Pet nutraceuticals are micronutrients, macronutrients, and nutritional supplements intended to use as therapeutic agents in companion animals. Currently, pet nutraceuticals are available for both disease management and health promotion through conventional pet foods and individual supplements. The consumption of nutraceuticals provides several benefits to pet including immune regulation, improved metabolic activities and control or elimination of infection by bacteria, viruses and parasites.
Pest nutraceuticals are strictly regulated in the United States and European Union to ensure safety and efficacy verification. Increasing veterinary healthcare costs associated with growing awareness among the pet owners towards health maintenance of pets through supplements is the major factor driving the market.
The growing trend of pet ownership and increased spending by the pet owners for health maintenance of pets are the factors driving the growth of pet nutraceuticals market. Growing presence of aging pet population and decreasing bone health led to shift in pet owner preference towards precautionary bone health maintenance through supplementation. The measures adopted by pet owners towards weight and anxiety management of pets led to increased sales of pet nutraceuticals across the globe.
However, high cost associated with pet nutraceuticals and unorganized pet food prepared by pet owners are the major factors hindering the growth of pet nutraceuticals market.
Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
North America is dominating the pet nutraceuticals market owing to high presence of pet community associated with increase in expenditure in pet maintenance. According to Insurance Information Association in 2018, the annual pet industry expenditure in United States increased from USD 66.8 million in 2016 to 69.4 million in 2017pet nutraceuticals. Pet owners across the United States preferred to spend over vitamin and mineral supplements as part of healthy diet maintenance.
The Pet Nutraceuticals Market is consolidated with major market players such as Nestlé Purina PetCare Company, VH Group, Zoetis Inc., Kemin Industries, Inc., and Koninklijke DSM N.V occupying significant amount of share.
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