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Veterinary Dietary Supplements Global Market Top Companies, Trends and Future Prospects Details for Business Development 2033
Veterinary Dietary Supplements Global Market
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According to The Business Research Company's, The veterinary dietary supplements market size has grown strongly in recent years. It will grow from $2.21 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increased pet ownership, veterinary recommendations, humanization of pets, pet obesity awareness, availability of specialized formulations, advancements in pet nutrition science.
The veterinary dietary supplements market size is expected to see rapid growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to customized nutrition solutions, pet population growth, e-commerce expansion, focus on specific health conditions, rise in preventive healthcare spending, nutraceutical innovations, holistic pet care approach. Major trends in the forecast period include natural and organic ingredients, expansion of distribution channels, joint health supplements for aging pets, research and development in animal nutrition, regulatory compliance and standards, collaborations and partnerships.
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Market Drivers and Trends:
The increasing number of pet owners is expected to propel the growth of the veterinary dietary supplements market going forward. Pet owners are individuals or families who own and care for one or more pets, such as dogs, cats, birds, or other domesticated animals, providing them with food, shelter, medical care, and affection. Pet owners use veterinary dietary supplements to address specific nutritional deficiencies in a pet's diet, ensuring they receive essential vitamins, minerals, or nutrients. For instance, in October 2023, according to the American Pet Products Association, a US-based non-profit association, there were 86.9 million US households that owned a pet, which is 66% of households, and it was 62% in 2022. Therefore, the increasing number of pet owners is driving the growth of the veterinary dietary supplements market going forward.
Major companies operating in the veterinary dietary supplements market are focusing on innovating products, such as the wellness supplements, to provide reliable services to customers. Wellness Supplements are first line of pet supplements designed to support dog's health and wellbeing and available in five varieties. For instance, in January 2023, Wellness Pet Company, a US-based pet food company, launched Wellness Supplements. Wellness Supplements consists in five formulations, such as move health supplements, calm health supplements, shield health supplements, belly health supplements, and shine supplements. Wellness Supplements are composed of high-quality ingredients and diverse tasty flavors. These supplements promote healthy digestion, healthy immune system and seasonal allergies, healthy skin and coat for dogs.
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Major Key Players of the Market:
C H Boehringer Sohn AG & Co KG, Virbac, Ark Naturals, Beaphar, FoodScience LLC, Nutri-Pet Research Inc., CEVA Logistics INDIA PRIVATE LIMITED., Canna Companion, NOW Foods PRIVATE LIMITED, Nestle S.A., Nutramax Laboratories Inc., Orion Corporation, Zydus Animal Health and Investments Limited, Krka d.d. Novo mesto, Animalcare Limited, Ourofino Saúde Animal, Eco Animal Health Group plc, VetriScience Laboratories, Vetoquinol, Kyoritsu Seiyaku Corporation, Nexvet Biopharma plc, Aratana Therapeutics Inc., Bayer Animal Health, Dechra Pharmaceuticals PLC, Heska Corporation, Kindred Biosciences, Mars Incorporated, Norbrook Laboratories Limited, Zoetis Inc., Bioiberica S.A.U., Bimeda Inc., Eli Lilly and Company, Toray Industries Inc., AB Science
Veterinary Dietary Supplements Market 2024 Key Insights:
• The veterinary dietary supplements market size is expected to see rapid growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Population Growth Of Companion And Livestock Animals Fueling The Veterinary Dietary Supplements Market
• Enhancing Health And Wellbeing With Wellness Supplements
• Asia-Pacific was the largest region in the veterinary dietary supplements market in 2023
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