Pet Dietary Supplement Market to achieve CAGR of 6.3% by 2032, owing to increasing medical issues in pets | insightSLICE
The market for Pet Dietary Supplement was valued at US$ 3.9 billion in 2021 and is anticipated to grow at a compound annual growth rate of 6.3% by 2032.
You’re briefing on current trends, market analysis, and sales projections for the years 2023–2032 will be provided in the report named “Global Pet Dietary Supplement Market.” This report employs information from the year 2022 as its empirical baseline along with the year 2021 as historic data.
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In addition to providing a company profile and market prognosis for all the top players in the global Pet Dietary Supplement Market, the study takes into account the market’s overall main landscape.
Furthermore, the study will provide information on regional market transactions, sales growth figures, future research trends, business strengths, management profiles, and product impact for all of the leading firms in this market.
The key players of the Global Pet Dietary Supplement Market are:
PetHonesty, Novotech Nutraceuticals, Inc., VetriScience Laboratories, NOW Foods, Ark Naturals, Virbac, Kemin Industries Inc., Dechra Pharmaceuticals PLC, Zoetis Inc., Bayer AG, Nutramax Laboratories Inc., and others are the major market participants in the global pet dietary supplement market.
Driving factors for the growth of Global Pet Dietary Supplement Market
The pet nutritional supplement industry is incredibly complicated, with the top four market participants accounting for nearly half of the market. This creates fierce rivalry, especially for market influencers.
These key players’ primary critical activities, which have strengthened market unification in the pet dietary supplement market, are acquisitions and partnerships.
Businesses work to increase brand awareness via marketing sales and objectives. By working together, partnering, developing new products, and improving organizations, major market players are enhancing their brand values.
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Many pet supplement manufacturers are developing novel pet supplement products with a variety of components to highlight their creative product offerings to increase brand recognition, attract new clients, and boost sales. A few of the ingredients include CBD, hemp oil, shrimp oil, and silver.
Pet palatability difficulties can be resolved by combining flavorings like peanut butter and banana with appealing item designs like nutrition bars and supper toppings. Additionally, as stated by FEDIAF in 2018, Western Europe’s total average expenditure on pet food was high.
Due to increased medical issues in pets as well as this client trend toward pet breeding, the market for pet dietary supplements is anticipated to grow significantly between 2023 and 2032.
Increased use of pet dietary supplements:
A pet dietary supplement relates to food additives used in conjunction with pet food to improve the nutrient balance or digestion of the pet’s diet.
To reduce the risk of unfavorable medical conditions, regulate health-related difficulties including joint discomfort, skin problems, renal assistance, and gastrointestinal problems, and ensure a healthy diet, pet owners make sure to give their pets adequate nutrition in the form of pet nutritional supplements.
The majority of pet owners, who are young and highly educated, believe that pets should receive the same level of care as young children, which explains the desire for pet nutritional supplements.
Pet foods that are organic and natural are getting more and more well-known. The market will grow since pet supplements are increasingly favoring nuts and superfoods as a form of nutrition.
Global Pet Dietary Supplement Market Key Segments:
Based on specialty type
- Urinary Tract Disease
- Diabetes
- Renal
- Digestive Sensitivity
- Oral Care
- Other
Based on pet type
- Dog
- Cat
- Bird
- Other
Based on distribution channel
- Online
- Offline
- Other
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
- Rest of Middle East & Asia
- South America
- Brazil
- Rest of South America
Growth factors of major segments:
Among animal types, the canine market for dietary supplements is likely to experience the fastest growth throughout the forecast period of 2023–2032.
The desire of dog owners to provide healthy and nourishing food options for their animals drives the global trade in diverse canine feed ingredients, triggering the production of numerous nutritional supplement products.
A growing number of veterinarians are opening weight loss clinics as obesity becomes an increasingly common medical issue for pets. According to the Organization for Pet Obesity Prevention, 61 percent of cats and 56 percent of dogs in the US were obese or overweight in 2016.
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This problem has been on the rise recently and is turning into an epidemic. Weight management is well-known in the pet industry, and dietary adjustments are performed to keep tabs on the animal’s body weight and ensure its health.
Trade and sales patterns are shifting as a result of online business and e-commerce due to advanced technologies. Undoubtedly, the effects of the lockdown and the Coronavirus pandemic have made web-based commerce a crucial component for all businesses.
The segment of the population that is interested in online trading and has made it their only option since 2020 has also embraced it. There are many opportunities for businesses and online services to work together to give customers an improved user experience.
The largest regional share of the global market for pet dietary supplements belongs to the North American region. The Asia Pacific pet dietary supplements market is also expected to grow between 2023 and 2032 as a result of rising pet adoption, rising disposable income in households, and expanding e-commerce trading and sales activities.
Market report statistics and features:
With a focus on every functioning business segment, the research offers an in-depth analysis of key companies holding the vast majority of the worldwide market dominance and would potentially clarify the major section focused on the global pet dietary supplement market.
Additionally, the market shares of well-known businesses in the global market for pet dietary supplements would be calculated. All of the pet dietary supplement firms’ company strategies, market positions, possible changes, Strategic analysis studies, and research and improvement priorities are taken into account in the study.
The players involved in the market’s supply chain and value chain, as well as their contributions, will be taken into account in the global analysis of the pet dietary supplement market. Apart from this the report also includes a portfolio of all the available products and their sakes and revenue statistics.
We also provide a recent news section in this report which covers important corporate announcements such as mergers, business deals, clinical trials, corporate plans, and regional entries of all the companies involved in the pet supplements market.
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