Newark, Sept. 27, 2023 (GLOBE NEWSWIRE) -- 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. Global pet supplements market is witnessing a considerable growth owing to the growing awareness about pet’s health and diet all across the globe.
The Brainy Insights launched a study titled Pet Supplements Market Size byPet Type (Dogs, Cats, Birds, Others), Product (Multivitamins & Minerals, Essential Fatty Acids, Digestive Enzymes, Probiotics, Prebiotics, Anti-oxidants, Others), Distribution channel (Online e-commerce, Retail Stores) Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2030
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Key Insights on Pet Supplements Market
The cats segment led the pet supplements market with a market value of USD 1.38 Billion in 2020.
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 essential fatty acid segment dominated the market in 2020.
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 the segment growth. This is because essential fatty acids improve the overall health and system of the pet animals.
The online e-commerce segment is expected to grow at the highest CAGR of 5.2% during the forecast period.
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.
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Regional Segmentation Analysis:
The market is analyzed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America is dominating the market with the 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 the 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.
Competitive Analysis:
The major players of the market include Ark Naturals, Ayurvet, Bayer, Kemin Industries, Nestle Purina Pet Care, NOW Food, Novotech Nutraceuticals, VetriScience Laboratories, Virbac, and Zoetis among others.
About the report:
The global controlled environment agriculture market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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