LONDON, Feb. 26, 2024 (Globe Newswire) — The pet supplements market is expected to continue its strong growth trajectory in the coming years, according to The Business Research Company's Pet Supplements Global Market Report 2024. According to forecasts, the Pet Supplements market size is: $2.26 billion in 2024compound annual growth rate (CAGR) 6.9%. By 2028, the market is projected to grow to $2.98 billion at a CAGR of 7.1%.
Increased adoption of dogs, cats, and other pets is expected to drive this growth, as pet owners prioritize the health and well-being of their pets. Additionally, companies are innovating to meet the demand for plant-based vegan supplements, providing consumers with alternative options.
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Factors driving growth
Several factors are contributing to the robust growth of the pet supplements market.
Increase in pet ownership
One of the major driving factors for the pet supplements market is the increasing number of pet owners across the world. According to Forbes Advisor, as of 2023, 66% of American families, or its 86.9 million residents, owned pets. The increasing number of pet owners increases the demand for products that promote pet health and well-being.
Veterinarian recommendations
Veterinarians play an important role in popularizing pet supplements. With increasing awareness of preventive care, veterinarians are recommending supplements to address a variety of pet health issues. Pet owners trust veterinarian recommendations, leading to increased sales of pet supplements.
humanization of pets
Pets are increasingly viewed as family members, and their health and wellness are increasingly valued. Pet owners are willing to invest in supplements to improve their pets' quality of life, just as they would for themselves or their human family members.
Aging pet population
As your pet ages, he or she may need additional nutritional support to maintain health and mobility. Pet supplements aimed at older pets address specific needs associated with aging, such as joint health and cognitive function, and are driving market growth in this category.
Increasing awareness of preventive medicine
With increasing awareness of the importance of preventive health care, pet owners are actively seeking ways to keep their pets healthy. Supplements that support overall health and address specific issues such as skin and coat care and digestive health are becoming increasingly popular among pet owners.
market segmentation
The pet supplements market can be segmented based on several factors.
Types of supplements
- essential fatty acids
- probiotics
- Antioxidant
- multivitamin
- enzyme
- Other supplements
Product form
- chewable
- soft gel
- capsule
- Other formats
type of pet
Distribution channel
- online e-commerce
- retail store
application
- skin and coat
- hip joints and joints
- digestive health
- Other uses
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key player
The pet supplement market is dominated by a few major companies, including Nestlé SA, Mars Inc., and Virbac. These companies have a large market share and offer a wide range of products to meet the diverse needs of pet owners.
regional analysis
North America will lead the pet supplements market and account for the largest share of total revenue in 2023. However, other regions such as Western Europe and Asia-Pacific are also witnessing growth in the pet supplements market, driven by the increasing number of pet owners and rising pet keeping prices. Awareness of pet health issues.
In conclusion, the pet supplements market is poised for continuous growth due to factors such as increasing pet ownership, veterinarian recommendations, and humanization of pets. As pet owners continue to prioritize the health and well-being of their pets, demand for high-quality supplements is expected to increase, providing opportunities for innovation and expansion for the industry.
Pet Supplements World Market Report 2024 The Business Research Company's research provides insights into the Pet Supplements market size, Pet Supplements market segments, Pet Supplements market trends, drivers and restraints, key competitors' market position, revenue and market share. Masu.
Business Research Company publishes more than 7,500 industry reports covering more than 2,500 market segments and 60 regions. This report is based on unique insights from 1,500,000 datasets, extensive secondary research, and interviews with industry leaders.
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