Innovation is booming in the pet food industry and new healthy and nutraceutical food options are taking over retail shelves, according to a new report.
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With the population of pets in the US at an all-time high, and the market expected to reach sales exceeding US$12bn by 2006, the pet food industry is in a position to profit dramatically. Pet food owners are continuing to move away from semi-moist food into dry food equivalents, but the area of functional foods for pets shows the most promise.
“People have been purchasing functional foods products for themselves for years,” said Don Montuori, acquisitions editor for report producer Packaged Facts: “We’re not at all surprised to see consumers flocking to the new pet food products that promise functional benefits such as oral care and improved skin and coat for their cats and dogs.”
