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Pet Herbal Supplements Market Share, Overview And Forecast To 2033
Pet Herbal Supplements Market Share
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According to The Business Research Company's, The pet herbal supplements market size has been grown rapidly in recent years. It will grow from $0.99 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to increasing awareness of pet health, humanization of pets, veterinary recommendations, regulatory support, and consumer preferences for natural products.
The pet herbal supplements market size is expected to see rapid growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to continued growth in pet ownership, the aging pet population, e-commerce expansion, personalized nutrition, and environmental sustainability. Major trends in the forecast period include advanced extraction techniques, nanotechnology applications, digital health monitoring, AI-driven formulation optimization, and personalized supplements.
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Market Drivers and Trends:
A rising shift towards personalized medicine is expected to propel the growth of the multi-cancer early detection market going forward. Personalized medicine is a medical approach that tailors treatment and healthcare decisions to the individual characteristics, needs, and genetic profile of each patient. The increasing demand for personalized medicine stems from its capacity to offer enhanced treatment efficacy, propelled by advancements in genomics, the rising complexity of diseases, and supportive regulatory measures. Personalized medicine enhances the effectiveness of multi-cancer early detection by customizing screening and treatment strategies according to individual genetic and biomarker profiles. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. It includes seven drugs tailored for cancer treatment and three targeting different diseases and conditions. Therefore, a rising shift towards personalized medicine is driving the multi-cancer early detection market.
Major companies operating in the pet herbal supplements market are focusing on developing innovative products, such as canine supplements, to serve customers better and gain a competitive edge in the market. A canine supplement is an over-the-counter or prescribed product that provides additional vitamins, minerals, enzymes, amino acids, and herbs to address various health issues in dogs, such as skin disorders, joint problems, and overall well-being. For instance, in July 2023, Badlands Ranch, a leading US-based pet nutrition brand, launched Super20, a canine superfood powder designed to support dogs' overall well-being. This comprehensive supplement includes natural ingredients such as mushrooms, milk thistle, and ashwagandha to promote energy, mobility, coat health, mood upliftment, and smooth digestion. It addresses common concerns such as joint stiffness, gut health, stress management, and immune support, providing an effortless way to enhance the quality of life for beloved furry companions.
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Major Key Players of the Market:
Merck & Co. Inc., C.H. Boehringer Sohn AG & Co. KG, Zoetis Inc., Elanco Animal Health Incorporated, Virbac, Dechra Pharmaceuticals plc, Vetoquinol, Nutramax Laboratories, Nulo Pet Food, Ceva Animal Health, Healthy Paws Herbal Labs, Zesty Paws, PetHonesty, Only Natural Pet, Petlab Co., Honest Paws, Vet's Best Friend, Ark Naturals, Herbsmith, NaturVet, Vital Pet Life, Paw Naturals
Pet Herbal Supplements Market 2024 Key Insights:
• The pet herbal supplements market size is expected to see rapid growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Rising Pet Expenditure Fuels Growth In Pet Herbal Supplements Market
• Innovative Canine Supplements Enhancing Pet Health And Well-being
• North America was the largest region in the pet herbal supplements market in 2023
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