Global Pet Supplements Market to Be Driven by Growing Pet Adoption Over the Forecast Period 2021-2026 – Bloomingprairieonline
Expert Market Research’s new report titled ‘Global Pet Supplements Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the Global Pet Supplements Market pet, assessing the market on the basis of its segments like pet, type, source, distribution channel and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
Note 1: For an overview of primary and secondary market data (2016-2026), along with business strategies and detailed market segmentation, please click request a sample report. The sample report will be delivered to you within 24 hours.
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Key highlights of the report include:
Market Overview (2016-2026)
• Historical market size (2020): 497 million USD
• Forecast CAGR (2021-2026): 7.5%
• Forecast market size (2026): 767 million USD
The industry is primarily driven by increased pet care spending and an increase in pet adoption globally. Pet owners are willing to spend a lot of money to protect their pets’ health, which has led to an increase in pet health expenses. The growing trend of humanizing pets is driving the pet supplement market. Many pet owners prefer high quality supplies for their pets. Additionally, because people felt lonely due to social distancing and during shutdowns, the COVID-19-induced shutdowns further boosted pet adoption. Organic pet supplements are gaining popularity among pet owners due to the associated benefits such as aiding faster healing, high nutritional profile, and lack of negative effects. Pet owners are expected to spend more money on expensive pet care products, such as organic pet food and supplements, as their pet care spending increases. pets increase and their concern for animal welfare grows.
Industry definition and major segments
Pet supplements are prepared foods derived from plant and animal raw materials that include concentrated amounts of nutrients to compensate for vitamin, protein and mineral deficiencies. It contains important nutrients that keep pets such as dogs, cats, freshwater fish, reptiles, horses and birds healthy.
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The market can be broadly categorized on the basis of pets:
• Freshwater fish
The main types of supplements for pets are:
• Skin and coat
• Hip and joint
• Prebiotics and probiotics
On the basis of source, the market is segmented into:
By distribution channel, the market is classified into:
• In line
Based on region, the industry is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Natural and organic vitamins for pets are becoming increasingly popular. Pet supplements also include herbs and superfoods, which will help the market grow. Increasing mentions of veterinary supplements for maintaining the general well-being of pets are also boosting the pet supplements industry. Growing consumer awareness of pet supplements and increasing preference for organic pet foods are also increasing the growth of the pet supplements industry. As pets are increasingly considered part of the family, pet owners are ready to increase their annual spending on pet food supplements. Major market players are continually adding new methods or technologies to improve their production and quality of pet supplements, resulting in solutions that are more effective, tastier, longer lasting, and address a variety of health issues for pets.
Main market players
Major players in the market are Ark Naturals Company, Nutramax Laboratories, Inc., Kemin Industries, Inc., Nestle SA, and Virbac, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
Note 2: As the novel coronavirus (COVID-19) continues to spread across the globe, our analysts are continuously monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
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