DUBLIN–(BUSINESS WIRE)–Dec 17, 2021–
The Global Pet Supplements Market size is expected to reach $2.1 billion by 2027, rising at a market growth of 6.3% CAGR during the forecast period.
- Dechra Pharmaceuticals PLC
- Nestle S.A.
- Elanco Animal Health, Inc.
- Zoetis, Inc.
- Nutramax Laboratories, Inc.
- NOW Foods, Inc.
- Ark Naturals
- Kemin Industries, Inc.
- FoodScience Corporation (Wind Point Partners)
- Honest Paws, LLC
Pet supplement is considered as a rich source of nutrients, vitamins, proteins, and minerals. It is becoming highly popular in emerging nations, due to the surge in pet humanization and increasing disposable income in these countries. Moreover, consumers have become more aware of the overall health of pets, thereby accelerating the demand for products that help to boost health, enhance longevity, and avoid several diseases like calming, skin & coat, hip & joint problems.
The rising expenditure on pet care around the world and the high increment in the adoption of pets are fueling the market growth. Pet owners are willingly spending a massive amount of money to maintain the health of their pets, leading to higher pet health spending. The players operating in the pet supplement market are constantly innovative unique products that are more efficient, have better taste, are durable, and health-giving with an aim to fulfill the ever-growing demands from the consumers. As per the American Pet Products Association, overall household pet adoption in the US grew significantly in 2016. The surge in pet healthcare expenditure is responsible for the massive adoption of pets.
The outbreak of the COVID-19 pandemic is severely impacted various industries around the world. However, the sales of pet supplements increased due to the higher consumer interest as a result of COVID-19, mainly in products that aim to enhance immunity & overall health and reduce anxiety.
In the majority of the countries, borders were shut down, which had a direct impact on the export & import of pet supplements and the manufacturing process. In addition, the supply chain has been disrupted, which has slowed down the complete market. People stayed inside their homes with their pets throughout the lockdown period, which boosted the sales of pet supplements. A declining number of COVID-19 cases and massive roll-out of vaccines across numerous countries with an aim to provide treatment to the patients suffering from the corona virus are anticipated to accelerate the growth of the pet supplement market.
The trend of pet humanization is expected to positively impact the buying patterns of the consumers
In the last couple of years, pet humanization gained high popularity. It is crucial to understand the impact of pet humanization on consumer pet food buying patterns. American Pet Products Association (APPA) performed a study that revealed that above 76.8 million households in the US have one or more pets, with 39% of homes have dogs. Pet owners prefer to increase their yearly expenditure on pet dietary supplements as pets have highly become family members.
Thriving Online Sales is set to boost the market growth
The players working in the global pet supplement market are witnessing massive growth opportunities due to the booming eCommerce websites. For Pet owners, pet food & supplements are acting as an important method against ailments. Makers operating in the pet dietary supplement market are boosting their focus on functional ingredients in products that display prevention, maintenance, and treatment of particular pet health problems.
Market Restraining Factor:
Uncertain regulatory scenario is hampering the market growth
As per the Federal Food, Drug, and Cosmetic Act of 1938 (FFDCA), animal food must be safe for consumption and made in sanitary conditions. There should be no harmful substances in the foods and these foods items should have proper labeling. The Food Safety Modernization Act of 2010 (FSMA) launched the norms associated with sterilization, certification, hygiene, and labeling of ingredients for pet food makers in the US.
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.2 Key Factors Impacting the Market
Chapter 3. Competition Analysis – Global
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2018, Jan – 2021, Apr) Leading Players
Chapter 4. Global Pet Supplements Market by Distribution Channel
Chapter 5. Global Pet Supplements Market by Pet Type
Chapter 6. Global Pet Supplements Market by Region
Chapter 7. Company Profiles
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INDUSTRY KEYWORD: RETAIL HEALTH CONSUMER SPECIALTY PETS VETERINARY
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 12/17/2021 10:39 AM/DISC: 12/17/2021 10:39 AM
Copyright Business Wire 2021.