Functional Pet Treat Market Anticipated to Show Incredible Growth at a CAGR of 9.2% by 2031

Cat segment is estimated to witness the fastest growth, registering a CAGR of 9.7% during the forecast period.

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, March 18, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Functional Pet Treat Market by Pet, by Application, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031." The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The functional pet treat market was valued at $290.96 million in 2021, and is estimated to reach $722.8 million by 2031, growing at a CAGR of 9.2% from 2022 to 2031.

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Consumers are increasingly demanding pet treat products that address specific health conditions. Obesity is a problem among pets due to overfeeding and a lack of physical activity, especially for indoor cats. Concern for the health of pets has propelled consumers paying closer attention to the ingredients used in pet food products. Increase in number of low-fat and low-calorie products, as well as weight-control foods, have been introduced to address these issues.

Manufacturers are seizing opportunities to grow sales by manufacturing functional pet treats related to specific diseases and targeting life stages and specific breeds of pets. As consumer spending on pet food has increased, companies are manufacturing premium quality functional pet food according to categories of diseases related to pet breed, age, and lifestyle. Furthermore, growth in pet humanization and an increase in spending on pet grooming & treat are expected to boost the growth of the functional pet treat market during the forecast period.

The Asia-Pacific region stands out as a pivotal and promising market for the functional pet treat industry. It encompasses a diverse range of countries, including mature markets like Australia and Japan, as well as burgeoning markets such as China and India. Notably, each country within this region exhibits distinct buying patterns and social cultures.

Urbanization is a key driver propelling the functional pet treat market in Asia-Pacific, accompanied by a notable surge in pet ownership among millennials. The rise in loneliness incidents is a significant factor fueling this trend, as pets are increasingly recognized for their ability to provide companionship and alleviate feelings of isolation through their loyalty and affection.

Despite the promising growth prospects, the market faces certain challenges. Close substitutes for functional pet treats and a lack of awareness regarding their benefits are anticipated to impede market growth in the forecast period. Additionally, a prevalent practice among pet owners is to feed their pets human-consumed treats such as white rice, dairy products, fish, chicken, and peanut butter, rather than opting for recommended pet treats and functional options. This trend poses a hindrance to the market's expansion.

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The functional pet treat market share is segmented into pet, application, distribution channel, and region. On the basis of pet, the market is categorized into dog, cat, and others. By application, it is segregated into bone health, brain health, obesity, skin disease, and others. Depending on distribution channel, it is divided into pet stores, pharmacies, veterinary clinics, online stores, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Russia, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and Rest of LAMEA). On the basis of pet, the cat segment was valued at $68.2 million in 2021, and is projected to reach $176.4 million by 2031, registering a CAGR of 9.7% from 2022 to 2031. Smaller pets are ideal companions as per the lifestyle of a busy pet parent.

Manufacturers are increasingly offering product ranges and variants from baby cats to adult cats. However, organic functional cat treats are increasingly marketed as buyers are switching to healthy & nutritious treat to meet their cats’ therapeutic needs. With increase in health-consciousness among cat owners regarding their pets, product manufacturers aim at offering treats without adding artificial additives, false colors, and preservatives.

On the basis of application, the skin diseas segment is estimated to reach $284.6 million by 2031 at a CAGR of 9.6%. Bone health supplements are gaining significant importance among pet owners as bone problems in cats, dogs, and other pet animals have become more prominent, which sometimes affect their day-to-day activities. Moreover, joint pain, osteoarthritis, dysplasia, and osteochondritis dissecans are serious joint issues that need to be dealt with as soon as their symptoms arise in pets.

Distribution channel, the pet stores segment is estimated to reach $109.1 million by 2031, growing at a CAGR of 8.9%. A specialized pet shop, popularly known as a pet store, sells different kinds of animals, treat types, and pet accessories under one roof. Specialized pet shop is the second fastest growing sales channel after internet sales. Consumers are benefited with wider and specific option as per their pets’ requirements.

Region-wise, Asia-Pacific has been gaining considerable traction in the functional pet treat industry, and is expected to grow at a significant CAGR during the forecast period. pet care product manufacturing companies are heavily investing on developing countries, including China and India as these countries are anticipated to witness significant growth opportunities, owing to increase in product demand with rise in population of pet animals.

The key players profiled in this report 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.

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𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐃𝐞𝐦𝐚𝐧𝐝 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐅𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐚𝐥 𝐏𝐞𝐭 𝐓𝐫𝐞𝐚𝐭:

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐏𝐞𝐭 𝐇𝐮𝐦𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧: As pets are increasingly viewed as members of the family, pet owners are more willing to invest in products that promote their pets' health and well-being. This trend has boosted demand for functional pet treats that address specific health concerns or conditions.

𝐇𝐞𝐚𝐥𝐭𝐡 𝐚𝐧𝐝 𝐖𝐞𝐥𝐥𝐧𝐞𝐬𝐬 𝐓𝐫𝐞𝐧𝐝𝐬: Parallel to human health trends, there's a growing emphasis on preventive healthcare for pets. This has led to an increased demand for functional treats formulated with natural, organic, and holistic ingredients, and those that are free from artificial additives and fillers.

𝐓𝐚𝐫𝐠𝐞𝐭𝐞𝐝 𝐇𝐞𝐚𝐥𝐭𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬: Pet owners are seeking treats that cater to their pets' specific health needs. Treats formulated for joint health, dental care, skin and coat health, digestive support, and stress relief are gaining popularity.

𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐯𝐞 𝐈𝐧𝐠𝐫𝐞𝐝𝐢𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐅𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬: Manufacturers are continually innovating by incorporating new and novel ingredients with proven health benefits into their functional treat formulations. These may include ingredients like glucosamine and chondroitin for joint health, probiotics for digestive health, or omega-3 fatty acids for skin and coat health.

𝐂𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐜𝐞 𝐚𝐧𝐝 𝐏𝐨𝐫𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Pet owners value convenience and portability in their pet treats, driving demand for functional treats that are easy to store, portion, and serve on-the-go.

𝐎𝐧𝐥𝐢𝐧𝐞 𝐑𝐞𝐭𝐚𝐢𝐥 𝐆𝐫𝐨𝐰𝐭𝐡: The rise of e-commerce has significantly expanded the reach of pet product manufacturers, allowing them to directly target and sell to consumers online. This presents opportunities for niche and specialty functional pet treat brands to reach a broader audience.

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𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 "𝐀𝐌𝐑 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

○ U.S. Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032
○ Canada Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032

○ Europe Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032
https://www.alliedmarketresearch.com/europe-functional-pet-treat-market-A80976

○ Mexico Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032
https://www.alliedmarketresearch.com/mexico-functional-pet-treat-market-A80975

○ UK Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032
https://www.alliedmarketresearch.com/uk-functional-pet-treat-market-A80977

○ Italy Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032
https://www.alliedmarketresearch.com/italy-functional-pet-treat-market-A80978

○ Russia Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032
https://www.alliedmarketresearch.com/russia-functional-pet-treat-market-A80979

○ France Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032
https://www.alliedmarketresearch.com/france-functional-pet-treat-market-A80980

○ Germany Functional Pet Treat Market Opportunity Analysis and Industry Forecast, 2022-2032
https://www.alliedmarketresearch.com/germany-functional-pet-treat-market-A80981

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