portland, OR, July 07, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global functional pet food market was accounted for $1.95 billion in 2020, and is expected to garner $4.67 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.
Surge in trend of pet humanization, the growth of the retail sector and pet shops, and rise in awareness regarding pet health drive the growth of the global functional pet food market. However, lack of awareness regarding the benefits of functional pet food, surge in regulations on pet food, and traditional ways of feeding pet animals hinder the market growth. On the contrary, rapid product innovation, demand for organic application, surge in e-commerce sales and pet ownership in developing countries would open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic positively affected the demand for functional pet foods owing to surge in pet humanization and rise in pet adoption for companionship.
- Moreover, people have become more concerned regarding the health of pets due to the Covid-19 outbreak, which supplemented the demand for functional pet food.
The global functional pet food market is segmented on the basis of pet, source, application, distribution channel, and region.
Based on pet, the dog…
