According to Future Market Insights, the global fortified pet food market is expected to reach US$ 9,863.78 Mn in 2023 and further growth at 7% CAGR between 2023 and 2033. Overall sales of fortified pet food are poised to total a valuation of US$ 16,067.06 Mn in 2033.
Pet food with added vitamins and minerals is becoming increasingly popular among pet owners as it helps them to improve the health of their companion animals. Fortified pet food offers many benefits such as improved nutrition, better digestibility, and enhanced immunity, and it is available in various forms such as dry food, wet food, and snacks.
The growth in the market is also being fueled by the rise in pet ownership rates and growing trend of pet humanization. Today, most pet owners are inclined towards improving health of their animals as they consider them as a part of their family. This has led to increased sales of fortified pet food products and the trend is expected to continue during the forecast period.
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Similarly, growing focus on reducing disease development in pets and introduction of plant-based fortified pet food products are expected to boost the market over the next ten years.
As new manufacturers enter the market as well as demand for these products rises, the competitive environment of the fortified pet food industry is anticipated to change in the upcoming years. The current supply of fortified food products is not anticipated to be sufficient to meet the demand in the future, necessitating the entry of new manufacturers.
Small and medium-sized businesses are anticipated to be the new market entrants. These businesses will contend with fierce competition from the market’s established players, but they also stand to gain a sizable market share. Introduction of plant-based fortified pet food products will be a key tool for increasing sales during the forthcoming decade.
Regionally, Asia-Pacific fortified pet food market is predicted to grow at the fastest rate during the forecast period owing to the rising pet ownerships, growing pet spending, and increasing number of pet food manufacturers.
Key Takeaways from the Fortified Pet Food Market Study:
The global fortified pet food market is expected to reach US$ 9,863.78 Mn by 2023, growing at a CAGR of 7% during the forecast period.
Based on species type, dogs’ category is likely to generate the highest revenues in the global fortified pet food market during the assessment period.
North America and Europe together hold the largest share of the global fortified pet food market.
With increasing pet adoption rates, Asia Pacific is set to emerge as the most lucrative fortified pet food market during the forecast period.
Demand for fortified pet food products across the U.S. is likely to surge at a robust pace over the next ten years.
Who is Winning?
Key players operating in the global fortified pet food market include Royal Canin, Nestle Purina Pet Care Company, Mars Inc., Hill’s Pet Nutrition, Inc., Big Heart Pet Brands, and Blue Buffalo Co.
Get Valuable Insights into Fortified Pet Food Market
FMI, in its new offering, provides an unbiased analysis of the Fortified Pet Food market presenting historical demand data (2017-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for Fortified Pet Food based on species type (rabbit, rat, cat, dog, chinchillas, guinea pigs, gerbils, hamsters, ferrets, mice), micronutrients (vitamins, minerals, amino acids, nutrients), and application (basic food, processed food, extruded products) across several regions.
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Key Segments Covered in the Fortified Pet Food Market
By Species Type:
Rabbit
Cat
Dog
Chinchillas
Guinea Pigs
Gerbils
Hamsters
Ferrets
Mice
By Application:
Basic Food
Processed Food
Extruded Products
By Micronutrients:
Vitamins
Minerals
Amino Acids
Nutrients
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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