Pet Supplements Market Competitive And Growth Analysis 2024 - Major Players, High Growth Strategies And Opportunities | Nestle S.A., Bayer AG, Mars Inc., Zoetis Inc.., Bayer Animal Health

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The Business Research Company offers in-depth market insights through Pet Supplements Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The pet supplements market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased pet ownership, veterinary recommendations, humanization of pets, ageing pet population, rising awareness of preventive care.

The pet supplements market size is expected to see strong growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to premiumization of pet products, personalized nutrition for pets, rise in pet healthcare spending, e-commerce dominance, innovations in delivery formats. Major trends in the forecast period include integration of technology, customized and functional formulas, expansion of product range, online retail and subscription models, transparency in sourcing and manufacturing.

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Market Segmentation:
The pet supplements market covered in this report is 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

Major Driver - Surging Interest In Animal Welfare Propels Growth In The Pet Supplements Market
Rising concerns about animal welfare significantly contribute to the growth of the pet supplements market going forward. Animal welfare refers to how an animal is managed with the conditions in which it lives. Pet supplements are used to provide animals with nutrition and treatment for various diseases to improve animal welfare. For instance, according to an April 2023 article released by the American Pet Products Association (APPA), a US-based trade organization, OTC medicine and wellness products sales are projected to increase from $31.5 billion in 2022 to $32.1 billion in 2023. The sales of vet care and products are projected to grow from $35.9 billion in 2022 to $37.0 billion in 2023. Therefore, a rise in concerns about animal welfare will drive the pet supplements market.

Competitive Landscape:
Major companies operating in the pet supplements market report are Nestle S.A., Bayer AG, Mars Inc., Zoetis 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., FoodScience Corporation, PetHonesty, VetriScience Laboratories, Novotech Nutraceuticals, Honest Paws LLC, NutriScience Innovations LLC, Ark Naturals, Dr. Harvey's, Health Extension Pet Care, Aviform Ltd, The Higgins Group Corp, Fromm Family Foods

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Top Trend - Everroot And Laila Ali Lifestyle's Collaborative Venture In Pet Supplements
Major companies operating in the pet supplements market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in December 2023, Everroot, a US-based provider of dog supplement, partnered with Laila Ali Lifestyle, a US-based provider of health supplements, to launch EverRoot Dog Supplements Soft Chews. This innovative partnership aims to make it easier and more enjoyable for pet parents to provide their dogs with the essential nutrients they need for optimal health and well-being.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pet Supplements Market Characteristics
3. Pet Supplements Market Trends And Strategies
4. Pet Supplements Market - Macro Economic Scenario
5. Pet Supplements Market Size And Growth
…..
27. Pet Supplements Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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