Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Global Pet Herbal Supplements Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
Global Pet Herbal Supplements showcases promising growth prospects with an estimated rise from USD 0.893 billion in 2023 to a projected USD 2.69 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 10.53% during the forecast period.
A strategic shift towards natural and herbal pet care solutions is fueling the market expansion as pet owners increasingly opt for organic and holistic approaches to their pet's well-being.
This trend is further bolstered by a surge in pet spending, an aging pet population necessitating a focus on preventive healthcare, and the launch of innovative, natural ingredient-based supplements tailored to pet needs. Market players are collaborating and developing a broader array of herbal supplement offerings, catering to a growing demographic of health-conscious pet parents.
High Demand for Multivitamins & Herbal CBD Supplements Drive Market Growth
Analysis by product within the pet herbal supplements domain indicates that multivitamins & minerals held the largest market share in 2023. This was chiefly due to pet owners' proactiveness in incorporating these supplements into pet diets for enhanced health and immunity. In sync with this, exciting strides have been observed in the CBD supplement niche, forecasted to grow at the fastest rate, as pet owners seek herbal calming and wellness solutions for their furry companions.
Chewables Gain Popularity Amidst Diverse Dosage Forms
In terms of dosage form, gummies & chewable emerged as the most preferred option for pet supplements. With ease of administration and higher palatability, chewable supplements have surpassed traditional formats like tablets and capsules. However, other innovative dosage forms such as jellies, gels, and sprinkles are anticipated to exhibit rapid growth, given their ease of mixing into pet foods and beverages.
Digestive Support Tops Application Segment
Digestive support remains a key focus for pet owners, guiding a substantial chunk of market revenue in this vertical. Herbal supplements are widely recognized for their efficacy in promoting gastrointestinal health. Concurrently, there's a predicted rise in energy-boosting herbal supplements for working and active dogs, highlighting a diverse application sector within the market.
Dogs Lead Animal Type Segment in Pet Herbal Supplements Market
Dogs continue to command the lion's share of the market by animal type, with cats following closely due to a spike in cat adoptions and an increased focus on feline health. Dog owners are particularly vigilant about their pets' health, leading to a rise in specialized supplements for longevity and metabolism.
Offline Channels Dominate Distribution, Online Poised for Rapid Growth
While offline channels, like pet specialty outlets and retail stores, remain popular for pet supplement purchases, a marked trend towards online shopping is evident, with the latter expected to witness an exponential growth trajectory in the coming years. Omnichannel offerings and ecommerce expansions by traditional retailers are aligning with consumer preferences for convenience and accessibility.
Regionally, North America remains a central hub, home to key market players and a robust pet humanization trend. This region is complemented by Asia Pacific, which is set to experience the fastest regional growth due to an increase in pet populations, rising awareness about pet health, and an influx of new product launches catering to the local clientele needs.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $0.89 Billion |
| Forecasted Market Value (USD) by 2034 | $2.69 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
Company Profiles
- Natural Dog Company Inc.
- Pet Natural Remedies
- AMORVET
- AdvaCare Pharma
- Blackmores
- Only Natural Pet LLC
- Rockwell Pets Pro
- Dorwest Herbs Ltd.
- Nutri-Pet Research Inc.
- Health Extension
- NaturVet (The Garmon Corp.)
Segmentation: Pet Herbal Supplements Market Report 2023 - 2034
Pet Herbal Supplements Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Multivitamins & Minerals
- Probiotics & Prebiotics
- Omega 3 Fatty Acids
- Proteins & Peptides
- CBD
- Others
Pet Herbal Supplements Market Analysis & Forecast by Dosage Form 2023 - 2034 (Revenue USD Bn)
- Gummies & Chewable
- Tablets & Capsules
- Liquids
- Powders
- Others
- Gels
- Jelly
- Sprinkle Formulations
Pet Herbal Supplements Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Skin & Coat
- Joint Health Support
- Digestive Support
- Immunity Support
- Respiratory Health
- Liver Health
- Kidney Health
- Calming/Stress/Anxiety
- Others
- Growth Promoters
- Energy & Electrolytes
- Others
Pet Herbal Supplements Market Analysis & Forecast by Animal Type 2023 - 2034 (Revenue USD Bn)
- Horses
- Cats
- Dogs
- Others
Pet Herbal Supplements Market Analysis & Forecast by Distribution Channel 2023 - 2034 (Revenue USD Bn)
- Online
- Offline
- Retail
- Pet Specialty Stores
- Others
Pet Herbal Supplements Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/nrclv
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