According to a study by Research and Markets, the total North American pet nutraceuticals market was valued at over $1528.4 million in 2015 and is projected to grow significantly between the years 2015 and 2020.
The report, titled “North America Pet Food Nutraceuticals Market: Growth, Trends and Forecasts (2015-2020),” cited the concept of pet humanization as the major trend pushing both the pet care and pet food markets into catering to pets’ overall well-being.
One significant outcome of this trend is the consumer movement towards nutraceutical foods, which is visible in the marketing and new product launches of major firms. The choice of pet foods was traditionally based on factors like marketing claims, packaging, convenience and costs, but they have shifted as consumers become willing to pay more.
According to the study, muscle health, cognitive health and digestive health are major concerns among pet owners, driving product sales in these segments.