Asia-Pacific Pet Food Nutraceuticals Market - Growth, Trends and Forecasts (2020 - 2025)
AsiaPacific pet food nutraceuticals market is estimated to register a CAGR of 4.3% during the forecast period. The pet nutraceuticals are the dietary supplements given to the pets to fulfill their nutritional requirements. Rising living standards coupled with the increasing number of pet owners is the prime driver of the market whereas the high cost of pet nutraceuticals food is the key restraint. The market is anticipated to grow at a significant rate in the welldeveloped countries of the region such as Australia, New Zealand, China, etc.
Key Market Trends
Pet Humanization Drives the Market
Loneliness among the elderly people and increased per capita income in the welldeveloped countries is causing a rise in the number of pets. The love of the pet parents towards their animals is provoking them to treat as their child. This is also making the pet owners spend a huge amount of money on their healthy food. In 2018, Chinese pet owners spent USD 2.21 billion on all pet foods and this is anticipated to increase to 6.12 billion in 2022. Therefore, pet humanization and increasing per capita income are directly boosting the pet food nutraceuticals market.
Japan Dominates the Market
Japan is one of the most developed nations among the Asian countries where the living standards and per capita income are very high. Japan's pet food market is highly matured which is worth USD 14.29 billion in 2018 growing at an average rate of 1.2% every year for a decade. The number of pets in Japan has been continuously growing. For instance, the number of pet cats in 2016 is 9.3 million, increasing to 9.5 million in 2017. The growing number of pets in Japan is anticipated to boost the pet food nutraceuticals market at a rapid rate in the future.
AsiaPacific pet food nutraceuticals market is highly consolidated with top players holding a major part of market share. The players are actively adopting strategies like acquisition, mergers and new product launches to increase their presence and customer base. Mars Inc, Nestle Purina, Uni charm Corporation, Colgate Palmolive are the leading pet food nutraceutical manufacturers in the region.
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