The latest market report published by Credence Research, Inc. “Global Pet Supplements Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Pet Supplements Market generated revenue of around USD 1829.5 million in 2021 and is anticipated to grow a CAGR of over 5.70% during the forecast period from 2022 to 2028 to reach around USD 2551.42 million in 2028. While, cumulative growth opportunity presented by the global Pet Supplements is around USD 721.92 million during 2022 to 2028.
Pet adoption and rising animal welfare concerns are projected to drive the growth of the pet supplement market over the forecast period. The growing benefits of natural and organic pet vitamins have expanded the market for pet supplements. Dogs are frequently purchased for their home security and loyalty to their owners. As a result, increased dog adoption is expected to promote pet supplement sales, adding to the growth of the pet supplement market. The increased desire among pet owners to improve their pets' immune systems, strengthen their bones, improve digestion, and heal a variety of skin allergies is driving the pet supplement business. Additionally, rising consumer knowledge of pet vitamins and adoption of organic pet food boost market expansion. Consumer expenditure on pet care services such as grooming, food, insurance, and veterinary care is increasing, moving the market ahead. However, rising prices for high-quality pet care supplies are expected to limit demand among individuals with lower incomes. Furthermore, the companies' earnings are expected to be impeded by confusing rules regulating pet care product labelling and promotion.
The global Pet Supplements market is segmented into pet type, form, application, distribution channel, and Geography. On the basis of pet type the market is segmented into Dogs, Cats and Others. On the basis of form, the market is segmented into Pills/Tablets, Chewables, Powders, and Others. On the basis of application, the market is segmented as Skin & Coat, Hip & Joint, Digestive Health and Others. On the basis of geography, the market is segmented as online and offline. On the basis of geography, the market is segmented as North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa.
Geographically, North America was observed to be the major market and is also projected to maintain its dominance during the forecast period due to rising count of pet owners in this region. Pet owners in country such as U.S. consider pets as family members and therefore, strive to provide their pets with specialized supplements to provide health benefits of omega-3 to their pets. Moreover, pet owners in this region view these supplements as natural sources of promoting health and wellness which acts as a major factor driving the market. Also, veterinarians recommend supplements as a viable alternative to animal drugs as well as to replacement therapies. Asia-Pacific is projected to grow rapidly over the forecast period. Product pricing, cost factor, value for pricing are the prime factors affecting the purchase and demand for pet supplements majorly in Japan and India.
Browse full report with ToC: https://www.credenceresearch.com/report/pet-supplements-market
Segmentation of Global Pet Supplements Market-
Global Pet Supplements Market – By Pet Pet Type
Global Pet Supplements Market – By Form
Global Pet Supplements Market – By Application
Global Pet Supplements Market – By Distribution Channel
Why to Buy This Report-
Browse full report with ToC: https://www.credenceresearch.com/report/pet-supplements-market
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