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.
Pet owners are concerned about the health and comfort of their dogs and cats which urges them to spend more on high-end food products to increase their life expectancy and avoid age-associated problems. Nutritional pet supplements market represent a vast market opportunity for vitamins, minerals, herbs, meal supplements and other similar products.
The market is witnessing significant growth owing to rising endorsements of veterinary supplements for maintaining the overall pet health. Also certain retailers are now partnering with close veterinary facilities in order to backup clinical recommendations and also provide the wider product knowledge and samples. Apart from this, pet supplements market is highly fragmented and are easily available at supermarkets, medical stores, as well as online purchasing due to ongoing promotional activities through social media. Moreover, dietary supplement companies are adopting strategies to aware the retailers and customers by informational point-of-sales, multi-color coded labels along with on-label QR Codes. These codes offer in-depth ingredients knowledge, and suitability of product on and after use. Other social media platforms such as Facebook, Twitter, etc are other effective promotional method expected to drive the market in the years to come. Furthermore, pet supplement manufacturing companies follow a trend of marketing their formulations as “nutritional adequacy” so as to enhance its demand in maintaining skin and coat conditions, immune strength, joint flexibility and digestive healthiness.
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.
Browse the full Pet Supplements Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026 http://www.credenceresearch.com/report/pet-supplements-market
- 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