients, the market has been classified into is classified into Milk Bio actives, Probiotics, Dietary Fibre, Omega 3 fatty acids, Proteins and Peptides, and others. The Omega 3 fatty acids segment leads the Pet Food Nutraceuticals market, followed by Probiotics. The trend is largely driven by the age associated diseases in pets like joints deterioration and cognitive dysfunction. On the basis of Pet Type, the Pet Food Nutraceuticals market is segmented into Cats, Dogs, Fish, Bird, and others. Dog and Cat nutraceuticals have the largest market share.

Geographical analysis:

Major markets for Pet food Nutraceuticals in the Asia-Pacific region include China, Japan, India, Australia and South Korea. Although different countries lead in different segments of the market, the Chinese market handles the largest volume of nutraceuticals trade in the region. The market is expected to grow rapidly in India and China. However, the Japanese market is expected to show a comparatively sluggish growth.

Key Players

Some of the key players in the industry include Hansen A/S, Kemin Industries Inc., Nutraceutical International LLC, Diana group, BASF SE and Novotech.