PUBLISHER: The Business Research Company | PRODUCT CODE: 1522292
PUBLISHER: The Business Research Company | PRODUCT CODE: 1522292
Pet herbal supplements, designed for animals such as dogs, cats, or horses, are natural dietary products intended to bolster their overall health and wellness. These supplements are typically formulated with a blend of herbal extracts, vitamins, minerals, and other nutrients, selected for their potential to enhance pet health.
The primary components of pet herbal supplements encompass omega-3 fatty acids, probiotics, prebiotics, multivitamins, minerals, cannabidiol oil (CBD), proteins, peptides, and various others. Omega-3 fatty acids, vital polyunsaturated fats such as ALA, EPA, and DHA, play critical roles in numerous bodily functions and are primarily sourced from fish, plants, and supplements. These supplements come in various forms such as tablets, capsules, gummies, chewables, powders, liquids, tailored for different animal species such as dogs, cats, horses, and more. They serve a range of purposes including digestive support, immunity enhancement, skin and coat health, stress or anxiety relief, joint support, kidney health, liver health, respiratory wellness, and others. Distribution channels include both online and offline platforms.
The pet herbal supplements market research report is one of a series of new reports from The Business Research Company that provides pet herbal supplements market statistics, including the pet herbal supplements industry global market size, regional shares, competitors with pet herbal supplements market share, detailed pet herbal supplements market segments, market trends, and opportunities, and any further data you may need to thrive in the pet herbal supplements industry. These pet herbal supplements market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The pet herbal supplements market size has been grown rapidly in recent years. It will grow from $0.99 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The rise observed in the historical period can be credited to heightened awareness regarding pet health, the trend of humanizing pets, recommendations from veterinarians, regulatory backing, and consumer inclination towards natural products.
The pet herbal supplements market size is expected to see rapid growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The anticipated growth in the forecast period is expected to stem from ongoing increases in pet ownership, the aging pet demographic, the expansion of e-commerce, personalized nutrition trends, and a focus on environmental sustainability. Significant trends projected for this period encompass advancements in extraction methods, applications of nanotechnology, digital health monitoring, formulation optimization driven by AI, and the customization of supplements.
The anticipated rise in pet expenditure is set to drive the growth of the pet herbal supplements market in the foreseeable future. Pet expenditure encompasses costs associated with pet food, supplies, medications, veterinary care, live animal purchases, and other related services. This increase in spending on pets is fueled by the trend of humanization, leading to heightened investments in premium products and services, as well as advancements in pet healthcare necessitating more expensive treatments. As a result, the surge in pet expenditure is positively impacting the pet herbal supplements market, as owners increasingly seek out natural, high-quality health products to ensure the well-being and longevity of their pets. For instance, according to a report by the American Pet Products Association, Inc., a US-based not-for-profit industry association, in November 2023, the expenditure in the U.S. pet industry amounted to $147.0 billion in 2023, up from $136.8 billion in 2022. Consequently, the escalating pet expenditure is fostering the growth of the pet herbal supplements market.
Leading companies operating in the pet herbal supplements market are concentrating on the development of innovative products, including canine supplements, to better cater to customers and gain a competitive advantage in the market. Canine supplements are either over-the-counter or prescribed products that offer additional vitamins, minerals, enzymes, amino acids, and herbs to address various health issues in dogs, such as skin disorders, joint problems, and overall well-being. For example, in July 2023, Badlands Ranch, a prominent US-based pet nutrition brand, introduced Super20, a canine superfood powder crafted to support the overall well-being of dogs. This comprehensive supplement incorporates natural ingredients such as mushrooms, milk thistle, and ashwagandha to enhance energy, mobility, coat health, mood, and digestion. It tackles common concerns such as joint stiffness, gastrointestinal health, stress management, and immune support, providing a convenient means to elevate the quality of life for cherished furry companions.
In November 2023, General Mills, Inc., a US-based manufacturer and marketer of branded processed consumer foods, completed the acquisition of Fera Pets, Inc. for an undisclosed sum. This acquisition marks General Mills' initial foray into the pet supplement category, aiming to broaden its footprint in the pet market. Fera Pets, Inc. is a US-based pet supplement company founded by veterinarians.
Major companies operating in the pet herbal supplements market are Merck & Co. Inc., C.H. Boehringer Sohn AG & Co. KG, Zoetis Inc., Elanco Animal Health Incorporated, Virbac, Dechra Pharmaceuticals plc, Vetoquinol, Nutramax Laboratories, Nulo Pet Food, Ceva Animal Health, Healthy Paws Herbal Labs, Zesty Paws, PetHonesty, Only Natural Pet, Petlab Co., Honest Paws, Vet's Best Friend, Ark Naturals, Herbsmith, NaturVet, Vital Pet Life, Paw Naturals
North America was the largest region in the pet herbal supplements market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pet herbal supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the pet herbal supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The pet herbal supplements market consists of sales of herbal extracts, joint support supplements, and digestive aids. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pet Herbal Supplements Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pet herbal supplements market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pet herbal supplements ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pet herbal supplements market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.