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LONDON, GREATER LONDON, UNITED KINGDOM, October 29, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The pet supplements market has experienced significant growth in recent years. It is projected to increase from $2.12 billion in 2023 to $2.26 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.9%. This growth in the historical period can be attributed to factors such as rising pet ownership, recommendations from veterinarians, the humanization of pets, an aging pet population, and increasing awareness of preventive care.
What Are the Market Size Estimates for the Global Pet Supplements Market and Its Expected Growth Rate?
The pet supplements market is anticipated to experience substantial growth in the coming years. It is expected to reach $2.98 billion by 2028, with a compound annual growth rate (CAGR) of 7.1%. Factors driving this growth during the forecast period include the premiumization of pet products, personalized nutrition for pets, increased spending on pet healthcare, the dominance of e-commerce, and innovations in delivery formats.
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What Are The Primary Growth Drivers Of The Pet Supplements Market?
Rising concerns about animal welfare are expected to significantly drive the growth of the pet supplements market in the future. Animal welfare encompasses the management and living conditions of animals, emphasizing their well-being and quality of life. Pet supplements play a crucial role in this context, offering essential nutrition and treatments for various health issues. By improving the overall health of pets, these supplements contribute to better animal welfare, aligning with the growing consumer demand for products that promote the well-being of pets.
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Who Are The Top Market Players Contributing To The Growth Of The Pet Supplements Market?
Key players in the pet supplements market include Nestle S.A., Bayer AG, Mars Inc., Zoetis Inc., Church & Dwight Co Inc., Bayer Animal Health, Hill's Pet Nutrition, iVet Professional Formulas, Blue Buffalo Pet Products Inc., Kemin Industries, Merck Animal Health, Ceva Santé Animale, Dechra Pharmaceuticals plc, Affinity Petcare S.A., Kemin Industries Inc., NOW Foods Inc., Four Paws Inc., Nutramax Laboratories Inc.
What Emerging Trends Are Affecting The Size Of The Pet Supplements Market?
Major companies in the pet supplements market are increasingly focusing on strategic collaborations to enhance their offerings and provide reliable services to customers. These partnerships involve mutually beneficial arrangements between independent entities working together to achieve shared goals that align with their individual strategic objectives. By collaborating, companies can leverage each other's strengths, access new markets, and develop innovative products that meet the evolving needs of pet owners, ultimately enhancing their competitive edge in the growing pet supplements market.
How Is the Global Pet Supplements Market 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
Geographical Analysis: North America Emerges as the Pet Supplements Market Leader
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition And Overview Of The Pet Supplements Market?
Pet supplements refer to substances specifically designed for oral consumption by pets, either mixed into their food or offered separately. These supplements consist of concentrated ingredients added to a pet's diet to provide nutritional or medicinal benefits. They aim to enhance overall health, support specific health conditions, and improve the quality of life for pets by addressing dietary deficiencies or health issues.
The Pet Supplements Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Pet Supplements Market Report: Trends, Opportunities, Strategies, and More
The Pet Supplements Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into pet supplements market size, pet supplements market drivers and trends, pet supplements competitors' revenues, and pet supplements market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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