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.
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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.