As per our research on the Global Pet Supplement Market, the market was estimated at around USD 1.8 billion in 2021 and is projected to witness a CAGR of 6% during 2022-2030, to reach around USD 3.1 billion by 2030. The report examines the Pet Supplement market’s drivers and restraints, as well as their impact analysis. Also, the report mentions global opportunities prevailing in the Pet Supplement market.
Pet Supplement Market: Overview
Pet Supplements provide additional health benefits, comprising vitamins, minerals, and antioxidants. The Dietary Complement Health and Education Act (DSHEA), approved by Congress in 1994, defines dietary supplements as products that are intended to supplement diets and contain at least one of the following ingredients: vitamins, minerals, herbs, or amino acids. With the aid of the substances above, a supplement for animals is typically utilized to increase their total consumption.
There is no requirement for supplements for the typical dog or cat in good condition and being fed a balanced and comprehensive commercial diet. However, it would be advisable to consider dietary supplements for the pet if the animal has certain health requirements that call for increased consumption of specific nutrients or hasn’t been receiving a healthy, well-balanced diet.
Browse the full “Pet Supplement Market Size, Share, Growth Analysis Report By Pet Type (Cat, Dog, Fish, Others), By Product Type (Pills, Powders, Chewable, Others), By Distribution Channel (Offline, Online), and By Region – Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2022–2030″ report at https://www.custommarketinsights.com/report/pet-supplements-market/.
Online Sales are projected to Witness High CAGR during 2022-2030
The demand for Pet supplements is witnessing high growth worldwide. Attributed to the growing number of pet parents, dietary supplements and nutrients are being used more frequently as pet food. The demand has also increased as a number of veterinary professionals add private label products or even their own label vitamins and nutraceuticals for sale inside the clinic. However, some of the issues, including mineralization of soft tissues and bladder stone development, which occurs due to high calcium intake, act as a hindering factor to the growth of the Pet Supplement market.
The market for Pet Supplements is segmented into pet type, product type, and distribution channel. In 2021, the offline distribution channel had a dominant market share of over 80%. Supermarkets, hypermarkets, convenience stores, and small businesses are examples of offline channels.
The growing availability of a variety of supplements in these stores, including multivitamins, omega-3 fatty acids, and skin and coat care items, is another important factor in the segment’s rise. For instance, the French grocery company Carrefour and In vivo Retail’s Noa pet care line collaborated to open a new concept pet store in Paris in July 2020. The retail concept store provides a wide range of products for total body care, including supplements.
During the projected period, the online distribution channel segment is anticipated to witness the highest CAGR of over 5%. The convenience of obtaining pet supplies through an online e-commerce platform is growing among millennials, primarily responsible for the segment’s growth. Many millennials prefer ordering pet food, supplies, supplements, and medications online and delivering them directly to their front door.
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From 2022 to 2030, the market in the Asia Pacific is anticipated to grow at a CAGR of over 6%. The use of these products for pets is being encouraged by owners’ growing awareness that food alone might not satisfy all of their pets’ health requirements and can result in inadequacies in their regular diet. In addition, the region’s increasing pet owner population, notably in China, India, and Australia, is anticipated to boost market demand.
Key Players Insights
Different strategies are being adopted by market participants to thrive in the fiercely competitive climate. These businesses concentrate on product introductions and innovation to build their brand. In addition, strategic partnerships are given a lot of attention.
Businesses in the pet dietary supplement industry are noticing a huge increase in online sales on platforms such as Amazon and pet-specific shopping sites. Internet users who own pets are using it to learn more about pet care. Manufacturers are developing a solid research foundation in the newest substances that may be able to suit the evolving health and wellness needs of pets.
Some of the prominent players
- Nestlé Purina Petcare
- Ark Naturals
- Food Science Corporation
- Bayer AG
- Nutramax Laboratories, Inc.
- NOW Foods
- Zoetis Inc.
- Zesty Paws
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