2024 Veterinary Dietary Supplements Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Veterinary Dietary Supplements Market Between 2024-2033?
The market for veterinary dietary supplements has seen robust growth in the past few years. An increase from $2.21 billion in 2023 to $2.43 billion in 2024 is anticipated, marking a compound annual growth rate (CAGR) of 9.9%. The growth witnessed in the historic period can be accredited to factors such as the rise in pet ownership, recommendations from veterinarians, treating pets like family members, an increase in awareness about pet obesity, the availability of specialized dietary formulations, and progress in the field of pet nutrition science.
Expectations are high for the veterinary dietary supplements market, which is predicted to experience substantial growth in the coming years. The market value is estimated to reach $3.67 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 10.9%. This projected growth can be linked to several factors such as the rise in tailor-made nutrition solutions, an expanding pet population, the broadening of e-commerce, focus on specific pet health conditions, an increase in preventative healthcare expenditure, nutraceutical advancements, and a holistic approach to pet care. Key trends forecasted for this period encompass the use of natural and organic ingredients, distribution channel expansion, the provision of joint health supplements for our aging pets, ongoing research and development in the field of animal nutrition, adherence to regulatory compliance and standards, as well as various collaborations and partnerships.
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What Are the Major Factors Contributing to the veterinary dietary supplements Market Expansion?
The growth of the veterinary dietary supplements market is anticipated to be fueled by the rising population of both companion and livestock animals. Companion animals are defined as domesticated animals such as dogs, cats, and others whose physical, emotional, behavioral and social needs can be easily met. On the other hand, livestock animals are those domesticated animals that are bred in an agricultural environment for work and the production of goods like bovines. Veterinary dietary supplements are crucial in offering a rich, nutrient-dense diet that caters to the animal’s requirements for healthy growth and maturity. For example, as per Eurostat, the statistical office of the European Union based in Luxembourg, the livestock count in the European Union in 2021 stood at approximately 142 million pigs, 76 million bovines, 60 million sheep and 11 million goats. As such, the growing companion and livestock animal population is propelling the expansion of the veterinary dietary supplements market.
Which Segments Are Important for Insight into the Veterinary Dietary Supplements Market?
The veterinary dietary supplements market covered in this report is segmented –
1) By Type: Omega 3 Fatty Acids, Proteins and Peptides, CBD, Multivitamins and Minerals, Probiotics and Prebiotics, Other Types (Antioxidants)
2) By Dosage Form: Tablets and Capsules, Gummies and Chewables, Powders, Liquids, Other Dosages (Injectables, Paste)
3) By Distribution Channel: Online or E-commerce, Offline
4) By Application: Joint Health Support, Calming or Stress or Anxiety, Digestive Health, Energy and Electrolytes, Immunity Support, Skin and Coat Health, Other Applications (Kidney, Urinary Tract, Liver, Cardiovascular, Weight Management)
What Are the Transformative Trends Influencing the Veterinary Dietary Supplements Market?
Various significant enterprises within the veterinary dietary supplements market are concentrating on product innovation, such as wellness supplements, to deliver dependable services to their clients. Wellness Supplements, which are the vanguard of pet supplements made to enhance a dog’s health and wellbeing, come in five different versions. For example, Wellness Pet Company, a pet food business headquartered in the United States, unveiled Wellness Supplements in January 2023. The Wellness Supplements range includes five distinct formulations: move health supplements, calm health supplements, shield health supplements, belly health supplements, and shine supplements. These supplements, featuring high-grade ingredients and a variety of delicious flavors, help to maintain healthy digestion, a robust immune system, mitigate seasonal allergies, and promote healthy skin and coat for dogs.
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What Regions Are Leading the Growth Trajectory of the Veterinary Dietary Supplements Market?
Asia-Pacific was the largest region in the veterinary dietary supplements market in 2023. The regions covered in the veterinary dietary supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Veterinary Dietary Supplements Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary dietary supplements market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Veterinary Dietary Supplements Market Include
1. Veterinary Dietary Supplements Market Executive Summary
2. Veterinary Dietary Supplements Market Segments
3. Veterinary Dietary Supplements Market Size And Template Market Growth Rate
4. Key Veterinary Dietary Supplements Market Trends
5. Major Veterinary Dietary Supplements Market Drivers
……
25. Key Mergers And Acquisitions In The Veterinary Dietary Supplements Market
26. Top Veterinary Dietary Supplements Companies
27. Veterinary Dietary Supplements Market Opportunities And Strategies
28. Veterinary Dietary Supplements Market, Conclusions And Recommendations
29. Appendix
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