DUBLIN–(BUSINESS WIRE)–The “Pet Dietary Supplements Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Pet Dietary Supplements Market is projected to register a CAGR of 5.4% during the forecast period (2021-2026).
- Mars Inc.
- Hill’s Pet Nutrition Inc.
- Nestle SA
- Nisshin Pet Food
- WellPet LLC
- Blue Buffalo Pet Products Inc.
- iVet Professional Formulas
- Farmina Pet Foods
- Forza10 USA
- The Higgins Group Corp.
Key Market Trends
Pet Humanization to Influence the Purchase Decisions of Pet Dietary Supplement Products
Pet humanization has received a lot of attention in mainstream media in recent years. It is important to understand the impact of pet humanization on consumer pet food buying behavior. A study conducted by the American Pet Products Association(APPA) under “National Pet Owners Survey 2018-19” reveals that more than 76.8 million households in the United States have one or more pets, with dogs being found in 39% of homes. As pets have increasingly become viewed as family members, pet owners are willing to increase their annual spending on pet dietary supplements.
The information claimed by the US Bureau of Labor Statistics(BLS) Consumer Expenditure(CE), revealed that in 2018, the average household spending on pet food alone was USD 230.4, which clearly signifies the importance of pets among the American population. Similarly, as revealed by FEDIAF in 2018, the per capita spending on pet food in Western Europe was found to be USD 271.7. Thus, this consumer trend toward pet surrogation coupled with rising health issues in pets is anticipated to create ample space for pet dietary supplements over the forecast period.
North America to Drive the Pet Dietary Supplements Market
The use of dietary supplements and nutraceuticals for pets and companion animals is booming in the United States market, thus subjecting the United States to garner more than 75.0% of the North American dietary supplements market. According to the American Pet Product Association 2017-2018 Pet Ownership Survey, 68.0% of American households own a pet and spend an average of USD 300 annually on pet food and dietary supplements. As North America is responsible for 31.0% of pet food production worldwide, this together with the huge demand for pet care is driving the American pet dietary supplements market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1 Specialty Type
5.2 Pet Type
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET
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