Pet Supplements Market Size, Share and Trends Analysis Report by Pet Type, by Form, by Application, by Distribution Channel, by Region and Segment Forecast, 2022
Pet Supplements Market Size, Share & Trends Analysis Report By Pet Type (Dogs, Cats), By Form (Pills, Chews, Powders), By Application, By Distribution Channel (Online, Offline), By Region & Segment Forecast, 2022 – 2030
New York, June 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of “Pet Supplements Market Size, Share & Trends Analysis Report By Pet Type, By Form, By Application, By Distribution Channel, By Region And Industry Forecast , 2022 – 2030” – https://www.reportlinker.com/p06277986/?utm_source=GNW
Pet Supplements Market Growth and Trends
The global pet supplements market size is expected to reach USD 3.2 billion by 2030. The market is expected to grow at a CAGR of 5.9% from 2022 to 2030. The growing adoption of pet across the world is driving the demand for pet supplements. For example, according to the US Pet Food Industry Pet Ownership Study, pet ownership increased from 67.0% of households in 2018 to an all-time high of 70% in 2020, as confirmed by the APPA American Pet Product Association. These statistics predict strong market growth over the forecast period.
Moreover, owning a pet is a common practice in various countries around the world. For example, according to statistics from the National Pet Owners Survey 2021-2022, 90.5 million American families own a pet. With such patterns of pet ownership in various countries, people are increasingly spending on pet supplements due to their various health benefits. These supplements improve pets’ focus, concentration and energy levels, boost their immune system and improve heart health.
The dog segment held the largest revenue share in 2021 and is expected to maintain its dominance during the forecast period. Dogs are officially man’s best friend, with more than half of the world’s population owning a dog as a pet.
Growing health concerns and the resolution of pet health issues have resulted in consumers opting for pet supplements that contain nutritious whole foods that include vitamins and minerals. For example, according to a study conducted by the non-profit organization Kinship Partners, in February 2021, nearly 77% of pet owners in the United States were concerned about the health of their pets, which significantly fueled the market growth.
The offline segment dominated the market and accounted for the largest share of revenue in 2021. Growing consumer interest in pet nutrition and diets is encouraging offline retailers to stock their shelves with high-quality supplements. quality from premium brands.
Pet owners are much more aware of the ingredients in their pet supplements and retailers are responding to them as well. For example, Kroger has a pet department and sells a line of supplements for health issues such as anxiety, eye care, and hip and joint health.
Highlights of the Pet Supplements Market Report
• The cat segment is expected to register the fastest growth during the forecast period with an increase in the adoption of these animals as pets and the availability of wellness and care products for cats at home. global scale
• Powders segment is expected to register the fastest growth over the forecast period owing to its fast and easy absorption properties in pets
• The skin and coat segment is expected to register the fastest growth during the forecast period of 2022 to 2030 due to the increase in skin-related issues leading to hair loss in these animals
• The online channel is expected to register the fastest growth over the forecast years due to the promising growth of e-commerce platforms including Amazon, Walmart, Alibaba and other similar service providers
• Asia-Pacific is expected to register the fastest growth over the forecast period. The growing trend towards humanization of pets coupled with the growing awareness of pet food supplements formulated to boost their immune system is driving the market
Read the full report: https://www.reportlinker.com/p06277986/?utm_source=GNW
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