The new report by Expert Market Research titled, ‘Global Pet Supplement Market Analysis, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global pet supplement market, assessing the market based on its segments like pet, type, source, distribution channel, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.5%
The industry is primarily driven by rising pet-care spending and an increase in pet adoption around the world. Pet owners are willing to spend a lot of money to protect their pets’ health, which has resulted in an increase in pet health spending. The growing trend of pet humanisation is driving the pet supplement market. Many pet owners are preferring high-quality, premium supplies for their animals. Moreover, because people felt alone owing to social distancing and during lockdowns, the COVID-19-induced lockdowns stimulated pet adoption even more.
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Organic pet supplements are gaining popularity among pet owners as a result of associated benefits such as assisting in speedier healing, having a high nutritional profile, and having no negative effects. Pet owners are expected to spend more money on expensive pet care goods, such as organic pet food and supplements, as their spending on pet care rises and their concern for animal welfare grows.
Industry Definition and Major Segments
Pet supplements are prepared foods derived from plant and animal raw materials that include concentrated quantities of nutrition to make up for vitamin, protein, and mineral deficits. It contains important nutrients that enable pets such as dogs, cats, freshwater fish, reptiles, horses, and birds stay healthy.
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The market can be broadly categorised on the basis of pet into:
• Freshwater fish
The major types of pet supplements are:
• Skin and Coat
• Hip and Joint
• Prebiotics and Probiotics
On the basis of source, the market is segmented into:
By distribution channel, the market is categorised into:
On the basis of region, the industry is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Natural and organic pet vitamins are becoming increasingly popular. Pet supplements are also including herbs and superfoods, which will help the market expand. The increasing endorsements of veterinary supplements for the preservation of overall pet wellbeing are also boosting the pet supplement industry. Increasing consumer awareness regarding pet supplements and rising preference for organic pet food is also boosting the growth of the pet supplement industry.
As pets have increasingly become viewed as family members, pet owners are willing to increase their annual spending on pet dietary supplements. Key market participants are continually adding new methods or technologies to improve their output as well as the quality of pet supplements, resulting in solutions that are more effective, better tasting, longer lasting, and treat a variety of pet health conditions. Over the forecast period, this is expected to help the market grow.
Key Market Players
The major players in the market are Ark Naturals Company, Nutramax Laboratories, Inc., Kemin Industries, Inc., Nestle S.A, and Virbac, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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