Compound Annual Growth Rate of 5.8% Predicted for Pet Supplements Market from 2022 to 2028

Posted March 14, 2023 by bhavesh2023

The pet supplements market is expected to grow from US$ 2,281.70 million in 2022 to US$ 3,200.77 million by 2028. It is expected to grow at a CAGR of 5.8% from 2022 to 2028.

A recent research study conducted by The Insight partners predicts that the Pet Supplements Market will reach US$ 3,200.77 million by 2028, with a compound annual growth rate (CAGR) of 5.8% from 2022 to 2028.
The growing interest in pet adoption and increasing disposable income among millennials, particularly adults in their early 20s and late 30s, are some of the factors driving the pet culture worldwide. Moreover, the COVID-19 pandemic has led to a change in lifestyle, with people working from home and self-isolating. This change has inspired many to own pets for mental and emotional support. There is no evidence that pets can spread COVID-19, which has made people feel safe with an animal companion during the pandemic.
According to the American Pet Products Association's (APPA) 2021-2022 National Pet Owners Survey, around 90.5 million or 70% of households in the US own one or more pets, with dogs and cats being the most common.
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The global pet supplements market is seeing an increase in spending on pet well-being, as pet adoption rates continue to rise. The trend of pet humanization is driving consumers to invest in premium pet food and products that are healthy, nutritious, sustainable, and made with natural and locally-sourced ingredients. This focus on pet health and wellness is boosting the demand for pet supplements, which help to improve the immune system and reduce the risk of various diseases, including heart disease, inflammation, cancer, and diabetes. Pet supplements also enhance skin health and help reduce common health problems such as itchy skin, environmental allergies, and bacterial infection.
Key players in the pet supplements market include Zesty Paw LLC, Comfort Click Ltd., Arrowleaf Naturals Ltd., Four Paws Inc., Nutramax Laboratories Consumer Care Inc., FoodScience LLC, Nordic Naturals Inc., Thorne Vet Inc., Dorwest Herbs Ltd., and Pethonesty LLC. These companies have a wide global presence, allowing them to serve a large customer base and increase their market share. They focus on launching new products and expanding geographically to broaden their specialty portfolios. These strategic initiatives by key players are expected to further boost the pet supplements market growth.
The COVID-19 pandemic had a mixed impact on the pet supplements market. During the initial phase of the pandemic, panic buying and stocking of pet supplement products increased demand, as did the trend towards pet well-being. However, the subsequent lockdowns and shutdowns of manufacturing units led to a production shortfall, creating a demand and supply gap that affected the profitability of various pet supplement manufacturers. Despite these challenges, the pet supplements market benefited from an increase in pet adoption rates during the pandemic, as people sought animal companionship for mental and emotional support. The rising adoption of pets led to an increased demand for pet products, especially pet supplements, as pet owners became more concerned about their pets' health and well-being.
As the pandemic impact subsides, the number of new pet adoptions is likely to decrease, as people return to their regular routines outside of the home. This trend may hinder the growth of the pet supplements market in the future.
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The pet supplements market is segmented by form into chewable, powder, and others. Based on pet type, the market is segmented into dogs, cats, and others. The distribution channel is bifurcated into online and offline. Geographically, the pet supplements market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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Issued By the insight partners
Business Address pune
Country India
Categories Blogging , Food
Tags pet supplements market , pet supplements market size
Last Updated March 14, 2023