Functional Pet Treat Market Research, 2031
The global functional pet treat market size was valued at $291 million in 2021, and is projected to reach $722.8 million by 2031, growing at a CAGR of 9.2% from 2022 to 2031.
The functional pet treat market is segmented into Pet, Application and Distribution Channel.
Functional pet treat is an alternative to traditional pet treat, which is increasingly given to enhance pet’s health as it is rich in nutrients, protein, vitamins, and minerals. It contains special nutritional benefits in terms of general wellness or addresses specific health concern of pets related to digestion, immune system strength, dental health, and joint & cartilage functions of pets, including dogs, cats, freshwater fish, reptiles, horses, and birds. It is gaining significant traction among pet owners due to benefits associated with functional pet treat to improve immune system strength, bone, brain, & muscle health, reduce postprandial glucose & insulin concentrations, and prevent diabetes-related disorders which results in functional pet treat market trends.
Manufacturers are seizing opportunities to grow sales through manufacturing functional pet treats related to specific diseases, and targeting life stages and specific breeds of pets. As consumers 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. Functional treats provide more calories than fat, protein, and carbohydrate to the overall nutritional regime. Functional pet treats provide calculated amount of fat, protein, and carbohydrate as per the need and additional medical requirements. Furthermore, growth in pet humanization and increase in spending on pet grooming & treat are expected to boost the growth of the functional pet treat market analysis during the forecast period.
The outbreak of the COVID-19 pandemic has positively affected the functional pet treat market due to undermined and unintended consequence of COVID-19 pandemic. Prior to the pandemic, the global functional pet treat industry was growing at a strong rate due to growth in pet humanization, concerns about animal welfare, and increase in spending on animal health & grooming. This was upsurged during the lockdown period as people became more concerned about pet health apart from their own, resulting in significant adoption of functional pet treat. Thus, certain COVID-19 repercussions and above factors that accelerated the market growth are further expected to sustain this growth during the functional pet treat market forecast period.
The functional pet treat market is segmented into pet, application, distribution channel, and region. Based on pet, the market is categorized into dog, cat, and others. By application, it is segregated into bone health, brain health, obesity, skin diseases, 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 dog segment accounted for major share in 2021, and is likely to maintain this during the forecast period, owing to increase in trend of nuclear families and their demand to keep dogs for companionship and security. Nonetheless, due to concerns toward pet’s health, pet parents are increasingly opting for nutritional treat, followed by treats and snacks which surge the functional pet treat market demand. Therefore, functional pet treat is the fastest-growing treat type as it delivers sufficient nutrition, containing high-moisture, protein-rich, and low calories. Dog is one of the most popular pets owing to various reasons and personal interest such as it is stress buster and more resistant to allergies as compared to other pets, which means they can adapt themselves in any condition. Increase in mental disorders, including depression, is a major cause of loneliness, which encourages people to adopt dogs as pets. Furthermore, dogs are most loyal animals as compared to other pet animals and can be adopted for home protection. Therefore, increase in adoption of dogs and rise in spending for their health & wellness are expected to boost the growth of the functional pet treat market growth during the forecast period.
Depending on application, the skin diseases segment was valued at $93.7 million in 2021 and is expected to reach $231.3 million by 2031 at a CAGR of 9.2%. This growth is attributed to rise in prevalence of skin diseases among pets. For instance, atopic dermatitis (AD), a chronic and eczematous skin disease, affects pet animals especially dogs, and requires a combination of treatments with required functional treat. Pet owners have shown increased interest in holistic, natural diets containing wholesome ingredients, such as oats & barley, which can reduce the risk of skin disease. Moreover, increase in prevalence of obesity disorders among pets coupled with rise in concerns among pet owners is expected to increase the functional pet treat market share.
By distribution channel, the pet stores segment was valued at $109.1 million in 2021, and is expected to reach $262.9 million by 2031, with a CAGR of 8.9%. Rapid increase in number of pet stores in developing economies has enabled easier availability of functional pet treat, as these stores help to increase the sales of functional pet treat products. In addition, increase in urbanization and expansion of metro cities are expected to promote the growth of this distribution channel in the funtional pet treat market forecast.
The increasing number of pets across the U.S. is driving the demand for functional pet treat market in the North America region. For instance, according to the U.S. Pet Food Industry’s pet ownership study, in 2020, pet ownership rose from 67% of households to an all-time high of 70%, which is confirmed by the APPA which results in functional pet treat market trend. The booming functional pet treats market in the U.S. will continue to create opportunities for market players, particularly from a supplier viewpoint. As consumers continue to be price-conscious, developing premium lines that further tap into other categories, such as breed, age, and lifestyle, are seen as an opportunity for manufacturers to offer added value.
The players operating in the global functional pet treat market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. 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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the functional pet treat market size analysis from 2021 to 2031 to identify the prevailing functional pet treat market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the functional pet treat market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global functional pet treat market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global functional pet treat market opportunity, key players, market segments, application areas, and market growth strategies.
Functional Pet Treat Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 722.8 million |
 Growth Rate | CAGR of 9.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 281 |
 By Application |
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 By Pet |
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 By Distribution Channel |
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 By Region |
|
 Key Market Players | Wellness Pet Company, Inc., Thai Union Group PCL., Nestle S.A., Natural Balance Pet Foods, Inc., The J.M. Smucker Co., Pure Treats Inc., Better Choice Company Inc., Colgate-Palmolive Company, Sunshine Mills Inc., Plato Pet Treats, Nulo Pet Food, Real Pet Food Company Pty. Ltd., Charoen Pokphand Foods PLC., General Mills Inc., Mars, Incorporated |
Analyst Review
According to the insights of CXOs of leading companies, the global functional pet treat market is expected to offer remunerative business opportunities in developing economies such as India and China. This is attributed to increase in adoption of pets (especially dogs and cats) and awareness regarding various pet care and pet grooming products such as functional, supplements, medicines, and nutraceuticals.
Asia-Pacific is one of the most crucial and high potential regions for the functional pet treat industry. Asia-Pacific has diverse countries, such as Australia and Japan, which have reached a maturity stage and have emerging markets such as China and India. There is further a sharp contrast in the buying patterns and social cultures in these countries.
The functional pet treat market in Asia-Pacific is being largely driven by rapid urbanization and pet ownership has been increasing at a significant growth rate among millennials across the region. Increasing incidences of loneliness are contributing to increase the demand for pets, as they are effectively contributing to overcome such a mental state with their loyalty and affection. However, existing challenges, such as close substitutes of functional pet treat and lack of awareness regarding its benefits, are expected to hamper the growth of the functional pet treat market during the forecast period. Furthermore, people usually feed their pets with treats consumed by humans, such as white rice, dairy products, fish, chicken, and peanut butter, instead of recommended pet treat and functional pet treat, which is expected to hinder the growth of the market.
Online sales have witnessed quite a notable growth among pet owners over local hypermarkets or other grocery stores. Ease of buying several types of pet treat items, wider variety of options, and availability of home delivery option are some of the benefits offered to the pet owner from e-commerce sales.
Based on application skin disease held the major share in the market.
North America is the largest regional market for functional pet treat.
The estimated industry size of functional pet treat market is $722.8 million in 2031.
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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