PET SUPPLEMENTS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Pet Dietary Supplements Market Analysis:

The market for pet dietary supplements is projected to experience substantial growth, with an anticipated increase in value from USD 2 billion in 2023 to USD 3.20 billion by 2028. This growth is expected to occur at a compound annual growth rate (CAGR) of 5.90% during the forecast period of 2023–2028.

Dietary supplements for pets are specially formulated animal foods designed to assist in the management of various illnesses and diagnosed health disorders, including but not limited to itchy skin, digestive issues, obesity, and allergies. The growth of the market is driven by the enhancement of brand value in regions such as North America, Latin America, and emerging countries in the Asia-Pacific region. Additionally, consumer awareness regarding premium products contributes to the expansion of the market. Multinational companies are investing significantly in increasing awareness of their products through various channels to strengthen consumer preference.

Furthermore, the market has witnessed the emergence of start-up companies and acquisitions by major players in the pet industry seeking to enter the market. An example of this is People for Pets, which was launched in 2021 and achieved impressive growth by setting a new standard for dog supplements. The company introduced Nectar of the Dogs, the first range of Australian-made, plant-based, medicinal water treats, and was subsequently acquired by the Australian Real Pet Food Company in 2022.

Moreover, the dog segment of the dietary supplement market is expected to experience the most rapid growth during the forecast period. The increasing interest of dog owners in purchasing healthy and nutritious food for their pets drives the sales of various types of dog foods globally, leading to the introduction of numerous dietary supplement products. Additionally, the growing global population of pet dogs, coupled with the rising health concerns of pet owners, contributes to the increased sales of dog dietary supplements worldwide throughout the forecast period.

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