According to a new market report published by Credence Research “Global Pet Supplements Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026.” The pet supplements market is expected to expand at a CAGR near about 5.1% from 2018 to 2026.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Pet owners are concerned about the health and comfort of their dogs and cats, which cause them to spend more on high-end food products to improve their life expectancy and reduce age-related problems. Nutritional pet nutrition industry offers a huge market opportunity for vitamins, minerals, spices, food supplements and other similar products.
The industry is experiencing significant growth due to the increasing acceptance of veterinary supplements to preserve optimal pet safety. Some retailers are also now partnering with close veterinary facilities to back up clinical recommendations and to provide wider product knowledge and samples. In addition, the demand for pet foods is highly fragmented and easily available in supermarkets, drug shops and online purchases due to ongoing social media promotional activities. In addition, dietary supplement companies are introducing strategies to warn retailers and consumers through point-of-sale, multi-color coded labels along with the QR Codes mark.
Such codes provide in-depth knowledge of the ingredients and the suitability of the product on and after use. Certain social media platforms, such as Facebook, Twitter, etc., are other successful advertising tools that are expected to drive the market in the coming years. In addition, pet supplement manufacturing companies are following the trend of selling their products as “nutritional adequacy” in order to increase their demand for the preservation of skin and coat conditions, immune power, joint stability and digestive health.
Companies are adopting mergers and expansion strategies and integrating their product portfolio. Additionally, e-commerce sales is further engrossed in expanding their supplement portfolio such as Amazon, and 1-800-PetMeds are trying to boost the supplement sales by offering hefty discounts and offers. Some of the major players profiled in the report include Nestle Purina Pet Care, VetriScience Laboratories, NOW Food, Novotech Nutraceuticals, Virbac, Ark Naturals, Kemin Industries, Zoetis, Bayer, Ayurvet and Others.
Rising endorsements of pet supplements by veterinaries
Attitudinal change towards pets with rising interest on nutrition and health
Asia Pacific offers huge market growth potential for pet supplements market