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 owners are increasingly turning to pet food that contains extra vitamins and minerals to improve the wellbeing of their companion animals. Pets who consume fortified pet food—which is available in dry, wet, and snack forms—can gain from improved digestion, increased immunity, and increased nutrients.
The market is expanding due to the growing trend of pet humanization as well as the rise in pet ownership rates. The majority of pet owners today are driven to enhance their animals’ health because they see their animals as members of their families. As a result, sales of fortified pet food products have surged, and it is expected that this trend would continue over the projected time.
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Similarly, the 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.
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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.
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
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Frequently Asked Questions
- How big is the fortified pet food market?
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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