(EMAILWIRE.COM, March 11, 2017 ) The Global Pet Food Nutraceuticals Market was worth $4.40 billion in 2016 and estimated to be growing at a CAGR of 4.12%, to reach $5.39 billion by 2021. The health conscious user perceives nutrition enabled foods as a substitute to healthcare expenses, thereby driving the growth of the global nutraceutical market.

The pet food nutraceuticals market is characterized as dietary supplements, functional or medicinal food products that supply a source of a standard vital nutrient, like calcium or vitamin A. They are meant to function as supplements and guarantee the nutritional wholeness of the pet diet.

The growth of the global Pet Food Nutraceuticals market is majorly driven by factors such as an increasing number of people adopting pets, user attitudinal transformation towards pets with curiosity on their nutrition and health, and rapid urbanization. However, factors such as different regulatory bodies and lack of raw materials are restraining the growth of the market. Another major challenge for the market is the lack of recognition of pet food in under-developed countries due to low incomes.

The Global Pet Food Nutraceuticals market is segmented based on Ingredient Type, Function type, Pet Type, and Application Type. The market for Pet Food Nutraceuticals, on the basis of Ingredient Type, is classified into Omega 3 fatty acids, Proteins and Peptides, Milk Bio actives, Probiotics, Dietary Fibre, and others. Among these, Omega 3 fatty acids lead the global Pet Food Nutraceuticals market, followed by Probiotics. This demand is largely driven by the age associated diseases in pets like joints deterioration and cognitive dysfunction. On the basis of Function type, the global Pet Food Nutraceuticals market is segmented into Nutrition/Therapeutic and Supplements. On the basis of Pet Type, the global Pet Food Nutraceuticals market is segmented into Cats, Fish, Dogs, Bird, and others. Under this segment, dogs and cats lead the global market accounting for a combined share of 75% of the market. On the basis of Application Type, the global Pet Food Nutraceuticals market is segmented into Weight Management, Immune system, Food Allergies, Pain Relief, Digestive health, Skin and Coat, Eye care, and others. Under this segment, Immune system leads the global market, followed by Food Allergies and Pain Relief.

On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America and Europe are the main users accounting for around 60% of the entire market. U.S. is the major market and is also projected to be the fastest growing country in North America. The Asia Pacific market has the highest CAGR due to factors such as increasing urbanization and growing disposable incomes, thereby leading to an increased adoption of pets.

The major players in this market are focusing in the areas of Digestive health, weight management and beauty (Skin and Coat). The major companies dominating the global Pet Food Nutraceuticals market are Diana group, BASF SE, Chr. Hansen A/S, Kemin Industries Inc., Nutraceutical International LLC, and Royal DSM N.V.

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