Over the recent years, numerous studies in the human and animal nutrition have demonstrated the importance of natural functional food ingredients. Functional food provide several health benefits if they are consumed on the daily basis. Highest quality pet food include number of functional pet food ingredients such as prebiotic fibers, beneficial probiotic bacteria, omega-3 fatty acids, and other essential ingredients in order to improve overall health of pets beside providing basic nutrition. Functional pet food ingredients are becoming highly popular in current era as growing of number of pet owners are becoming increasingly aware regarding importance of pet health. Pet owners are changing their preference for pet food leading to demand for functional pet food ingredients that have health-promoting, energy boosting and disease preventing benefits. All these factors together will boost the global functional pet food ingredients market in the near future. Increasing importance of balanced diet for pets had encouraged number of manufacturers to incorporate functional pet food ingredients in their pet food thus contributing towards the market growth of functional pet food ingredients in the near future. For example, omega-3 is one of the most common functional pet food ingredients incorporated in dog food. Calcium is another class of functional pet food ingredients important for bone and teeth health. The global functional pet food ingredients market is benefitted by increasing number of pet ownerships across the globe.
Reasons for Covering this Title
Demand for natural food products is on rise wherein growing number of pet owners are looking for food products with clean label ingredients which is one of the prime factors contributing towards the market growth of functional pet food ingredients. For example, numerous studies have demonstrated the efficacy of chicory root fiber in pet food diet in terms of treating obesity. Thus, increasing sales in the naturally and organically derived functional pet food products category is expected to drive the market for natural functional pet food ingredients market in the near future. Furthermore, increasing number of pet ownerships coupled with growing spending on pet food products across the globe has increased the demand for functional pet food products and thus, the market for functional pet food ingredients. For example, as per data reveled by The American Pet Products Association (APPA), with each passing year, U.S. consumers continue to amplify their total spend on their pets. This factor has a significant impact on the demand of functional pet food ingredients in the near future. As per an independent survey, it has also been estimated that, 76% of dog owners and 71% of cat owners believe that, for better health of their pets it is essential to feed their pets with high quality pet food further adding to the market growth of functional pet food ingredients.
Global Functional Pet Food Ingredients: Market Segmentation
On the basis of nature, the global functional pet food ingredients market has been segmented as –
On the basis of ingredient type, the global functional pet food ingredients market has been segmented as–
- Omega-3 Fatty Acids
On the basis of application, the global functional pet food ingredients market has been segmented as –
- Bone Health
- Brain Health
- Heart Health
Pet Ownership in the U.S. By Species (Millions)
Source: American Pet Products Association
Global Functional Pet Food Ingredients Market: Key Players
Some of the key players operating in the global functional pet food ingredients market are Kerry Group, DAR PRO Ingredients, Archer Daniels Midland Company, Marshall Ingredient, The Scoular Company, Roquette Frères, Koninklijke DSM N.V., Darling Ingredients International Holding B.V., ISONOVA TECHNOLOGIES LLC, PDM Group, The Peterson Company, L.V. Lomas among others.
Total U.S. Pet Industry Expenditures, 2006-2016, (US$ Bn)
Source: American Pet Products Association
Key Developments in Functional Pet Food Ingredients Market
- In March, 2018, Petcurean, which is a family-owned Canadian company involved in creating premium-quality pet food recipes introduced freeze-dried meal mixers for dogs which are made with nutritional and functional pet food ingredients.
- In May 2018, Bell Flavors & Fragrances which is a U.S. based manufacturer flavors, fragrances, botanical extracts and specialty ingredients launched new line of exotic protein flavors for use in pet food applications in the U.S. thus, contributing towards the market growth of functional pet food ingredients
Opportunities for Functional Pet Food Ingredients Market Participants
Rise in number of pet ownerships and increasing demand for premium functional pet food products is expected to drive the market for functional pet food ingredients. Product innovation in functional pet food category continues to be key focus area for the manufacturers of pet food products owing to increasing demand from pet owners to keep their pets healthy thus, driving the global functional pet food ingredients market. Furthermore, pet food currently are formulated to follow the human food trends such as organic, non-GMO, clean label, no preservatives claims which will add up to the market growth of functional pet food ingredients.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.