From Soil to Harvest: The Flourishing Future of Crop Micronutrients
The pet dietary supplement market is estimated to expand at a constant CAGR of 7.3% over the projection period. The market is expected to generate sales of US$ 8.7 billion by 2033, with a share of US$ 4.3 billion in 2023.
Pet owners are increasingly treating their animals as equals and trying to give them the greatest diet possible for their health in a movement known as “pet humanization.” with the rise in popularity of pet ownership. The need for pet dietary supplements has been fueled by pet parenting, often known as pet humanization.
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The increased frequency of the introduction of novel formulations into the market mirrors this tendency. Pet Food Processing reports that 45 new dietary supplements for animals were introduced in 2020. The market for pet dietary supplements is driven by the owners’ affection for their animals, in addition to the fact that supplements guarantee the pets’ correct nutrition, which store-bought pet diets may lack. Additionally, millennial pet owners are interested in dietary supplements for animals.
Probiotic Supplements to Be Highly Sought-after
Probiotic pills are utilised for dogs, just as they are for humans, to promote regularity and intestinal health. Probiotic dietary supplements make it easier for the digestive system’s beneficial bacteria to be regulated and break down dog food so that nutrients may be collected more effectively. The growth of dangerous bacteria, such as E. coli, which can infect humans and pets, can also be slowed down by probiotic supplements.
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Key Takeaways from the Pet Dietary Supplements Market Study
FMI in its latest study has forecast the pet dietary supplements market to rise at a CAGR of 7.1% between 2020 and 2030The U.S. will continue exhibiting strong demand and account for nearly 88% of the North America market.
The demand from the U.K. will remain steady as FMI projects it to exhibit 3.8% Y-o-Y growth in 2021Increasing pet ownership will support growth in Germany and FranceJapan and South Korea will emerge as key markets in East Asia”Consumers’ awareness regarding pet health is rising, which in turn is increasing the demand for pet dietary supplements. Moreover, increasing focus of companies on advertisement and promotion of pet dietary supplements is positively aiding expansion of the market,” said an FMI analyst.
Disruptions Caused Due to COVID-19 Impacting Sales
The current pandemic outbreak has posed numerous challenges on the part of supply side and demand side. The temporary regulation imposed by regional governments to restrict the movement has impacted supply chains drastically. Besides this, the spectacular shift from discretionary spending to essential goods has further negatively impacted the market growth.
Pet Dietary Supplements Market by Category Product Type
Glucosamine
Probiotics
Multivitamins
Omega-3 fatty acids
Others
Application
Joint Health
Digestive Health
Weight Management
Skin and Coat Health
Dental Care
Others
Form
Capsules
Tablets
Powder
Others
Form
Dog
Cat
Horse
Others
Sales Channel
Wholesalers & Distributors
Modern Trade
Convenience Stores
Multi-brand Stores
Pet Specialty Stores
Online Retailing
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