Pet Supplements Market was valued at USD 596.8 Million in 2019 and is projected to reach USD 822.6 Million by 2027
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Aug. 31, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Pet Supplement Market by Pet, Application, Source, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027”, Global Pet Supplements Market Size was valued at $596.8 Million in 2019 and is projected to reach $822.6 Million by 2027 at a CAGR of 7.3% from 2021 to 2027 Pet supplements are processed foods made with added nutrients, proteins and minerals. They improve the health of pets and meet the nutrient and mineral needs of pets. Blinders, flavoring agents, fillers and preservatives are added in pet supplements that improve shelf life. Pet supplements are given based on the type of deficiencies, symptoms and disorders in pets.
The growth of the global pet supplements market is driven by increasing pet adoption rate and increasing empathy towards animals. Natural pet foods are becoming increasingly popular because they are formulated with natural ingredients and are free from preservatives and functional ingredients. Furthermore, government support to increase the use of safe, healthy and natural ingredients in pet supplements and to bring more transparency in the sale of these products is driving the growth of the global market. For example, pet food products and supplements do not require FDA approval. However, the FDA guarantees that the ingredients used in pet food are safe and have an appropriate function in pet food. Many ingredients such as meat, poultry and grains are considered safe and do not require pre-market approval.
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According to the Pet Supplements Market analysis, the Pet Supplements market is segmented into Pet, Application, Source, Distribution Channel, and Region. Based on pets, the market is categorized into dogs, cats, freshwater fish, and others. By application, it is separated into multivitamins, skin and coat, hip and joint, prebiotics and probiotics, painkillers and others. According to the source, it is fragmented into organic and conventional. According to the distribution channel, it is differentiated into offline and online. By region, it is analyzed in North America (United States, Canada and Mexico), Europe (Germany, United Kingdom, France, Russia, Italy, Spain and rest of Europe), Asia-Pacific (China , India, Japan, Australia, South Korea and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa)
According to Pet Supplements Market Trends, on the basis of pets, the cat segment was valued at $228.6 Million in 2019 and is projected to reach $307.9 Million by 2027, recording a CAGR of 6.9% from 2021 to 2027. This is attributed to the fact that cats are more home-friendly than other pets and comparatively less expensive. According to an Australian study, cat owners have better psychological health than people without pets. People are increasingly adopting cats because they bond closely with children, which is driving the demand for pet supplements. According to a survey conducted by the World Pet Association (WPA), more than 2,200 young children between the ages of 11 and 15 have a strong bond with their cats.
Per source, the organic segment is estimated to reach $223.6 million by 2027, at a CAGR of 9.3%, driven by increased consumer awareness of natural and organic pet food products, which which has forced manufacturers to focus more on synthetics than natural ones. Additionally, the increase in the humanization of pets allows pet food manufacturers to offer premium products for pet owners. Pet owners are increasingly buying premium and premium supplements, foods and snacks because owners treat pets like family. This is attributed to the fact that premium pet supplements are natural, organic, higher quality, and safer than regular pet food. Organic segment is one of the lucrative opportunities in the pet supplements market for the pet food and supplement manufacturers during the forecast period.
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According to distribution channel, the online segment is expected to reach $159.7 million by 2027, growing at a CAGR of 10.6%. This is attributed to the fact that online stores facilitate price comparisons and offer door-to-door delivery. In addition, the increase in penetration of various online store portals in developing countries and the increase in the number of offers or discounts offered by them attract consumers to purchase supplements and skincare products. pets through online stores. Additionally, online store sales channels have increased consumer reach, which has become a key source of revenue for many businesses. In addition, the online store sales market is expected to grow in the near future, owing to the rapid growth of mobile user base in emerging markets.
Main results of the study
Pet Supplements Market was valued at USD 596.8 Million in 2019 and is projected to reach USD 822.6 Million by 2027, growing at a CAGR of 7.3% during the forecast period.
By pet, the others segment is estimated to be growing fastest, registering a CAGR of 9.7% during the forecast period.
In 2019, according to the app, the multivitamin segment was valued at $201.1 million, accounting for 33.7% of the global pet supplement market share.
In 2019, the United States was the largest market in North America and is expected to reach $224.5 million by 2027, growing at a CAGR of 4.5% during the forecast period .
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