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Portland, Oregon, USA, May 26, 2023 /einpresswire.com / — Allied Market Research released a report titled Functional Pet Treatment Market by Pet (Dogs, Cats, Etc.) by Application. (bone health, brain health, obesity, skin disease, etc.) according to distribution channels (pet shop, pharmacy, veterinary clinic Online Stores and More): Global Opportunity Analysis and Industry Forecast 2021-2031″ according to the Global Functional Pets report. The treatment industry generated revenue of $291.0 million in 2021 and is expected to generate revenue of $722.8 million by 2031, with a CAGR of 9.2% from 2022 to 2031.
The key factor in growth
Manufacturers are seizing the opportunity to increase sales by producing pet products that deal with specific diseases. and target specific life stages and species of pets As consumer spending on pet food increases, companies are producing premium quality pet food tailored to the types of diseases related to the breed, age and lifestyle of pets. The humaneness of pets and rising spending on pet grooming and treatment are expected to boost the growth of the active pet treatment market during the forecast period.
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The functional pet therapy market is expected to offer lucrative business opportunities in developing countries such as India and China. This is a result of increased pet adoption. (especially dogs and cats) and awareness of various pet care and pet grooming products such as nutritional supplements, nutritional supplements, pharmaceuticals and nutraceuticals.
Asia-Pacific is one of the most important regions with high potential for a viable pet treatment industry. Asia-Pacific includes countries such as Australia and Japan. which has reached a mature stage and has emerging markets such as China and India There are huge differences in purchasing patterns and social cultures in these countries.
The viable pet treatment market in Asia Pacific is largely driven by rapid urbanization. And pet ownership is increasing at a significant growth rate among millennials across the region. The increasing incidence of loneliness contributes to the increased demand for pets. Because they effectively contribute to overcoming this state of mind with their loyalty and love. and a lack of awareness about its benefits. It is expected to hinder the growth of the functional pet market during the forecast period.
by pet type Dogs dominated the market in 2021, accounting for more than two-thirds of the global active pet treatment market. and is expected to maintain its leadership position throughout the forecast period. due to the increasing trend of Nuclear families and their need for a dog for companionship and safety Moreover due to concerns about the health of pets Pet owners therefore choose to eat more nutritious food. Followed by sweets and snacks. However, the cat segment is expected to grow at the highest CAGR of 9.5% during 2022-2031 due to growth in cat adoption and product spending. cat care Including health care and grooming.
Dermatology Segment Takes Major Market Share in 2021
Based on applications, the dermatology segment had the largest share in 2021, contributing nearly a third of the active pet treatments market. and is expected to maintain its leading position during the forecast period. Pet owners are showing increasing interest in naturally holistic foods that contain wholesome ingredients such as oats and barley. This can reduce the risk of skin disease. In addition, the prevalence of skin disease in pets increases. This is coupled with growing concerns among pet owners. It is expected to increase the useful pet treatment market. In addition, the brain health department is expected to have the highest CAGR of 11.9% during 2022-2031 due to increasing awareness of mental health issues in pets and the presence of Functional therapies that can regulate and improve your pet’s mental health.
pet store segment to maintain a leading position during the forecast period.
by distribution channel The pet store chain has the largest share in 2021, nearly two-fifths of the global active pet market. and is expected to maintain its leadership position throughout the forecast period. The rapidly increasing number of pet food stores in developing countries makes pet products easier to use. As these stores increase sales of practical pet products, the online store segment is also expected to experience the highest CAGR of 10.0% between 2022 and 2031 due to the increase in portal usage. various online in developing regions and the number of offers or discounts that increase These sites entice consumers to buy pet treats online.
North America to maintain leadership by 2031
By region, North America accounted for more than a third of the global functional pet treatment market by 2021 and is expected to dominate the market by 2031. Growing the Nuclear Family and the increase of pet adoption rate especially among the young population It is partly a factor driving demand for functional pets across North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.7% between 2022 and 2031. Asia-Pacific is expected to be A very lucrative market for pet products. due to increased income growth of standards Increased pet well-being and health spending
Top Players in the market:-
Better Choice Inc.
Sunshine Mills Inc.
JM Smoker Company
Plato Pet Treats
Real Pet Food Company Pvt. Ltd.
General Mill Inc.
Thai Union Group Plc.
Wellness Pet Company Limited
Natural Balance Pet Foods, Inc.
Nulo animal food
Pure Treats Inc.
Charoen Pokphand Foods Plc.
Allied Analytics LLP
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