North America Pet Food Nutraceuticals Market - Growth, Trends and Forecasts (2020 - 2025)
North America Pet Food Nutraceuticals Market is projected to grow at a CAGR of 4.86% during the forecast period (20202025). The North American market is the first respondent to any major global trend or consumer pattern; the high level of market penetration and corresponding infrastructure are cited as reasons for pioneering attitude. The concept of pet ‘humanization’ is the major trend that is consolidating both the pet care and pet food markets into a sense of overall pet wellbeing. One significant outcome of this trend is the consumer focus toward nutraceutical foods and remedies from the comfort or treats foods. This focus is well visible in the marketing and new product launches of the major firms.
Key Market Trends
Rising Trend of Pet Humanization
The shift in pet ‘ownership’ to ‘parenting’ has been a very crucial and defining trend in the pet food nutraceuticals market. Majority of the households in North America own a pet. Traditionally, pet owners fed their pet the leftovers and scraps from family meals. However, consumers are now becoming aware about that pet food and homemade food consist of separate nutritional elements, and that pets need to be fed a diverse range of food, as part of an adequate diet. An important part of pet humanization is the safety and nutritional needs of pets, which is also a result of consumers being educated about labeling and the ingredients used in products. Although these extra considerations come at a higher cost, the higher disposable income, is contributing to the sales of commercial pet foods in the region.
United States Dominates the Market
The United States is the most important and pioneering market in North America. Geriatric dogs and cats are a major pet demographic in the United States, with a one third of cats and dogs being seven years or older. Dealing with aging pets is something which is invariably a concern of many pet owners. The trend driven and impulsive nature of the market demands a high level of product diversity and innovation. The most important trends that are driving the nutraceutical market here are that of pet humanization and pet health. The increasing health concerns among humans have created a shift toward alternate therapies, such as that of herbal remedies or nutrients, due to the increasing humanization, this trend is rubbing itself onto the pet food market. The domestic nature of the pets in most households is also creating a rise in the incidence of pet obesity; nutraceuticals promise to offer a quick and effective solution to these problems. Muscle health, cognitive health, and digestive health continue to be the major concerns among pet owners, driving product sales in these segments
North America pet food nutraceutical market is a highly concentrated market and there are a limited number of players contributing to this sector. BASF SE, Archer Daniels Midland Company, DSM Nutritionals and Nestle SA (Purina Petcare) are some of the major players who are operating in this region. These players are launching new products that caters to the needs of consumers in this region.
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