IMARC Group has recently released a new research study titled “Pet Supplement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the pet supplement market?
The global pet supplement market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
Market Outlook:
Pet supplements, also known as pet nutraceuticals, are products designed to provide additional nutrients or health benefits beyond those found in typical pet food. These supplements often come in various forms such as tablets, chews, powders, and liquids, aiming to support specific aspects of pet health, such as joint health, skin and coat health, digestive health, and overall wellbeing.
 |
| Pet Supplement Market Report 2023-2028 |
Characteristically, pet supplements are often tailored to address the unique nutritional needs of different species, breeds, ages, and health conditions. For instance, older dogs may benefit from glucosamine supplements for joint health, while kittens may need probiotics for digestive health. A critical feature of pet supplements is that they're intended as an addition to, not a replacement for, a balanced diet. Pet supplements generally boast natural ingredients, are easy to administer, and are tailored to target specific health concerns.
Some may contain ingredients like vitamins, minerals, enzymes, probiotics, or fatty acids. They are usually non-pharmaceutical and non-invasive, often perceived as a preventative measure or complementary addition to regular veterinary care. Industries employing pet supplements are predominantly those related to pet care and pet health. The primary industry is the pet food industry, where supplements are often sold alongside regular pet food.
Additionally, the veterinary industry also employs pet supplements, with veterinarians recommending certain products for specific health conditions. Pet supplements are also increasingly present in human health and wellness industries, as holistic and preventative health measures gain popularity among pet owners.
Report Sample: https://www.imarcgroup.com/pet-supplement-market/requestsample
Market Trends and Growth Drivers:
The increasing pet humanization trend represents one of the key factors driving the market growth. Moreover, pets are increasingly perceived as family members, pet owners are continuously seeking better and more comprehensive care for their pets. This trend is fostering a higher demand for products like pet supplements, aimed at maintaining the optimal health and wellbeing of pets. The growing awareness of pet health and nutritional needs among pet owners is another influential factor. As pet owners become more knowledgeable about the specific dietary requirements of their pets, they are recognizing the potential benefits of pet supplements. They are actively seeking these products to complement regular pet food, ensuring that their pets receive all necessary nutrients. An upsurge in pet ownership, especially amidst the COVID-19 pandemic, is also propelling the pet supplement market growth.
As more people adopt pets for companionship during lockdowns and periods of social distancing, the demand for pet care products, including supplements, is on the rise. Pet supplement manufacturers are continually innovating, developing better-tasting, easier-to-administer products that appeal to both pets and their owners. They are incorporating higher quality ingredients and offering condition-specific supplements, enhancing the effectiveness of these products. The rise of e-commerce is another significant factor. The ease of online shopping, coupled with the ability to research and compare different products, is making it easier for pet owners to access a variety of pet supplements. This shift towards online purchasing is further fueling the growth of the pet supplement market.
Who are the key players operating in the industry?
The report covers the major market players including:
- Ark Naturals Company
- Elanco Animal Health Incorporated
- Boehringer Ingelheim International GmbH
- FoodScience Corporation
- Kemin Industries Inc.
- Nestlé S.A.
- Novotech Nutraceuticals Inc.
- NOW Foods
- Nutramax Laboratories Inc.
- VetriScience Laboratories
- Virbac
- Zoetis Inc.
Report Segmentation
The report has segmented the market into the following categories:
Breakup by Pet Type:
- Dogs
- Cats
- Others
Breakup by Distribution Channel:
- Online
- Offline
Breakup by Source:
- Organic
- Conventional
Breakup by Application:
- Multivitamins
- Skin and Coat
- Hip and Joint
- Prebiotics and Probiotics
- Calming
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Explore Full Report Description At: https://www.imarcgroup.com/pet-supplement-market
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/
No comments:
Post a Comment