Wilmington, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Pet Supplement Market by Pet (Dog, Cat, Freshwater Fish, and Others), by Application (Multivitamins, Skin and Coat, Hip and Joint, Prebiotics and Probiotics, Calming, and Others), Source (Organic and Conventional), Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global pet supplement industry was estimated at $619.4 million in 2023 and is anticipated to generate $1,017.8 million by 2035, registering a CAGR of 4.3% from 2024 to 2035.
Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/A06522
Prime determinants of growth
The shift in pet ownership to parenting has been a very crucial and defining trend in the pet care market, especially in the developed countries. One-third of the households in developed countries own a pet. Traditionally, pet owners fed their pets leftovers and scraps from family meals. However, pet owners are becoming aware of pet food and supplements, which are manufactured with the focus to improve health of these animals. In addition, there has been a rise in adoption of pets, owing to various benefits associated with them, such as increase in opportunities to exercise and decline in stress. Nevertheless, introduction of new products made from organic and natural ingredients is expected to disrupt the assumption that the pet supplement sector uses artificial ingredients or ingredients made from chemical additives.
Consumers are increasingly adopting products with organic labels to not get affected by chemicals and artificial ingredients. Hence, many pet food and supplements processing industries are coming up with organic ingredient-based products, which are heavily demanded by pet owners. People are getting more conscious about the beneficial and healthy effects of organic pet supplements, so pet owners find organic labeled pet food and supplements. Growing innovation in ingredients and acceptance of organic pet supplements are likely to be lucrative opportunities for pet supplement manufactures.
Report Coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024-2035 |
| Base Year | 2023 |
| Market Size in 2022 | $619.4 million |
| Market Size in 2032 | $1,017.8 million |
| CAGR | 4.3% |
| No. of Pages in Report | 291 |
| Segment covered | Pet, Application, Source, Distribution Channel, and Region |
| Drivers | Rise in trend of pet humanization Rise in standard of living and purchasing power Rapid growth of the retail sector and pet shops |
| Opportunities | Product innovation and rise in demand for organic ingredients Increase in use of cannabis in pet supplements |
| Restraints | Traditional ways of feeding pet animals Lack of awareness regarding benefits of pet food and supplements Increase in regulatory on pet food |
Buy This Research Report (291 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/49e414f9fb3d7498c78abe8e34e79da8
By Pet
The dog segment to maintain its leadership status throughout the forecast period.
By pet, the dog segment held the highest market share in 2023, accounting for more than two-third of the global pet supplement market and is estimated to maintain its leadership status throughout the forecast period. Adoption of dogs is on the rise as compared to other pet animals. Dog supplements comprise a combination of carbohydrates, minerals, proteins, fats, vitamins, and water. These supplements help dogs to fight infection, perform daily activities, repair teeth & bones, and maintain their build and muscle tone. Various health issues can be observed in dogs such as unplanned weight loss, joint & hip, skin & coat, fear and anxiety, which can be controlled by the pet supplements. For instance, calming supplements are increasingly given to dogs, when they are afraid related anxiety. Thunder, fireworks, sirens, and separation from the owner are common reasons for anxiety in dogs. Furthermore, cross breed dogs are increasingly getting adopted, owing to their unique look, reduced heath issues, and increased lifespan, which is expected to increase pet ownership of dogs.
By Application
The multivitamin segment to retain its dominance by 2035.
By application, the multivitamin segment held the major share in 2023, generating more than one fourth of the global pet supplement market, and is estimated to maintain its leadership status throughout the forecast period. The growing pet supplement market, particularly in multivitamins, is driven by increasing pet ownership and the humanization of pets, where they are treated as family members. Owners are more aware of their pets' health, leading to a demand for preventive care, including multivitamins for overall well-being. Rising cases of pet health issues like joint problems, skin allergies, and age-related conditions have also fueled this trend. Additionally, premiumization in the pet care industry, with more natural, organic, and vet-recommended products, attracts health-conscious consumers seeking to improve the longevity and quality of life for their pets.
By Source
The conventional segment to maintain its leadership status throughout the forecast period.
By source, the conventional segment held the highest market share in 2023, accounting for more than three-fourth of the global pet supplement market and is estimated to maintain its leadership status throughout the forecast period. Conventional supplements are often easier to find in local pet stores, pharmacies, and online, providing convenience for everyday buyers. Familiarity and trust in established brands also play a significant role, as long-standing products are perceived as reliable. Additionally, conventional supplements are often formulated to meet general pet health needs, making them appealing to owners looking for basic, no-frills health maintenance solutions for their pets. Many pet owners, especially those in budget-conscious segments, seek cost-effective solutions for their pets' nutritional needs.
By Distribution Channel
The offline segment to retain its dominance by 2035.
By distribution, the offline segment held the major share in 2023, generating more than two thirds of the global pet supplement market, and is estimated to maintain its leadership status throughout the forecast period. Supermarkets/hypermarkets distribute pet animal snacks and foods with a variety of other products and thus are widely accepted across the globe. It provides a widespread option for pet owners to compare various pet supplement brands along with procuring their regular monthly grocery. Various giants such as Walmart, Kroger, Tesco, and Carrefour, with numerous outlets/stores play a crucial role in such distribution channels. Specialized pet food shops provide special food products for pet animals such as cats or dogs. People considerably prefer to buy pet supplements from vet clinics or pharmacies.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A06522
By Region
North America to maintain its dominance by 2035
Based on region, North America region held the highest market share in terms of revenue in 2023, accounting for more than two fifth of the global pet supplement market and is estimated to maintain its leadership status throughout the forecast period. The surge in pet ownership and increase in spending capacity on pet care products, including health care and grooming products are some of the major attributes for growth of the market in this region. Increasing pet humanization, growing trend of nuclear families, and adoption rate of pets especially among the young population are some of the factors that have impelled the demand for pet supplements across the North America region.
Leading Market Players
- Nutramax Laboratories, Inc.
- Elanco Animal Health Incorporated.
- Zoetis, Inc.
- NOW Health Group, Inc.
- FoodScience, LLC
- Nestle S.A.
- Kemin Industries, Inc.
- Virbac SA
- Ark Natural Company
- Novotech Nutraceuticals, Inc.
The report analyzes these key players in the global pet supplement market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Explore AMR’s Extensive ongoing Coverage on Consumer and Goods Domain:
Dog Vitamin and Supplement Market Opportunity Analysis and Industry Forecast, 2023-2032
Space Capsule Pet Carrier Market Opportunity Analysis and Industry Forecast, 2023-2032
Pet Food Market Opportunity Analysis and Industry Forecast 2021-2030
Pet Furniture Market Opportunity Analysis and Industry Forecast 2021-2027
Pet Grooming Products Market Opportunity Analysis and Industry Forecast, 2020-2030
Smart Connected Pet Collar Market Opportunity Analysis and Industry Forecast, 2019-2026
Pet Care Market Opportunity Analysis and Industry Forecast 2021-2030
Pet Toys Market Opportunity Analysis and Industry Forecast, 2023-2032
Dog Supplement Market Opportunity Analysis and Industry Forecast 2022-2031
Functional Pet Food Market Opportunity Analysis and Industry Forecast, 2021-2030
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |
