Pet Supplements Global Market Report 2024 - By Demand, Share, Trends, Scope, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Pet Supplements Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $2.98 billion In 2028 At A CAGR Of 7.1% :
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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Pet Supplements Market Major Segments
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

Key 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.

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Prominent Trend - Innovative Trends In Pet Supplements Opal Pets Introduces Perfect Powder
Major companies operating in the pet supplements market are developing new pet supplements to meet the growing demands of pet owners and introducing new applications and offerings, such as vegan supplements. For instance, in September 2022, Opal Pets, a US-based vegan animal nutrition provider, launched Perfect Powder, a new vitamin supplement. The powder is a complete vitamin, mineral, and amino acid supplement that can augment a well-rounded plant-based diet. Perfect Powder contains calcium, B vitamins, amino acids, L-carnitine, taurine, and other necessary minerals for dogs. It is made from organic Canadian sea kelp and Omega 3s derived from algae.

Pet Supplements Market Players
Major companies operating in the pet supplements market report are 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., 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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Largest And Fastest Growing Region In The Market
North America was the largest region in the pet supplements market in 2023. The regions covered in the pet supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pet Supplements Market Report Structure
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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