A recent report published by
Infinium Global Research on the pet dietary supplement market provides in-depth
analysis of segments and sub-segments in the global as well as regional pet
dietary supplement market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional pet dietary
supplement market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of the global pet
dietary supplement market. According to the report, the global pet dietary
supplement market is projected to grow upto USD 3.5 by 2026, growing with a
CAGR of 6.4% over 2020-2026.
Market Insight
Over the years, pets have evolved
from being a strange and wonderful distraction to an integral part of families
all over the world. As human populations have grown, so too have pet
populations, and with so many pets on the planet it’s fascinating to see just
how this population is dispersed. Pet dietary supplements provide essential
nutrients, boost their immune system, increase absorption rates, as well as
improve skin and coat of pets.
Pet dietary supplements can make
sure the immune system is uncompromised and alert to attack which is the major
driving factor for the market. A balanced, robust immune system reduces pet’s
risk of heart disease, inflammation, cancers, osteoarthritis, and diabetes. A
pet’s body will automatically regulate cells to make sure they’re working
properly while eliminating potentially harmful pathogens before they become a
problem. Along with a balanced diet and regular exercise, vitamins with
high-quality, purity-tested ingredients will increase your dog’s ability to
fight illness throughout their life.
Furthermore, growing disposable income, increasing spending power, easy
availability of pet dietary supplements products and increased acceptance of
pets among the millennials are some factors that are promoting the growth of
the pet dietary supplements industry. However, the high cost of pet dietary
supplements products and services are likely to restrain the growth of the pet
dietary supplements market in some low-income regions. Besides, the growing
migration of pet owner towards online channels is encouraging e-commerce giants
such as Amazon, Walmart, Chewy.com, and PetCo into pet dietary supplements
industry that is anticipated to facilitate the growth of the pet dietary
supplements market over the forecast period. Pet dietary supplements sales
surged during initial COVID-19 lockdowns in March 2020, as consumers stocked up
on all sorts of goods; then sales experienced a significant falloff as shopping
habits normalized somewhat. In e-commerce, which has exploded since the
pandemic began, pet dietary supplements sales soared in 2020.
Geographically, North America
holds the largest market share in the global pet dietary supplements market.
More than half of all Americans have a dog or a cat in their home and Americans
spend over $50 billion per annum on their pets. For animals, the U.S. Food and
Drug Administration (FDA), Center for Veterinary Medicine (CVM) regulates two
classes of products: food and drugs. Depending on the intended use, an animal
dietary supplement is considered either a food or drug. The Asia Pacific is
anticipated to grow at the fastest rate over the forecast period. The growing
adoption of pets, the growth of the disposable income in nuclear families and
growing online retail are contributing to the growth of the Asia Pacific pet
dietary supplements market.
The report on the global pet dietary
supplement market covers segments such as pet type, supplement, and
distribution channel. On the basis of pet type, the sub-markets include dog,
cat, bird, and other pet types. On the basis of supplement, the sub-markets
include glucosamine, omega 3 fatty acids, probiotics & prebiotics,
multivitamins, antioxidants, proteins & peptides, and others. On the basis
of distribution channel, the sub-markets include online, and offline.
The report provides profiles of
the companies in the market such as VetriScience Laboratories, Ark Naturals,
Nestle Purina Pet Care, NOW Food, Virbac, Kemin Industries, Zoetis, Bayer, and
Novotech Nutraceuticals.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the pet dietary supplement market. Moreover, the study highlights
current market trends and provides forecast from 2020-2026. We also have
highlighted future trends in the market that will affect the demand during the
forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.
Please Choose One of them.