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Increasing Adoption of Dogs for Companionship Contributes to Growth of Therapeutic Dog Food Market
NEW YORK, UNITED STATES, November 26, 2021 /EINPresswire.com / -- According to The Insight Partners latest market research study on“Therapeutic Dog Food Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Material Type,” the market is expected to reach US$ 8,949.52 million by 2028 from US$ 6,095.70 million in 2021; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.
Market Size Value in(US$ 6,095.70 million in 2021)
Market Size Value by(US$ 8,949.52 million by 2028)
Growth Rate(CAGR of 5.6% from 2021 to 2028)
Forecast Period(2021- 2027)
No. of Pages(148)
Segments covered(By Product, Application, and Geography)
Regional scope(North America; Europe; Asia Pacific; Latin America; MEA)
Country scope(US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage(Revenue forecast, company ranking, competitive landscape, growth factors, and trends)
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Therapeutic dog food is specifically formulated to aid in the management of various illnesses and diseases. These diets are also prescribed in the treatment of itchy skin, digestive issues, obesity, allergies, and heat diseases, among others. Pet food manufacturers are increasingly changing their product variants, making them suitable for the wellness of pets.
Increasing Adoption of Dogs for Companionship to drive Therapeutic Dog Food market growth
Dogs are considered an apt companion for humans as they have a significant impact on their owner's life. They promote an active lifestyle and can detect oncoming epileptic seizures much before the actual incidence. Pets help bring social, emotional, and cognitive development in children, in addition to helping adults in relieving stress and anxiety. Research studies have shown that dog owners are at 36% lower risk of dying from cardiovascular disease and 11% lower risk of getting a heart attack. As per the American Pet Products Association's 2019–2020 survey, ~63.4 million households own at least one dog in the US. Also, as per the FEDIAF, the body representing European pet food industry, the popularity of dogs is growing in the region; the count of pet dogs in the EU rose from 63.7 million in 2016 to 66.4 million in 2017. According to the Animal Wellbeing (PAW) Report 2019 by the People's Dispensary for Sick Animals (PDSA), ~50% of the UK population owns a pet, with an estimated population of 9.9 million pet dogs. 26% of adults in the country own a dog. Thus, a surging preference for dogs as a companion is fueling the therapeutic dog food market growth.
Growing Prevalence of Chronic Diseases Among Dogs Contribute Significantly to Therapeutic Dog Food Market Growth
Similar to humans, animals too suffer from chronic diseases. Arthritis, chronic kidney disease, cancer, hepatitis and other liver diseases, skin allergies, and diabetes are commonly detected chronic diseases in pets. Cancer is widespread in animals and affects dogs as well. According to the veterinary cancer society, the disease is a leading cause of death in 47% of dogs, especially dogs of age >10 years. Further, as per the Pet Cancer Facts and Figures, one in every four dogs develops cancer in its lifetime. According to the Association for Pet Obesity Prevention (APOP), ~55.8% of dogs in the US were overweight or obese in 2018. The Arthritis Foundation says ~20% of all adult dogs suffer from arthritis. Such a growing prevalence of chronic medical conditions has become a major concern among dog owners, which underlines the demand for proper care. Thus, with the elevating prevalence of chronic medical conditions in dogs, companies are focusing on offering advanced therapeutic food products to help dog owners in maintaining the overall health of their pets.
COVID-19 Impacts on Therapeutic Dog Food Market
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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Based on product type, the global therapeutic dog food market is segmented into dry food, wet/canned food, snacks/treats, and others. In 2020, the dry food segment held the largest share of the market. Furthermore, the snacks/treats segment is expected to register the highest CAGR in the market during 2021–2028. Dry foods are perceived beneficial to their dental health.
Therapeutic Dog Food Market: Competitive Landscape and Key Developments
Mars, Incorporated; Nestlé; Hill's Pet Nutrition, Inc.; The J. M. Smucker Company; GENERAL MILLS, INC.; ANIMONDA; DARWIN PET; SCHELL & KAMPETER, INC.; AFFINITY PETCARE S.A; Beaphar; and WellPet are among the key companies operating in the therapeutic dog food market.
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In July 2021, General Mills acquired Tyson Food's pet treats business for US$ 1.2 billion in cash. The business, which includes the Nudges, Top Chews, and True Chews product categories, is a leader in the natural meat treats industry for pets.
In August 2021, WellPet, LLC announced several new pet food and treat products, including formulations for puppies, kittens, and senior pets.
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Therapeutic Dog Food Market Growing at a CAGR of 5.6% - Says, The Insight Partners