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Pet Veterinary Diet Market-Growth, Trends, and Forecast 2019-2024: Leading Source, Products, Key Manufacturers, Regional Insights and Growth Trends

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— The pet veterinary diet market was valued at USD 9,540 million in 2018 and is projected to be worth USD 13,130 million by 2024, registering a CAGR of 5.6% during the forecast period. Veterinary diets comprise of animal foods that are specifically formulated to aid in the management of illness and disease of a diagnosed health disorder in an animal. These veterinary diets are formulated to treat a variety of problems in pets, such as itchy skin, digestive issues, obesity, allergies, etc. Pet food manufacturers are increasingly changing their product variants, making them suitable for the wellness of pets, and thus, driving the market studied. Based on various segment types, companies are developing products, in order to cater to the needs of the pet owners, thus, improving the retail sales. The category-wise product development, based on the lifestyle, age, size, and nutrition-specific needs of pets, is being adopted, which is a major driver for the increasing demand for the market studied. The number of people shifting to the vegan diet is growing, so is the popularity of vegan pet food in countries, like the United Kingdom and others. It is not only the vegan owners, who are ensuring the provision of plant-based diets for their pets, but also the non-vegan consumers are purchasing vegan pet food. This bolsters the market for pet veterinary diet in these countries.

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Scope of the Report

This report defines the market in terms of end users, who purchase pet food for prescription and non-prescription medicated foods. The end users include pet owners. Companies in the pet veterinary diet market essentially operate in B2C formats.

Key Market Trends

Increasing Trend of Smaller Families Driving Pet Adoption

Rapid urbanization in major developing countries across the world has led to the increasing preference of couples to have smaller families. The increasing urban nature of the society, which results in the separation from farm animals and nature, is stimulating the desire to bring pets home. Owing to social comfort, company, security, and the aesthetic sense offered by pets, the trend of pet adoption is augmenting. High standard of living, costly healthcare system, and high educational standards have led to a decline in the number of children and increase in the adoption of pets, such as dogs, cats, and birds. This trend, in turn, is expected to drive the growth of the pet veterinary diet market in the long run. Pet population outnumbers that of children in several countries, such as Brazil and Japan. Pets are being adopted and treated as family members, due to changing demographic trends, such as delayed marriages and lower fertility rates. For instance, the current fertility rate in Brazil is 1.77 children per woman, and is expected to fall to 1.66 children per women by 2060, according to the Brazilian Institute of Geography and Statistics (IBGE). This enhances the demand for pets as well as pet/veterinary products, which, in turn aids the studied market’s growth.

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North America Dominates the Global Market

According to the American Pet Product Association 2017-2018 Pet Ownership Survey, 68% of the American households own a pet and spend an average of USD 300 annually on pet food and treats. As North America is responsible for 31% of pet food production worldwide, coupled with the huge demand for pet care, this is driving the American pet diet market. The major distribution channels through which the US supplies pet diet are the mass retail stores, pet superstores, online sales, niche specialists, grocery chains, drugstores, and agricultural supply stores. According to the Packaged Facts’ first-quarter 2018 online survey of the United States, pet owners exhibiting the online sales of pet diet is the major driver of the market, contributing to 14% of pet consumers making a purchase within the last seven days and the other 31% in the last 30 days. The US pet diet market is highly concentrated with a few leading players, like Nestle, Mars, Big Heart, Colgate, and Blue Buffalo. Blue Buffalo has made its move into the therapeutic pet food market where Colgate-Palmolive holds a market share of 60% dealing with specific health conditions in pets. Additionally, 16% of US households purchase pet food with pre/probiotic ingredients, thus driving the pet diet market in the United States.

Competitive Landscape

The results of the market share analysis for the pet veterinary diet market, indicate a partly fragmented market, with the leading market players accounting for around 45% of the market while the remaining 55% is accounted by various small companies and private labels. Mars Inc. and Nestle S.A. account for the majority of the market through their brands Royal Canin and Purina Petcare, respectively. Companies, such as Hill’s Pet Nutrition and Nisshin Pet Food also play a major role in the market, either by developing problem specific products or by dominating the veterinary diet market in a particular region. Companies, such as Farmina Pet Foods and Blue Buffalo Pet Products are relatively new to the market, but have made a huge impact in the market and hence have been involved in various strategic moves, in order to gain a larger share in the market.

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Major Points From TOC:

1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER

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Source URL: https://marketersmedia.com/pet-veterinary-diet-market-growth-trends-and-forecast-2019-2024-leading-source-products-key-manufacturers-regional-insights-and-growth-trends/88917786

Source: MarketersMedia

Release ID: 88917786

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