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.
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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.
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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)
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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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