Pet Herbal Supplements Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The pet herbal supplements market size has been grown rapidly in recent years. It will grow from $0.99 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to increasing awareness of pet health, humanization of pets, veterinary recommendations, regulatory support, and consumer preferences for natural products.
The pet herbal supplements market size is expected to see rapid growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to continued growth in pet ownership, the aging pet population, e-commerce expansion, personalized nutrition, and environmental sustainability. Major trends in the forecast period include advanced extraction techniques, nanotechnology applications, digital health monitoring, AI-driven formulation optimization, and personalized supplements.
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Scope Of Pet Herbal Supplements MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Pet Herbal Supplements Market Overview
Market Drivers -The rising pet expenditure is expected to propel the growth of the pet herbal supplements market going forward. Pet expenditure refers to costs related to pet food, supplies and medicines, veterinarian care, live animal purchases, and other services. The increase in pet expenditure is driven by the humanization of pets, leading to higher spending on premium products and services and advancements in pet healthcare requiring more costly treatments. The rise in pet expenditure is boosting the pet herbal supplements market as owners increasingly seek natural, high-quality health products to ensure their pets’ well-being and longevity. For instance, in November 2023, according to a report by American Pet Products Association, Inc., a US-based not-for-profit industry association, the U.S. pet industry expenditure was $147.0 billion in 2023, up from $136.8 billion in 2022. Therefore, the rising pet expenditure is driving the growth of the pet herbal supplements market.
Market Trends – Major companies operating in the pet herbal supplements market are focusing on developing innovative products, such as canine supplements, to serve customers better and gain a competitive edge in the market. A canine supplement is an over-the-counter or prescribed product that provides additional vitamins, minerals, enzymes, amino acids, and herbs to address various health issues in dogs, such as skin disorders, joint problems, and overall well-being. For instance, in July 2023, Badlands Ranch, a leading US-based pet nutrition brand, launched Super20, a canine superfood powder designed to support dogs’ overall well-being. This comprehensive supplement includes natural ingredients such as mushrooms, milk thistle, and ashwagandha to promote energy, mobility, coat health, mood upliftment, and smooth digestion. It addresses common concerns such as joint stiffness, gut health, stress management, and immune support, providing an effortless way to enhance the quality of life for beloved furry companions.
The pet herbal supplements market covered in this report is segmented –
1) By Product: Omega 3 Fatty Acids, Probiotics And Prebiotics, Multivitamins And Minerals, Cannabidiol Oil (CBD), Proteins And Peptides, Other Products
2) By Dosage Form: Tablets And Capsules, Gummies And Chewable, Powders, Liquids, Other Dosage Forms
3) By Animal Type: Dogs, Cats, Horses, Other Animals
4) By Application: Digestive Support, Immunity Support, Skin And Coat, Calming Or Stress Or Anxiety, Joint Health Support, Kidney Health, Liver Health, Respiratory Health, Other Applications
5) By Distribution Channel: Online, Offline
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Regional Insights –
North America was the largest region in the pet herbal supplements market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pet herbal supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies – Major companies operating in the pet herbal supplements market are Merck & Co. Inc., C.H. Boehringer Sohn AG & Co. KG, Zoetis Inc., Elanco Animal Health Incorporated, Virbac, Dechra Pharmaceuticals plc, Vetoquinol, Nutramax Laboratories, Nulo Pet Food, Ceva Animal Health, Healthy Paws Herbal Labs, Zesty Paws, PetHonesty, Only Natural Pet, Petlab Co., Honest Paws, Vet’s Best Friend, Ark Naturals, Herbsmith, NaturVet, Vital Pet Life, Paw Naturals
Table of Contents 1. Executive Summary2. Pet Herbal Supplements Market Report Structure3. Pet Herbal Supplements Market Trends And Strategies4. Pet Herbal Supplements Market – Macro Economic Scenario5. Pet Herbal Supplements Market Size And Growth…..27. Pet Herbal Supplements Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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