Europe Pet Food Nutraceuticals Market - Growth, Trends and Forecasts (2020 - 2025)
The Europe pet food nutraceuticals market is estimated to register a CAGR of 4.3% during the forecast period. The trends of pet ‘humanization’ and ‘premiumization’ are very prevalent and popular among the Europeans acting as the prime driver of the market. Increasing consciousness about pet health catalyzed the European pet owners to turn towards nutraceutical food. The increasing number of single families, rising animal healthcare costs, aging pet population, and poor outcomes of the use of drugs have led to consumers looking for alternatives in the form of natural and organic products. Supplements are used as alternatives to drugs, by the veterinary community. The addition of active ingredients based on intended functionality is making supplements therapeutic and nutritional treats.
Key Market Trends
Rise in the Number of Pets Drives the Market
Pet ownership has been increasing in European countries due to loneliness in elderly people and westernization. The latest annual figures from the European Pet Food Federation (FEDIAF) show that pet ownership across Europe remains at a high level, with an estimated 80 million European households owning at least one pet. These pet owners are ready to spend huge amounts of money for well being of their pet. In 2017, the pet food industry alone delivered USD 22.1 billion in turnover, an increase of USD 1.0 billion on the previous year. Thereby, the increasing pet owners coupled with their consciousness towards their pet health has been driving the market.
Cat Segment Dominates the Market
Cats are the most popular pets in Europe followed by Dogs. According to FEDIAF statistics, The European region has 75 million cats, which is 35.4% of total pets. Around 80 million European households own at least one pet animal in 2018. Out of which, 24% own one dog whereas 25% own one cat. The total number of cats present in Europe is 102.7 in 2016 increasing to 103.8 in 2018. Therefore large and increasing number of pets in the European region is the prime reason for the domination of the cat segment.
The Europe Pet Food Nutraceuticals Market is highly concentrated with few players holding a major share of the market. Mars Inc., Nestle SA, Wellpet, J.M Suckers are some of the prominent players in the region. These players are primarily concentrated on frequent product launches for different types of pets to increase their sales. Merging with other pet food manufacturing firms, acquisitions, and partnerships are the major strategies followed by these players.
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