The global functional pet treat market is projected to witness substantial growth, with a CAGR of 9.2% by 2031, according to a recent report by Allied Market Research.
The report is titled “Functional Pet Treat Market by Pet, by Application, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031.” It report highlights that the functional pet treat market was valued at $290.96 million in 2021 and is estimated to reach $722.8 million by 2031. Functional pet treats are specialised snacks that go beyond traditional treats, offering additional health benefits beyond basic nutrition.
This remarkable growth is attributed to increasing consumer demand for pet treats addressing specific health conditions. Factors such as pet obesity, heightened awareness of pet health, and scrutiny of pet food ingredients are driving the market towards low-fat, low-calorie, and weight-control products.
Regional Trends and Market Drivers
The Asia-Pacific region emerges as a significant market for functional pet treats, comprising both mature and emerging markets such as Australia, Japan, China, and India. Urbanization, coupled with a surge in pet ownership among millennials, fuels market growth in this region. Pets are increasingly valued for their companionship, addressing loneliness concerns among individuals.
Despite promising growth prospects, challenges persist in the market. Substitutes for functional pet treats and a lack of awareness regarding their benefits hinder market expansion. Additionally, pet owners often opt for human-consumed treats for their pets, posing a challenge to the adoption of recommended functional options. However, opportunities abound for manufacturers to innovate and offer products that cater to specific pet health needs and align with consumer preferences.
The market is segmented based on pet type, application, distribution channel, and region. Notably, the cat segment is projected to exhibit significant growth, driven by an increase in health-consciousness among cat owners. Furthermore, treats addressing skin diseases and bone health are expected to witness substantial demand, presenting opportunities for manufacturers to develop tailored solutions.
Innovations in product formulations and a focus on preventive healthcare are key trends shaping the market. Manufacturers are incorporating natural, organic, and holistic ingredients into their products to meet consumer demand for healthier options. Additionally, online retail growth presents opportunities for niche and specialty brands to expand their market reach and target specific consumer segments.
