Dublin, Jan. 28, 2024 (GLOBE NEWSWIRE) -- The "Pet Supplements Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The pet supplements market has reached a new zenith with an unprecedented compound annual growth rate (CAGR), providing insights into the thriving sector of pet welfare and nutrition. Detailed market insights have been meticulously compiled, shedding light on key trends, market dynamics, and growth opportunities that industry stakeholders can capitalize on.
Analysis reveals North America continues to dominate the market landscape as the largest contributor to pet supplements revenue. It is followed by other significant market regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
Keeping a pulse on market trends, it's noted that rising concerns over animal welfare are majorly influencing market growth. Pet owners are increasingly cognizant of their animal companions' health and wellbeing, which is reflected in growing sales across OTC animal medicines and wellness products. Against this backdrop, the market is projected to escalate from $2.12 billion in 2023 to an estimated $2.75 billion by 2027.
The market report highlights product innovation as a standout trend, with leading companies engaged in the development of cutting-edge and specialized supplements. These innovations cater to specific dietary needs and introduce offerings such as vegan supplements, thereby broadening the market’s scope.
On the competitive front, notable mergers and acquisitions signal strategic market consolidations, such as the recent acquisition of Vetnique Labs by Gryphon Investors. Such movements augment product portfolios and enhance market presence.
The market features a range of products including essential fatty acids, probiotics, antioxidants, multivitamins, and enzymes, showcasing the diverse need for pet health supplements and the market’s response in meeting these demands with high-quality products.
The comprehensive report provides a granular view of the market, examining key segments such as chewable supplements, soft gels, capsules, and more, with detailed analytics on their distribution through online e-commerce and retail stores. It serves as a valuable tool for those operating within the industry, offering an in-depth examination of the strategies shaping the pet supplements market.
Leading players identified in the pet supplements market include Dechra Pharmaceuticals plc, Nestle S.A., Zoetis Inc., and Nutramax Laboratories Inc., among others. Their contributions have laid the groundwork for a robust market environment and a trajectory for sustained growth.
With a focus on the betterment of animal health and the introduction of advanced wellness solutions, the pet supplement industry stands at a pivotal junction of growth and innovation. Market forecasts remain optimistic, as businesses and consumers alike continue to prioritize the health of their beloved pets.
Key Market Segments and Distribution Channels
- Essential Fatty Acids
- Probiotics
- Antioxidants
- Multivitamins
- Enzymes
Distribution through:
- Online E-commerce Platforms
- Retail Stores
Key benefits catered to:
- Skin and Coat Health
- Hip and Joint Support
- Digestive Health
With a steadfast commitment to delivering the latest and most pivotal market data, this report stands as an indispensable resource for guiding business strategies, enhancing product offerings, and understanding consumer needs for pet supplements across the globe.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.12 billion |
| Forecasted Market Value (USD) by 2027 | $2.75 billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Dechra Pharmaceuticals plc
- Nestle S.A.
- Zoetis Inc.
- Nutramax Laboratories Inc.
- NOW Foods Inc.
- Ark Naturals
- Kemin Industries Inc.
- FoodScience Corporation
- Honest Paws LLC
- Church & Dwight Co. Inc.
- Bayer Animal Health
- Merck Animal Health
- Ceva Santé Animale
- Kemin Industries
- Hill's Pet Nutrition
- NutriScience Innovations LLC
For more information about this report visit https://www.researchandmarkets.com/r/p5120l
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