Market Research Report
Global Pet Supplements Market - 2019-2026
|Published by||DataM Intelligence||Product code||916643|
Delivery time: 1-2 business days
|Global Pet Supplements Market - 2019-2026|
|Published: October 1, 2019||Content info:||
Supplements provide additional health and nutritional benefits over the normal diet. The key ingredients used in the production of pet supplements include Methylsulfonylmethane (MSM), Boswellia, Yucca, Glucosamine, Chondroitin, and many others. Omega fatty acids help lower seasonal allergies, itchy & flaky skin, unwanted or extreme shedding and some other health conditions in pet animals. The potential health benefits associated with the oral consumption of supplements by pet includes joint support, weight management, digestive support and many others. Pet owner are eventually seeking to adopt supplements to support cognitive health, heart health, and skin/coat health for their pets.
The global pet supplements market valued USD XX million in 2018 and expected to grow at a CAGR of 5.14% to reach a market value of USD XX million by 2026.
Increasing interest towards preventive care products by the pet owners to improve the health symptoms and issues of pets is the primary factor driving the global pet supplements market. Pets with arthritis, anxiety, digestive issues, allergies, and other health-related issues are being fed with supplements to improve the quality of life. Increased occurrence of bone-related diseases such as osteoarthritis with aging boosting the interest of pet owners towards feeding of calcium supplements in addition to regular food. Concerns such as lack of enough nutritional content in traditional animal feed is expected to boost market for pet supplements globally during the forecast period. Furthermore, increasing adoption of pet by the millennials combined with growing concerns over their pet health is estimated to boost the market for pet supplements globally.
However, presence of health-related side-effects through excessive consumption of pet supplements and high cost of these products are major factors hindering the growth of pet supplements market.
Global pet supplements market is segmented on the basis of supplement type into essential fatty acids, probiotics, antioxidants, multivitamins, enzymes, and others.
Essential fatty acids is expected to dominate the global pet supplements market owing to increased adoption by the pet parents due to the role of fatty acids in the overall wellness of the pet. Essential fatty acids (Omega-3 & Omega-6 oils) derived from fish such as salmon and green lipped mussels are extensively used as a supplement for pets. These essential fatty acids help in maintaining cardiovascular, neurological, skin, nail, and coat health. These fatty acids have the potential to reduce shedding, promote growth of the undercoat, and reduce tendency to inflammation.
By region, the global pet supplements market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and America.
United States is dominating the global pet supplements market owing to high presence of pet population combined with increased spending by the pet parents in preventive healthcare. Increased adoption of pet by the communities and growing consumer awareness regarding dietary supplements is further expected to boost market for pet supplements in United States during forecast period. According to the data published by the American Pet products Association, the annual expenditure by pet owners over pet is expected to increase from USD 72.56 Billion in 2018 to USD 75.38 billion in 2019 providing similar market growth for pet supplements in United States during forecast period.
The key companies in global pet supplements market are focusing improving market presence and share in respective region through acquiring innovative and emerging companies in respective industries. Increasing consumer demand for CBD based supplements led emerging companies to invest in developments of novel CBD-based supplements to cater the market demand.
Some of the key players in the global pet supplements market includes Now Foods, Bayer AG, In Pet Supplements, NaturVet Company, VetriScience Laboratories, and many other companies.