The Pet Supplements Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pet Supplements Global Market Report 2024, The pet supplements market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased pet ownership, veterinary recommendations, humanization of pets, ageing pet population, rising awareness of preventive care.
The pet supplements market size is expected to see strong growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to premiumization of pet products, personalized nutrition for pets, rise in pet healthcare spending, e-commerce dominance, innovations in delivery formats. Major trends in the forecast period include integration of technology, customized and functional formulas, expansion of product range, online retail and subscription models, transparency in sourcing and manufacturing.
Rising concerns about animal welfare significantly contribute to the growth of the pet supplements market going forward. Animal welfare refers to how an animal is managed with the conditions in which it lives. Pet supplements are used to provide animals with nutrition and treatment for various diseases to improve animal welfare. For instance, according to an April 2023 article released by the American Pet Products Association (APPA), a US-based trade organization, OTC medicine and wellness products sales are projected to increase from $31.5 billion in 2022 to $32.1 billion in 2023. The sales of vet care and products are projected to grow from $35.9 billion in 2022 to $37.0 billion in 2023. Therefore, a rise in concerns about animal welfare will drive the pet supplements market.
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The pet supplements market covered in this report is segmented –
1) By Supplement Type: Essential Fatty Acids, Probiotics, Antioxidants, Multivitamins, Enzymes, Other Supplements
2) By Product Form: Chewable, Soft Gels, Capsules, Other Forms
3) By Pet Type: Dogs, Cats, Other Pets
4) By Distribution Channel: Online E-commerce, Retail Stores
5) By Application: Skin And Coat, Hip And Joint, Digestive Health, Other Applications
Major companies operating in the pet supplements market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in December 2023, Everroot, a US-based provider of dog supplement, partnered with Laila Ali Lifestyle, a US-based provider of health supplements, to launch EverRoot Dog Supplements Soft Chews. This innovative partnership aims to make it easier and more enjoyable for pet parents to provide their dogs with the essential nutrients they need for optimal health and well-being.
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