Pet Dietary Supplement Market Will Escalate Rapidly in the Near Future
Posted by Sakshi Mishra on January 20th, 2020
Transparency Market Research delivers key insights on the global pet dietary supplement market. In terms of revenue, the pet dietary supplement market is estimated to expand at a CAGR of over 4.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the pet dietary supplement market report.
In the report, TMR predicts that the pet dietary supplement market would be largely driven by factors such as rising consumer shift toward pet humanization across the globe.
Pet Dietary Supplement Market: Segmentation
The pet segment includes dogs, cats, horses, and others in the pet dietary supplement market report. In terms of pet, the dogs segment dominated the market for pet dietary supplements across the globe, as dogs are considered the most popular pets globally. Demand for dietary supplements for dogs is anticipated to expand at a significant growth rate during the forecast period. Cats outnumber dogs as pets in various countries across the globe, as a household can manage more than one cat. The expenditure incurred on dietary supplements on dogs is relatively high as compared to cats. The pet dietary supplement market for horses and other pets, which include rabbits and hamsters, is projected to expand at a moderate growth rate during the forecast period.
In terms of supplement, glucosamine, multivitamins, omega 3 fatty acids, and probiotics and prebiotics witness high demand across the globe. Glucosamine is an amino sugar that is found naturally in the fluid around the joints to help build cartilage. In older dogs, it may relieve joint pain and improve mobility. Apart from glucosamine, omega 3 fatty acid is also one the preferred supplements for pets. Fish oil contains omega 3 fatty acids that are thought to improve coat quality and shine, and alleviate skin allergies. Fish oil can also reduce inflammation; hence, several pet owners use omega 3 fatty acids for this purpose.
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Based on application, joint health and skin & coat are major application areas where pet dietary supplement are most commonly used. These two segments account for the major share of the pet dietary supplement market. Glucosamine is believed to be an effective treatment for osteoarthritis by pet owners and veterinarians. Omega 3 fatty acids and fish oil supplements are majorly used in the treatment of skin & coat. These can improve coat quality and control itching issues in pets.
The pet dietary supplement market is highly fragmented. A large number of small, medium, and large companies operate in the market at global and domestic levels. Companies work on product innovation to increase their market reach.
Pet Dietary Supplement Market: Prominent Regions
North America and Europe hold major share of the pet dietary supplement market, due to rapid rise in the number of pet owners in prominent countries such as the U.S., the U.K., Canada, France, Germany, Italy, Spain, and various other European countries.
Demand in the Asia Pacific region is estimated to expand at a significant pace compared to other regions in the near future, due to rapid increase in awareness about pet care products, etc., in countries such as China, India, Japan, Australia, and New Zealand.
The market in South America and Middle East & Africa is anticipated to grow at a moderate growth rate in the near future. Brazil and Argentina are anticipated to be the prominent markets for pet dietary supplements during the forecast period.
Major brands are likely to focus on expansion of production capacity and new product development to strengthen their footprints in the pet dietary supplement market. Companies are engaged in expanding their product portfolio and business through online distribution channels. Companies are working toward upgrading their existing products to increase profitability for sustainable growth of businesses.
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About the AuthorSakshi Mishra
Joined: July 22nd, 2019
Articles Posted: 530
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