The veterinary therapeutic diet market is booming due to a
combination of factors: rising pet ownership, growing concern for
pet health, and increasing innovation in pet food. Fueled by
pet owners' demand for specialized diets and veterinarian
recommendations, manufacturers are developing new solutions for
various health conditions. The US and Japan are expected to be leading markets with
significant growth rates.
NEWARK, Del. , May 13, 2024
/PRNewswire/ -- The global veterinary therapeutic diet market
is set to be valued at USD 1.6
billion in 2024 and further expand at a CAGR of
9.6% during the forecast period. By 2034, the industry
value is projected to total USD 3.8
billion.
Download the Sample PDF report to explore key market
insights and trends:
https://www.futuremarketinsights.com/reports/sample/rep-gb-19583
Several factors are providing impetus for the growth of the
veterinary therapeutic diet industry. These include high pet
adoption, a rising focus on pet health, continuous innovation in
the pet food sector, and a growing pet humanization trend.
Increasing pet health awareness among owners has led to a higher
demand for specialized diets that address various medical
conditions in pets, such as obesity and digestive disorders. This
heightened awareness has provoked veterinarians to recommend
therapeutic diets as part of treatment plans for their patients,
further fueling market growth.
Manufacturers are investing heavily in research and development
to formulate innovative veterinary therapeutic diets. These
investments focus on creating diets with specific nutritional
profiles to target different health issues effectively.
By conducting clinical trials and collaborating with veterinary
professionals, manufacturers ensure the efficacy and safety of
their products. This will also help them to enhance trust among
consumers and veterinarians.
To increase the visibility of pet therapeutic products,
manufacturers employ various marketing strategies. This includes
partnering with veterinary clinics and hospitals to promote their
products and participating in industry conferences and events.
Several players are also using digital marketing channels and
providing educational materials for both veterinarians and pet
owners. By increasing awareness and accessibility, manufacturers
aim to establish their products as trusted solutions in the
veterinary therapeutic diets market.
Key Takeaways from the Veterinary Therapeutic Diet Market
Report:
- The global market is projected to register a CAGR of
9.6% through 2034.
- Based on diet type, gastrointestinal health diets segment is
estimated to account for a value share of 65.3% in
2024.
- Based on sales channel, veterinary clinics segment is set to
hold a leading market share of 47.8% in 2034.
- The United States market is
forecast to thrive at 7.7% CAGR between 2024 and 2034.
- Japan is anticipated to record
a CAGR of 9.9% through 2034.
"The future of veterinary therapeutic diet industry looks
bright owing to increasing pet adoption, growing emphasis on pet
care, and escalating pet humanization trend." – says
Nandini Roy Choudhury (Client
Partner for Food & Beverages at Future Market Insights,
Inc.).
Leading Companies in Veterinary Therapeutic
Industries
Medicus, Mars Petcare, Nestlé Purina, Hill's Pet Nutrition,
Diamond Pet Foods, Veterinary Nutrition Group, Wellness Pet, LLC,
NutriSource, Wysong, and Natural Balance Pet Foods, Inc. are key
veterinary therapeutic diet manufacturers and suppliers listed in
the report.
Top companies are constantly strengthening their existing
product portfolios by introducing advanced pet food formulations.
Similarly, strategies like partnerships, acquisitions, mergers,
agreements, and promotional campaigns are observed in the
market.
For instance,
- In January 2024, Hill's Pet
Nutrition introduced new prescription veterinary diet products,
including Prescription Diet c/d Multicare Low Fat Canine,
Prescription Diet z/d Low Fat Hydrolyzed Soy Canine, and
others.
Purchase now and gain full access to
the Veterinary Therapeutic Diet Industry report, featuring
comprehensive Market Forecast, Company Share Analysis, Competition
Intelligence, DROT Analysis, Market Dynamics and Challenges, and
Strategic Growth Initiatives.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an
unbiased analysis of the global veterinary therapeutic diet market,
presenting historical demand data (2019 to 2023) and forecast
statistics for the period from 2024 to 2034.
The study incorporates compelling insights based on animal type
(cat, dog, and others), form (dry therapeutic diets and wet
therapeutic diets), diet type (weight management diets, diabetic
management diets, gastrointestinal health diets, joint health
diets, skin and coat health diets and dental health
diets), and sales channel (veterinary clinics, pet
specialty stores, online retailers and others) across various
regions.
About the Food & Beverage Division at Future Market
Insights (FMI)
FMI's Food & Beverage team offers comprehensive
business intelligence services, with a vast array of reports and
data points analyzed across 50+ countries over a decade. The team
provides consulting services and end-to-end research, offering
expert analysis, actionable insights, and strategic recommendations
to clients worldwide. Contact them to explore how they can assist
with your unique business intelligence needs.
About the Author:
Nandini Roy
Choudhury (Client Partner for Food & Beverages at
Future Market Insights, Inc.) has 7+ years of management consulting
experience. She advises industry leaders and explores off-the-eye
opportunities and challenges. She puts processes and operating
models in place to support their business objectives.
She has exceptional analytical skills and often brings thought
leadership to the table.
Nandini has vast functional expertise in key niches, including
but not limited to food ingredients, nutrition & health
solutions, animal nutrition, and marine nutrients. She is also
well-versed in the pharmaceuticals, biotechnology, retail, and
chemical sectors, where she advises market participants to develop
methodologies and strategies that deliver results. Another feather
to her cap manifests in the form of process automation. She is
vocal about bringing automation to the fore to bring a
360-degrees-round revolution in manufacturing sector.
Her core expertise lies in corporate growth strategy, sales and
marketing effectiveness, acquisitions and post-merger integration
and cost reduction. Nandini has an MBA in Finance from MIT School
of Business. She also holds a Bachelor's Degree in Electrical
Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in
journals including Beverage Industry, Bloomberg, and Wine Industry
Advisor.
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