The latest market report published by Credence Research, Inc. “Global Pet Supplements Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global pet supplement market is anticipated to grow at a substantial CAGR of 5.70% in the upcoming years. The global Pet supplement industry was estimated to be worth USD 1930.6 million in 2022 and was expected to be worth USD 2680.35 million by 2030.
The report highlights key trends and factors influencing the pet supplement market. The rise in pet ownership and the growing concern for animal health are major driving factors. Pet owners are increasingly investing in pet supplements to provide their animals with essential nutrients and address specific health needs. The skin & coat segment accounted for a prominent share of the market, as pet owners reported various skin conditions in their animals, such as hair loss and dry skin.
North America dominated the global pet supplement market in 2022, attributed to the rising pet ownership and increasing awareness of health risks among pet owners. The United States, in particular, held a leading position, with pet owners spending a significant amount on pet care services, including supplements. The adoption of pets in the region has been on the rise, contributing to the demand for pet vitamins.
The COVID-19 pandemic has had a mixed impact on the pet supplement market. While the consumer products sector has been negatively affected, the animal food and supplements market has experienced a lesser impact. However, disruptions in the supply chain and restrictions on international trade have affected the production and distribution of pet supplements.
The Pet Supplements Market Major Challenges are numerous and diverse. One of the main challenges that this industry faces is the lack of regulation and standardization in terms of product quality and safety. As a result, pet owners may find it difficult to distinguish between legitimate supplements with proven benefits and those that are ineffective or potentially harmful to their pets. Another major challenge is the growing competition from alternative treatments such as acupuncture, homeopathy, and other holistic therapies which claim to offer similar benefits without relying on synthetic chemicals or pharmaceuticals. Additionally, there is also a trend towards natural pet foods which include ingredients like herbs, fruits, vegetables, and whole grains which can provide many of the same health benefits as traditional supplements.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Pet Supplements Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Distribution Channel and Application
- Major nations in each region with their import/export statistics
- The global Pet Supplements Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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