The Asia-Pacific Pet Food
Nutraceuticals Market was worth $0.75 billion in 2016 and estimated to be
growing at a CAGR of 4.56%, to reach $0.94 billion by 2021.
Nutraceuticals are one of the fastest-growing
segments of the pet industry. The usage of pet supplements and nutraceuticals
is a rather recent practice in veterinary medicine.
Pet food supplements are
classified as either dietary or therapeutic supplements. Dietary supplements
are substances combined with the pet foods to make them nutritionally whole and
well-adjusted. Therapeutic supplements (also known as nutraceuticals) are foods
that are taken orally to provide a health advantage, either for deterrence or
treatment of a disease.
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The growth of the Asia-Pacific
Pet Food Nutraceuticals market is majorly driven by factors such as increasing
urbanization, rising wages, implementation of channel specific product
expansion, and varying lifestyles, leading to a drop in birth rates and an
increase in the number of single person families. Pets are being considered as
family members and thus the user predilection for nutrition empowered pet food
is further driving the pet food nutraceutical market. However, factors such as
different regulatory bodies, lack of recognition of pet food in under-developed
countries, and lack of raw materials are restraining the growth of the market
in this region.
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The Asia-Pacific Pet Food
Nutraceuticals market is segmented based on Ingredient Type, Function type, Pet
Type, and Application Type. The market for Pet Food Nutraceuticals, on the
basis of Ingredient Type, is classified into Omega 3 fatty acids, Proteins and
Peptides, Milk Bio actives, Probiotics, Dietary Fibre, and others. Among these,
Omega 3 fatty acids lead the Pet Food Nutraceuticals market, followed by
Probiotics. This demand is largely driven by the age associated diseases in
pets like joints deterioration and cognitive dysfunction. On the basis of
Function type, the Pet Food Nutraceuticals market is segmented into
Nutrition/Therapeutic and Supplements. On the basis of Pet Type, the Pet Food
Nutraceuticals market is segmented into Cats, Fish, Dogs, Bird, and others.
Under this segment, dogs and cats lead the market accounting for a combined
share of 75% of the market. On the basis of Application Type, the Pet Food
Nutraceuticals market is segmented into Weight Management, Immune system, Food
Allergies, Pain Relief, Digestive health, Skin and Coat, Eye care, and others.
Under this segment, Immune system leads the market, followed by Food Allergies
and Pain Relief.
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The Asia-Pacific region is
geographically segmented into China, India, Japan, South Korea, and Australia.
India, China, Japan, Australia and South Korea are some of the major markets
for Pet Food Nutraceuticals in the Asia Pacific region. The Australian market
is largely driven by the high divorce rate and the growing single population.
The growth in the Japanese market is due to its large elderly populace that
wishes the companionship of a pet. The high education levels and advanced
infrastructure services enjoyed by these nations is also supplemented by a
robust sense of culture and locality. The affluent standing and company offered
by having a pet is a vital driver for the market in this region.
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The major players in this market
are focusing in the areas of Digestive health, weight management and beauty
(Skin and Coat). The major companies dominating the Pet Food Nutraceuticals
market in this region are Diana group, BASF SE, Chr. Hansen A/S, Kemin
Industries Inc., Nutraceutical International LLC, and Royal DSM N.V.
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