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(Dallas.CityRegions.Com, May 10, 2018 ) The study of “Global Pet Food Nutraceutical Market-Analysis of Growth, Trends and Forecasts (2018-2023)” provides the market size information, In-Depth Analysis along with Competitive Insights and Segmentation.
The pet food market with a growing CAGR of 6.34% is estimated to be valued at USD 8.25 billion by 2023. Owing to a surging population of aged pets and the growing acceptance for supplements by the veterinary community, the global pet food nutraceutical is estimated to grow in the forecast period. Increasing use of nutritional supplements by pet owners as an alternative to veterinary visits is expected to drive the entire pet supplements segment, followed by therapeutic foods. The market sees huge potential in the form of natural and organic-based pet foods, and pet recalls due to cases of contamination. This is expected to result in pet manufacturers strengthening their raw material sourcing practices, and focusing more on good manufacturing practices (GMP) and labelling requirements to gain customer’s trust in the growing market.
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Brand value enhancement in emerging markets and customer preference for reputed brands are driving the market Multinational players have more resources to invest in new product development and marketing. These brands are building their presence in emerging markets through increased marketing expenditure and campaigns, focusing on the credibility of their products for pet nutrition as compared to cheaper competitor products. Strengthened consumer preference for foreign brands in the emerging countries of South East Asia has also encouraged manufacturers from North America to take stride. India, one of the fastest growing markets for functional pet food. Companies are building on their brand equity in these countries through partnerships, mergers and acquisitions of small players. The market for private label brands continues to pose a threat to the presence of major brands. However pet food recalls are continuing to trade down on the scaling up of private labels.
North America to Dominate the Market Growth North America, Europe, Asia-Pacific, South America and Africa are the geographical regions considered in this study. North America dominates the market, while Asia-Pacific is estimated to be the fastest growing segment. The growth in the North American region is largely contribute to by affluence trends, where an increased concern toward pet health is shaping the market. Increasing disposable incomes and urbanization have resulted in declining birth rates, rise in divorce rates and increase in single household families. The emerging countries of Latin America, Asia-Pacific and Northern Africa are largely driven by westernization, which is resulting in increased pet adoption rates in these countries. Similar to humans, the rising population of aged pets is expected to augment consumer’s expenditure on nutritional food.
Key Developments in the Market November 2017: Creso Pharma has clinched a major milestone with the commercial launch of its first animal health product in Switzerland and Lichtenstein March 2017: Mars Inc., to invest USD 70 million in US manufacturing for improving its work efficiency.
Major Key Players: KEMIN, DUPONT, NUTRACEUTICALS INTERNATIONAL LLC, ARCHER DANIELS MIDLAND amongst others
Reasons to Purchase this Report Analyzing various perspectives of the market with the help of Porter’s five forces analysis Study on product type and application expected to dominate the market. Study on regions expected to witness fastest growth during the forecast period. Identify the latest developments, market shares and strategies employed by the major market players. 3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Companies Mentioned: Kemin, Symrise, BASF, Roquette Freres,DSM,Dupont,Darling International Inc,Archer Daniels Midland,Nestle (Purina Petcare),Boehringer Ingelheim Animal Health,Novotech Neutraceutical,Vit2be-Diana Group
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Some of Major Point From TOC
1. Introduction 1.1 Study Deliverables 1.2 General Study Assumptions
2. Research Methodology 2.1 Introduction 2.2 Analysis Methodology 2.3 Study Phases 2.4 Econometric Modelling
3. Executive Summary
4. Market Overview and Trends 4.1 Introduction 4.2 Market Trends 4.3 Porter’s Five Force Framework 4.3.1 Bargaining Power of Suppliers 4.3.2 Bargaining Power of Consumers 4.3.3 Threat of New Entrants 4.3.4 Threat of Substitute Products and Services 4.3.5 Competitive Rivalry within the Industry
5. Market Dynamics 5.1 Drivers 5.1.1 Increasing Number of People Adopting Pets 5.1.2 Rapid Urbanization 5.2 Restraints 5.2.1 Regulatory Bodies & Stringent Regulations 5.2.2 Lack of Recognition of Pet Food in Under-Developed Countries Due To Low Incomes 5.3 Opportunities 5.3.1 Retail Grocery Chains Dominating Distribution & Marketing Space Continue...
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