The global veterinary therapeutic diet market is experiencing significant growth, projected to reach a value of USD 3.8 billion by 2034, according to Future Market Insights, Inc.
This surge is attributed to a surge in pet ownership, heightened concern for pet health, and ongoing innovation in pet food production. The United States and Japan are also anticipated to lead this growth trajectory with substantial expansion rates.
Expected to be valued at USD 1.6 billion in 2024, the global veterinary therapeutic diet market is poised to grow at a compound annual growth rate (CAGR) of 9.6% over the forecast period, culminating in the aforementioned USD 3.8 billion valuation by 2034. This growth is driven by multiple factors, including increased pet adoption, heightened awareness of pet health issues, continual advancements in pet food technology, as well as a growing trend of pet humanization.
Factors Driving Market Growth
The burgeoning awareness among pet owners regarding the importance of pet health has resulted in a surge in demand for specialised diets tailored to address various medical conditions in pets, such as obesity and digestive disorders. This demand has prompted veterinarians to recommend therapeutic diets as part of treatment regimens, further propelling market expansion.
Manufacturers are heavily investing in research and development to formulate innovative veterinary therapeutic diets. These efforts focus on creating diets with precise nutritional compositions to effectively target different health concerns. By conducting clinical trials and collaborating with veterinary professionals, manufacturers ensure the efficacy and safety of their products, thereby enhancing trust among consumers and veterinarians alike.
Key Takeaways and Industry Insights
To enhance the visibility of pet therapeutic products, manufacturers employ diverse marketing strategies. These include partnerships with veterinary clinics and hospitals, participation in industry conferences and events, utilisation of digital marketing channels, and provision of educational materials for both veterinarians and pet owners. These efforts also aim to increase awareness and accessibility, establishing their products as trusted solutions in the veterinary therapeutic diets market.
The report highlights key takeaways from the veterinary therapeutic diet market, including projections of a 9.6% CAGR through 2034, the dominance of gastrointestinal health diets, and the leading role of veterinary clinics as a sales channel. Additionally, the United States and Japan are identified as key markets with significant growth potential.
Industry Perspectives
Nandini Roy Choudhury, Client Partner for Food & Beverages at Future Market Insights, Inc., asserts that the future of the veterinary therapeutic diet industry appears promising, owing to factors such as increasing pet adoption, growing emphasis on pet care, and also the escalating trend of pet humanization.
Key players in the veterinary therapeutic diet market include Medicus, Mars Petcare, Nestlé Purina, Hill’s Pet Nutrition, and others. These companies continuously strengthen their product portfolios through innovations and strategic initiatives, ensuring sustained growth and market leadership.
Strategic Growth Initiatives
In January 2024, Hill’s Pet Nutrition introduced new prescription veterinary diet products, underscoring the industry’s commitment to advancing pet health through innovative formulations and strategic partnerships.
The Veterinary Therapeutic Diet Industry report offers comprehensive market forecasts, company share analyses, competition intelligence, market dynamics, and strategic growth initiatives.
