News 2021: Pet Supplement Market Expected To Reach USD 1,015 Mn In 2026

The global pet supplement market was valued USD 650 million in 2018 and expected to reach USD 1,015 million in 2026, growing at a CAGR of 5.7% during the forecast period.

Pet Supplements are the substances that are consumed by dogs, cats, horses and other animals to provide them the nutrition required for their growth. These supplements mainly consist of fatty acids like omega-(3, 6, and 9) minerals and vitamins. Also, veterinarians suggest pet supplements as a feasible option for both animal drugs and replacement therapies.

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Pet owners are careful about their dogs and cats' health and safety, which encourages them to spend more on high-end food products in order to improve their life expectancy and prevent age-related issues. In addition, pet supplements are commonly used to address weight management problems due to increasing numbers of obese pets resulting in damaged ligaments and joints, heart and other illnesses. The market for nutritional pet supplements has a huge market opportunity for vitamins, minerals, herbs, meal supplements, and other comparable products.

Pet humanization is rapidly increasing in distinct nations due to changes in lifestyle. The growing possession of pets among younger generations, consumed in specific by social media and Western lifestyle adoption, are the primary drivers of the global pet supplement market. Urbanization trends have also led to the rise in sales of prepared pet foods in many nations as these products are more convenient and more appropriate for the busy lifestyles of urban residents.

The easy availability of products in retail outlets and medical stores is expected to encourage the purchase of pet food supplements. Increasing awareness is anticipated to increase product demand by teaching clients about marketing labels that focus on animal prevention and wellness. The increasing amount of ingredient patents as industrial players in ongoing research and development leads to a diversification of their product portfolio.

However, the product pricing, ambiguity over supplement-related allergies and intolerance are expected to hamper the growth of the global pet supplement market during the forecast period.

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Key Findings:

Based on pet type segmentation, the dogs segment represented the largest 78% market share in terms of value in the global market of pet food supplement
Based on the distribution channel, the internet retailing segment has attributed to growing at the highest CAGR of 9% in the global market over the coming years
Based on the product type segmentation, the prebiotic products are expected to grow at the highest CAGR throughout the forecast period
North America is expected to dominate the pet supplement market with more than 40% market share in 2018
Recent News:

In July 2019, Zoetis Inc. signed an agreement to take over Platinum Performance, a privately owned animal health company focused on nutrition.
In Sept 2019, Bayer has announced the launch of Coraxis, a product to prevent worm diseases in dogs.
In Jan 2018, Purina Pet care India Pvt Ltd., the new entity of Nestle has introduced a premium dog food product in India under the brand of Supercoat.

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This release was published on openPR.