SAN FRANCISCO, April 6, 2020 /PRNewswire/ -- The globalpet supplements market size is expected to reach USD 1.05 billion by 2027, expanding at a CAGR of 6.4% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness regarding the maintenance of pet health is one of the key factors driving the market.
Key suggestions from the report:
Based on pet type, dog accounted for the largest share of more than 42% in 2019 due to launch of novel supplements in the market
Offline distribution channel accounted for the largest share of more than 90% in 2019 owing to easy availability of supplements in supermarkets, hypermarkets, medical stores, and convenience stores
North America accounted for the largest share of 43.34% in 2019 due to rising inclination towards pet humanization and increasing importance of pets' health and well-being
Some of the key players operating in the global pet supplements market are Nestle Purina Pet Care, VetriScience Laboratories, Ark Naturals, NOW Food, Virbac, Kemin Industries, Novotech Nutraceuticals, Zoetis, and Bayer.
Nowadays, owners are more concerned about the health and well-being of their pets. Several benefits of dietary supplements are impelling the growth of the market. Supplements improve the immune system, reduce the risk of heart problems, digestion problems, and cancer, and enhance the skin and coat health. On the other hand, adoption of pets keeps people healthy and fit, resulting in increased sales of supplements. For instance, it helps in reducing anxiety, preventing heart diseases, improving sleep quality, and reducing blood pressure. Hence, several health benefits associated with pets have increased their adoption across the globe in recent years.
Moreover, pet supplement companies are majorly focusing on increasing the product awareness among retailers and customers with the help of multi-colored and layered QR codes and point of sale information. These QR codes give deep knowledge regarding the ingredients and suitability of the product. For instance, in 2018, Pet Releaf added QR codes to all of its product packaging. These QR codes link directly to the company's page and give detailed information about the components used in products. It also proves no harmful chemicals and toxic solvents were used in supplements. Due to increasing penetration of smartphones and growing internet retailing, consumers are majorly comfortable with online shopping. Easy availability of supplements through offline and online distribution channels will boost the market growth in the coming years. However, lack of standardization of ingredients may hinder the growth of the pet supplements market.
Nonetheless, brand value enhancement by major market players in the emerging countries, such as China, India, and Brazil, and customer preferences for premium products are driving the market. Major players operating in this market are investing in raising product awareness to strengthen the consumer preference by increasing marketing expenditure and campaigns in developing countries, which will positively impact the overall market growth. For instance, in 2016, PetSmart improved its customer experience with deep insights through Omni channel and online sales channels. These insights will help the company to enhance the customer experience across varied areas, including product and service innovation as well as customer communications and loyalty. Cognizant empowered PetSmart with better decision making by integrating operational store, campaign, and other data.
Asia Pacific is estimated to exhibit the highest CAGR of 7.9% over the forecast period owing to increasing urbanization, growing trend of nuclear families, and changing perception towards animals, thereby resulting in increased pet adoption rates in emerging countries. In India, dogs are more popular than cats, birds, and horses. Dog supplements will account for a significant market share in the forthcoming years.
Implementation of several marketing strategies by market players, such as partnerships and acquisitions, will proliferate the growth of this market. For instance, in 2019, Dane Creek Capital Corp. acquired RawPaw Supplements for dogs and cats.
Grand View Research has segmented the global pet supplements market on the basis of pet type, distribution channel, and region:
Pet Supplements Pet Type Outlook (Revenue, USD Million, 2016 - 2027)
Pet Supplements Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Pet Supplements Regional Outlook (Revenue, Revenue, USD Million, 2016 - 2027)
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.