DUBLIN–(BUSINESS WIRE)–The “Pet Supplement Market by Pet, Application, Source and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027” report has been added to ResearchAndMarkets.com’s offering.
The pet supplement market size was valued at $596.8 million in 2019, and is estimated to reach $822.6 million by 2027, registering a CAGR of 7.3% from 2021 to 2027.
Pet supplement is a popular alternative to traditional pet food, which is low in carbs, packed with nutrients and has a slightly sweeter taste. Pet supplement is a rich source of nutrients, proteins, vitamins, and minerals. It is gaining significant traction among developing countries, owing to increase in pet humanization and surge in disposable income. Furthermore, consumers are becoming more curious and conscious about the overall health of pets, which is expected to drive the demand for products that aim to promote better health; increase longevity; and prevent various diseases such as calming, hip & joint, and skin & coat problems.
Pets have been a part of human society for thousands of years. Dogs are officially man’s best friend with one-third of households worldwide owning a dog. Pet owners are now increasingly treating their dogs, cats, and even small mammals like family members. Marketers are commercializing this trend into a vast range of goods and services. The pet care industry is benefiting from rapid urbanization and increasing tourism within Asia. Leveraging this opportunity, many pet-friendly hotels have emerged. The Four Seasons Hotel in Singapore – a luxury hotel – offers low rates for a pet-friendly room for pets that weigh less than 7kgs to 12kgs.
However, lack of awareness regarding the concept of pet supplement and proper guidelines and suggestions regarding how to nourish pets, especially in developing countries, including India and China are considerably expected to hinder the growth of the pet supplement market during the forecast period. Furthermore, people, form rural areas, feed their pets with left over meals, milk, and meat, which hamper the growth of the market.
The report segments the global pet supplement market into pet, application, source and distribution channel, and region. On the basis of pet, the market is categorized into dogs, cats, freshwater fishes, and others. The applications covered in the study include multivitamins, skin & coat, hip & joint, prebiotics & probiotics, and calming. By distribution channel, the market is fragmented into offline and online. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa.
Key Benefits
- The study provides an in-depth analysis of the global pet supplement market, with current and future trends to elucidate the imminent investment pockets in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis from 2019 to 2027 is provided to showcase the financial competency of the market.
- Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights business practices followed by leading market players across various regions.
Market Dynamics
Drivers
- Rise in Trend of Pet Humanization
- Rise in Standard of Living and Purchasing Power
- Rapid Growth of the Retail Sector and Pet Shops
Restraints
- Traditional Ways of Feeding Pet Animals
- Lack of Awareness Regarding Pet Food and Supplements
- Increase in Regulatory on Pet Food
Opportunities
- Product Innovation and Rise in Demand for Organic Ingredients
- Increase in Use of Cannabis in Pet Supplements
Company Profiles
- Ark Naturals Company
- Bayer Ag
- Food Science Corporation
- Kemin Industries.
- Nestle S. A.
- Novotech Nutraceuticals, Inc.
- Now Health Group, Inc.
- Nutramax Laboratories, Inc.
- Virbac
- Zoetis Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ht3xgy
