WILMINGTON, DE / ACCESSWIRE / January 4, 2023 / United States Transparency Market Research Inc. – The pet dietary supplements market was valued at US$ 3.6 Bn in 2021 and is expected to experience strong growth in the next few years. According to Transparency Market Research, the global market is likely to grow at a CAGR of 6.0% from 2022 to 2031 and reach US$ 6.3 Bn by the end of 2031. Rise in trend of pet humanization, or the tendency of people to treat their pets like family members, is a key driver of the pet dietary supplements market. As people become more attached to their pets, they are willing to invest more in high-quality products, including dietary supplements, to ensure their pets’ health and wellness.
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Pet Dietary Supplements Market: Key Findings of Report
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High Prevalence of Zoonotic Diseases Boosts Market Demand: According to the World Health Organization (WHO), zoonotic diseases, or diseases that can be transmitted from animals to humans, are a major public health concern, with more than 60% of all infectious diseases in humans being of animal origin. These diseases could have serious consequences for both pets and their owners, with pets often being carriers of the disease without showing any symptoms. Pet owners are increasingly turning to supplements as a way to boost their pets’ immune systems and protect them from diseases. These supplements could help to reduce the risk of pets contracting zoonotic diseases, as well as other illnesses, by providing essential vitamins and minerals that can support their overall health and wellness.
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Increase in Demand for Multivitamins: Pets, like humans, require a balanced diet to maintain good health. However, sometimes it is difficult for owners to provide their pets with all the necessary nutrients, leading to deficiencies and health problems. This is where pet dietary supplements come in. Multivitamins are supplements that have witnessed high demand in the past few years. These supplements could help to ensure that pets are getting all the nutrients they need, even if their diet is not perfectly balanced. Usage of multivitamins helps in preventing deficiencies and support the overall health and wellness of pets.
Pet Dietary Supplements Market: Growth Opportunities
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Rise in awareness about pet health and wellness is fueling pet dietary supplements industry growth
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Favorable government initiatives and regulations are fueling the global market
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Surge in prevalence of chronic pet diseases is driving demand for specialized supplements
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Pet Dietary Supplements Market: Key Players
The pet dietary supplements market is highly competitive, with a number of players vying for market share. Prominent players in the industry are Bayer AG, Beaphar, Central Garden & Pet Company, Ceva, GNC Holdings, LLC, Makers Nutrition LLC, Neoterica GmbH, Nutramax Laboratories, Inc., Unicharm Corporation, and Virbac.
The competitive landscape of the pet dietary supplements market is intense due to the presence of private label brands and store brands, which offer products at competitive prices. These brands are often able to leverage the distribution networks and brand recognition of the retailers they are associated with, making it difficult for other players to compete. In order to stay competitive, companies in the pet dietary supplements market are constantly innovating and introducing new products to meet the changing needs of consumers.
Pet Dietary Supplements Market: Regional Growth Assessment
The regional landscape of the pet dietary supplements market is highly dynamic, with different regions exhibiting different growth patterns. North America is currently the leading market for pet dietary supplements, followed by Europe. This trend is expected to continue during the forecast period from 2021 to 2031, with both regions experiencing steady growth.
The pet dietary supplements market in Asia Pacific is driven by increase in awareness about pet care. Demand for pet dietary supplements is expected to increase as more people in the region become aware of the importance of proper nutrition for their pets. This trend is particularly pronounced in countries such as China, Japan, and South Korea, where the pet care industry is rapidly growing.
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Pet Dietary Supplements Market: Segmentation
Pet Dietary Supplements Market, by Pet
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Dog
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Cat
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Horse
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Others (rabbit, etc.)
Pet Dietary Supplements Market, by Supplement
Pet Dietary Supplements Market, by Ingredient
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Fish, Meat, & Animal Derivatives
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Dairy Products & Eggs
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Vegetables
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Cereals & Cereal Byproducts
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Others (sugars, ascorbic acid, etc.)
Pet Dietary Supplements Market, by Form
Pet Dietary Supplements Market, by Application
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Skin & Coat
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Joint Health
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Liver
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Gastrointestinal Tract
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Kidney Support
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Balanced Diet
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Others (immune health, anti-inflammatory, medicated treatments, etc.)
Pet Dietary Supplements Market, by Distribution Channel
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Online
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Company-owned Websites
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E-Commerce Website
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Offline
Pet Dietary Supplements Market, by Region
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North America
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Europe
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Asia Pacific
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Middle East & Africa
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South America
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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