The Dry Food Segment to Dominate Asia Pacific Therapeutic Dog Food Market during 2021-2028
According to The Insight Partners market research study on “Asia Pacific therapeutic dog food market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product Type, Application and Country,” is expected to reach US$ 1,800.41 million by 2028 from US$ 1,189.74 million in 2021. The market is estimated to grow at a CAGR of 6.1% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific therapeutic dog food market along with the drivers and restraints pertaining to the market growth. Surge in the adoption of dogs for companionship, dogs falling prey to chronic diseases and launch of novel therapeutic dog food products on a large scale are major factors driving the growth of the Asia Pacific therapeutic dog food market. However, lesser sales in developing countries may hinder the growth of Asia Pacific therapeutic dog food market.
As a result of COVID-19 pandemic, the demand for pets, especially kittens and puppies, increased significantly in Asia Pacific. According to several industry press reports, many pet shops revealed that they were unable to maintain pets in inventory on display due to record sales between May and July 2020. Usually, summer represents a low sales season with a greater number of kittens available on discount, but this past year the price for pets did not decrease. The distribution of GOJ’s special fixed-amount benefit of 100,000 yen (about US$ 920) per person seems to have spurred an increase in pet purchases. Experts in the industry see this as a temporary phenomenon but anticipate additional increases in the sales of pet-related products, such as therapeutic dog food, in Asia Pacific. This change has already been confirmed across varieties of pet foods used for weight management, digestive care, and allergy and immune system health, with increased sales of higher-priced wet and semi-moist types. In addition, a few industry press reports showed a 10 to 15% increase in the sales of pet foods as several pet owners stockpiled pet foods together with their groceries.
The market for Asia Pacific therapeutic dog food is segmented into product type, application and country. Based on product type, the market is segmented into dry food, wet/canned food, snacks/treats, and others. In 2021, the dry food segment held the largest share in Asia Pacific therapeutic dog food market. Based on application, the Asia Pacific therapeutic dog food market is divided into weight management, digestive care, allergy and immune system health, and others. The digestive care segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific therapeutic dog food market is segmented into China, Japan, India, Australia, South Korea and rest of Asia Pacific. In 2021, China held the largest share in Asia Pacific therapeutic dog food market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific therapeutic dog food market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for therapeutic dog food.
Mars Incorporated; Nestlé.; Hill's Pet Nutrition, Inc; The J. M. Smucker Company; Blue Buffalo Co., Ltd. (General Mills, Inc.); Affinity Petcare S.A..; and WellPet are some of the leading companies in the Asia Pacific therapeutic dog food market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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