Portland, OR, March 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pet supplement market generated $596.8 million in 2019, and is expected to reach $822.6 million by 2027, witnessing a CAGR of 7.3% from 2021 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, competitive landscape, value chain, and regional scenario.
Rise in trend of pet humanization, increase in the standard of living and purchasing power, and growth of the retail sector and pet shops drive the growth of the global pet supplement market. However, lack of awareness regarding pet food and supplements along with strict regulations on pet food hinders the market growth. On the other hand, product innovations, rise in demand for organic ingredients and rise in usage of cannabis in pet supplements create new opportunities in the coming years.
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Covid-19 Scenario:
- The food & beverages industry has been impacted significantly during the Covid-19 pandemic. The production activities have been stopped and the supply chain has been disrupted. There has been a ban on import and export activities, which created hindrances to fulfill the demand for pet supplements.
- The demand is expected to grow steadily and the supply-demand gap would be fulfilled during the post-lockdown as manufacturing activities resume and online and offline distribution begins.
The report offers detailed segmentation of the global pet supplement market based on pet, application, source, distribution channel, and region.
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Based on application, the multivitamins segment held nearly one-third of the total share in 2019, and is expected to maintain its lead position throughout the forecast period. However, the calming segment is projected to witness the highest CAGR of 9.3% from 2021 to 2027.
Based on source, the conventional segment contributed to more than three-fourths of the global pet supplement market in 2019, and is estimated to maintain its leadership status by 2027. However, the organic segment is expected to manifest the fastest CAGR of 9.3% from 2021 to 2027.
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Based on region, North America accounted for the largest market share in 2019, contributing to more than two-fifths of the total share, and is projected to maintain its dominant share in terms of revenue by 2027. However, Asia-Pacific is estimated to register the largest CAGR of 9.3% from 2021 to 2027.
Leading players of the global pet supplement market analyzed in the research include Ark Natural Company, Kemin Industries, Bayer AG. Food Science Corporation, Novotech Nutraceuticals, Inc., Nestle S.A, Nutramax Laboratories, Inc., Now Health Group, Inc., and Virbac andZoetis, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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