U.S. was the most prominent market in North America, and is projected to reach $224.5 million by 2027, growing at a CAGR of 4.5% during the forecast period
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATE, September 4, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Pet Supplement Market by Pet, Application, Source, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The global pet supplement market size was valued at $596.8 million in 2019, and is expected to reach $822.6 million by 2027 at a CAGR of 7.3% from 2021 to 2027. Pet supplements are processed form of food, which are composite of added nutrients, proteins, and minerals. They improve the health of pets and meet the nutrient and mineral requirements in pets. Blinders, flavoring agents, fillers, and preservatives are added in pet supplements that improve the shelf life. Pet supplements are given according the type of deficiencies, symptoms, and disorders in pets.
The growth of the global pet supplement market is driven by increase in pet adoption rate and rise in empathy toward animals. Natural pet food is becoming increasingly popular, as it is formulated using natural ingredients and are free from preservatives and functional ingredients. Furthermore, government support to increase the usage of safe, healthy, and natural ingredients in pet supplements and to bring more transparency in selling these products is boosting the growth of the global market. For instance, pet food products and supplements do not require approval by the FDA. However, FDA ensures that the ingredients used in pet food are safe and have appropriate function in pet food. Many ingredients such as meat, poultry, and grains are considered safe and do not require pre-market approval.
Region wise, Europe has been gaining considerable traction in the pet supplement market, and is expected to grow at a significant CAGR during the forecast period. Significant increase in pet ownership in the European countries, including Russia, Germany, Spain, and Italy; increase in spending power of pet owners; and economic stability are some of the major reasons for pet supplement market growth in Europe.
Furthermore, rise in practices of cross-breeding and innovations in pet care products are motivating people to adopt pets, which is anticipated to favor the growth of the Europe pet supplement market demand during the forecast period.
The players operating in the pet supplement industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Ark Natural Company, Bayer AG. Food Science Corporation, Kemin Industries, Nestle S.A, Novotech Nutraceuticals, Inc., Now Health Group, Inc., Nutramax Laboratories, Inc., and Virbac andZoetis, Inc..
Key findings of the study
The pet supplement market was valued at $596.8 million in 2019, and is estimated to reach $822.6 million by 2027, growing at a CAGR of 7.3% during the forecast period.
By pet, the others segment is estimated to witness the fastest growth, registering a CAGR of 9.7% during the forecast period.
In 2019, depending on application, the multivitamin segment was valued at $201.1 million, accounting for 33.7% of the global pet supplement market share.
In 2019, the U.S. was the most prominent market in North America, and is projected to reach $224.5 million by 2027, growing at a CAGR of 4.5% during the forecast period.
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