[195+ Pages Report] According to Facts and Factors Market Research, the global Pet Supplements market in 2019 was approximately USD 637.6 million. The market is expected to grow at a CAGR of around 7% and is anticipated to reach around USD 1023.8 million by 2026.
Pet dietary supplements are food supplements used in combination with pet food to develop the nutritious balance or performance of the pet food consumed. However, if the pet has particular health needs that require additional intake of certain ingredients or don’t get a healthy balanced diet, it is advisable to provide additional supplements for the pet’s diet. The most usually utilized supplementary products for the pets contain those for protecting and conditioning the skin & hair coat, strengthening the joints, improving digestive health and overall well-being.
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Pet Supplements Market: Major Growth Factors Analysis
Rapid growth in the pet supplement industry across the globe, especially in the developing region, including India & China, is expected to bolster the growth of the pet supplement market in the region over the forecast period. Increasing the consciousness about pet wellness and their health, pet owners are carried suitable stages to take the precaution of their pets. Pet proprietors are dodging pet food goods because of their probiotic content and are swapping to products with pre-biotic content. Because of these factors, the market for pet dietary supplements is growing significantly and is expected to have significant growth during the forecast period. Variation of product range through research and development actions along with acquisitions and mergers are convinced key policies being implemented by the major enterprises to strengthen their foothold in the global pet supplements market. Regulatory bodies & stringent regulations for pet supplements may hamper the market’s growth. Online retailing (E-commerce) for pet supplements is anticipated to open new avenues for the pet supplements market in the near future.
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Pet Supplements Market: Key Market Players Analysis
- NovotechNutraceuticals Inc.
- VetriScience Laboratories
- Virbac Corporation
- Zoetis Inc.
- Ark Naturals
- Ayurvet Limited
- Bayer AG
- Kemin Industries Inc.
- Nestlé Purina Pet Care Company
- NOW Health Group Inc.
- VioVet Ltd.
- Dechra Pharmaceuticals PLC
- TruRx LLC
Pet Supplements Market: Key Segments Analysis
On the basis of type, the global pet supplements market is segmented as pills, chewable tablets, powders, liquids, sprays, and others. Among which pills segment was accounted for the major revenue share in the global pet supplements market in 2019. The invention in the pills segment in recent years is expected to definitely impact segment growth. In 2019, the pills segment was accounted for more than 30.0% of the global pet supplements industries.
On the basis of application, the global pet supplements market is categorized into dogs, cats, horses, and others. Among the aforementioned segment, the dogs’ segment was accounted for more than 30.0% revenue share in 2019. Dog nutrition is nourishment specifically intended and formulated for consumption by dogs and other related canines. Like all meat-eaters, dogs have pointed, sharp teeth, and have short intestinal tracts well matched for the ingesting of meat. The growth in the adoption of dogs and cats in the past few years has increased the demand for pet supplements.
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Pet Supplements Market: Regional Analysis
On the basis of region the pet supplements market is segmented into, Asia Pacific, Europe, Middle East & Africa, North America, and Latin America. In 2019, the North American region dominates the pet supplements market among all the regions followed by Europe in terms of value.
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Key Insights from Primary Research
- As per our primary respondents, the China pet supplements market is set to grow annually at a rate of around 10.0%
- It was established through primary research that the China pet supplements market was valued at more than USD 400.00million in 2019
- The robust industrialization in China is supposed to display the highest growth in the regional market as it is one of the developed economies.
- The increasing adoption of pets is supposed to fuel market growth. The companies are supposed to invest in R&D to innovate better products. Product invention will open new opportunities for pet supplements thus are expected to propel the industry demand in the upcoming years.
- The “Pills” category, on the basis of type segmentation, was the leading revenue-generating category accounting for more than 30.0% share, in 2019.
- The “Dogs” category, on the basis of application segmentation, was the leading revenue-generating category accounting for more than30.0% share, in 2019.
This report segments the global pet supplements market as follows:
Global Pet Supplements Market: Type Analysis
- Chewable Tablets
Global Pet Supplements Market: Application Analysis
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