Pet Supplements Market Comprehensive Research by Top Regions, Leading Players, Industry Growth Insights, Business Size and Global Share

The Pet Supplements Market size is expected to grow from US$ 2,281.70 million in 2022 to US$ 3,200.77 million by 2028. It is expected to grow at a CAGR of 5.8% from 2022 to 2028.

Pet supplements are processed food made of plant and animal raw materials with a concentrated source of nutrients to compensate for protein, vitamins, or mineral deficiencies. These supplements provide essential nutrients to animals, which helps to improve the overall growth of the pets. An increasing number of product innovations to meet the rising demand for health and convenience, growing demand for immunity-boosting pet supplements, and rising consumer preference for e-commerce platforms are a few of the factors driving the growth of the pet supplements market. The pet supplements market is segmented on the basis of form, pet type, and distribution channel.

Get a Sample PDF of report at- https://www.premiummarketinsights.com/sample/TIP00073763?utm_source=OpenPr&utm_medium=10640

Key Players:

- Zesty Paw LLC
- Comfort Click Ltd.
- Arrowleaf Naturals Ltd.
- Four Paws Inc.
- Nutramax Laboratories Consumer Care Inc.
- FoodScience LLC
- Nordic Naturals Inc.
- Thorne Vet Inc.
- Dorwest Herbs Ltd.
- Pethonesty LLC.

Based on region, the pet supplements market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, North America held the largest share of the pet supplements market, and Asia Pacific is estimated to register the highest CAGR over the forecast period. According to the National Pet Owners Survey (2021-2022) conducted by the American Pet Food Association, pet ownership increased from ~67% of US households in 2021 to 70% in 2022. Moreover, millennials were revealed to be the largest group of pet owners, with a share of 32%, followed by baby boomers (27%) and generation X (24%). Further, the rising tendency of these pet owners to improve the immune systems of their pets, strengthen their bones, improve digestion, and treat various skin allergies is also driving the demand for pet supplements in North America.

Get Full Report: https://www.premiummarketinsights.com/reports-tip/pet-supplements-market

Moreover, key players operating in the North America pet supplements market are adopting strategic initiatives such as product launches, acquisitions, and partnerships to sustain themselves in the growing market. According to Innova, pet supplements showed a staggering 116% growth from 2019 to 2020, with more than 150 new product development activities in the North American marketplace. For instance, in 2022, Ultimate Pet Nutrition launched Nutra Thrive, a Canine Nutritional Supplement that combines powerful probiotics with easily absorbed nutrients, vitamins, minerals, antioxidants, and digestive enzymes. This product also received the product of the year award from the Pet Innovation Award in September 2022. Such product innovation by manufacturers is further expected to drive the market growth in the coming years.

Based on distribution channel, the pet supplements market is bifurcated into online and offline. The offline segment accounted for a larger share of the pet supplements market in 2021. However, the online segment is expected to register a higher CAGR during the forecast period.

China, India, Japan, and other countries in Asia Pacific faced significant challenges due to the COVID-19 pandemic. Lockdowns, trade bans, business shutdowns, and other government restrictions curbed the growth of the pet food industry, including the businesses of pet supplement providers. However, the demand for pet supplements increased during the first quarter of 2020 as people stocked up on pet products in response to lockdowns and travel bans. Moreover, growing awareness about the well-being of pets, inclination toward pet humanization, and changes in socioeconomic aspects propelled the demand for pet supplements in the region. These supplements help keep pets healthy and improve their immunity.

In 2021, governments of several countries in Asia Pacific eased social restrictions and permitted manufacturing companies to operate at full capacities. This helped pet supplement producers to overcome the demand and supply gaps, which eventually led to the market growth.

Buy this Report @: https://www.premiummarketinsights.com/buy/TIP00073763?utm_source=OpenPr&utm_medium=10640

Contact Us:
If you have any queries about this report or if you would like further information, please
Contact Person: Ankit Mathur
Phone: +1-646-491-9876
Email: sales@premiummarketinsights.com

About Us:
Premium Market Insights is a one stop shop of market research reports and solutions to various companies across the globe. We help our clients in their decision support system by helping them choose most relevant and cost-effective research reports and solutions from various publishers.
The market research industry has changed in last decade. As corporate focus has shifted to niche markets and emerging countries, a number of publishers have stepped in to fulfil these information needs. We have experienced and trained staff that helps you navigate different options and lets you choose best research solution at most effective cost.
Premium Market Insights has an extensive coverage of industry reports, company reports and country reports across all industries. In case your research needs are not met by syndicated reports offered by leading publishers, we can help you by offering a customized research solution by liaising with different research agencies saving your valuable time and money.
We provide best in class customer service and our customer support team is always available to help you on your research queries. Our commitment to customer service is best exemplified by free analyst support that we offer to our clients which sets us apart from any other provider. We also offer enterprise subscriptions which provide significant cost savings to our clients.

This release was published on openPR.