Pet Supplement

Pet supplements Market is Projected to Grow at a CAGR of 4.82% during the forecast period 2021-2030

The global pet supplements market is expected to grow USD 9.65 billion by 2020, at a CAGR of 4.82% during the forecast period 2021-2030.

NEWARK, UNITED STATES, NEW JERSEY, November 8, 2021 /EINPresswire.com/ — As per the report published by The Brainy Insights, the global pet supplements market is expected to grow from USD 4.31 billion in 2020 to USD 9.65 billion by 2030, at a CAGR of 4.82% during the forecast period 2021-2030. North America is dominating the market with a market value of USD 2.03 Billion in 2020. The regional growth is attributed owing to the rapid humanization and adoption of pets in and across the region. The increase in the consumer spending along the rise in disposable income of middle-class people is the factor stimulating the adoption and acceptance rate of the pets as consumers increasingly see their pets as family members. The market in the Asia Pacific region is expected to grow at the highest CAGR over the forecast period owing to the rising e-commerce industry in and across the region. The growing e-commerce platform is going to providing various growth opportunities in the pet supplement market in Asia Pacific Region.

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Leading companies in the industry include Ark Naturals, Ayurvet, Bayer, Kemin Industries, Nestle Purina PetCare, NOW Food, Novotech Nutraceuticals, VetriScience Laboratories, Virbac, and Zoetis among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share. For instance in October 2019, Stella and Chewy’s, a pet food manufacturing company launched canine hemp oil supplement hip & joint, calming, chews, for dogs.

The pet type segment is divided into dogs, cats, birds and others. The cats segment led the pet supplements market with a market value of USD 1.38 Billion in 2020. The segment growth is mainly attributed because of the rising adoption of cats in Europe and other regions. House cats are valued by humans for companionship and for their ability to hunt rodents. The product segment includes multivitamins & minerals, essential fatty acids, digestive enzymes, probiotics, prebiotics, anti-oxidants, and others. The essential fatty acid segment dominated the market in 2020. The rising adoption of essential fatty acid as a pet supplement is going to boost segment growth. By distribution channel, the market is segmented into online e-commerce and retail stores. The online e-commerce segment is expected to grow at the highest CAGR of 5.2% during the forecast period. The segment growth is mainly attributed owing to the ease of convenience of ordering pet products from the online e-commerce platform is rising among the millennial population.

Increasing e-commerce platform is providing various growth opportunities in the pet supplement market. Buying pet products online is one the biggest trend in the market, which is offering the potential growth prospects for the pet supplement vendors to launch their product online and to gain the maximum profit. In addition to this, many pet supplement providers are partnering with the e-commerce companies to promote their products.

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