The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

• Recent Growth: The pet herbal supplements market has seen rapid growth, expanding from $0.99 billion in 2023 to $1.12 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.3%.
• Future Projections: The market is expected to reach $1.87 billion by 2028, with a CAGR of 13.7%, driven by various growth factors and emerging trends.

Key Growth Drivers

Increasing Awareness and Humanization of Pets

• Pet Health Awareness: Growing awareness about pet health and well-being is a significant driver.
• Humanization of Pets: The trend of treating pets as family members is leading to higher spending on their health.

Veterinary Recommendations and Regulatory Support

• Veterinary Endorsements: Veterinarians are increasingly recommending herbal supplements for pets.
• Regulatory Support: Favorable regulations are supporting the market’s growth.

Consumer Preferences for Natural Products

• Natural Product Demand: Consumers are shifting towards natural and organic products for their pets.
• Quality and Safety: Increased demand for high-quality, safe supplements.

View More On The Pet Herbal Supplements Market Report 2024 – https://www.thebusinessresearchcompany.com/report/pet-herbal-supplements-global-market-report

Forecast Period Growth Factors

Continued Growth in Pet Ownership

• Rising Pet Ownership: More households are adopting pets, boosting the market.
• Aging Pet Population: Older pets often require more health supplements.

E-commerce Expansion and Personalized Nutrition

• E-commerce Growth: Online sales channels are expanding, making it easier for consumers to purchase supplements.
• Personalized Nutrition: Tailored nutrition solutions are becoming popular.

Environmental Sustainability

• Sustainable Practices: Consumers prefer eco-friendly products, driving demand for sustainably sourced supplements.

Major Trends

Advanced Extraction Techniques and Nanotechnology

• Extraction Techniques: Innovations in extracting herbal ingredients improve product efficacy.
• Nanotechnology: Enhances the bioavailability of supplements.

Digital Health Monitoring and AI-driven Formulation Optimization

• Health Monitoring: Digital tools for monitoring pet health are on the rise.
• AI Formulation: Artificial intelligence is used to optimize supplement formulations.

Personalized Supplements

• Customization: Products tailored to individual pet needs are gaining traction.

Rising Pet Expenditure

• Increased Spending: Pet owners are spending more on their pets, including on premium health products.
• Market Impact: The rise in pet expenditure is boosting the pet herbal supplements market.

Case Example

• U.S. Pet Industry Expenditure: According to the American Pet Products Association, the U.S. pet industry expenditure rose to $147.0 billion in 2023 from $136.8 billion in 2022.

Key Market Players

• Leading Companies: Major players include Merck & Co. Inc., C.H. Boehringer Sohn AG & Co. KG, Zoetis Inc., Elanco Animal Health Incorporated, and Virbac.
• Innovative Products: Companies are focusing on developing innovative supplements, such as canine superfood powders.

Innovative Canine Supplements

• Product Development: Companies are creating advanced supplements for specific pet health issues.
• Example: Badlands Ranch launched Super20, a canine superfood powder with natural ingredients to enhance energy, mobility, coat health, and digestion.

Strategic Acquisitions

General Mills Acquires Fera Pets Inc.

• Expansion into Pet Supplements: General Mills acquired Fera Pets Inc. to enter the pet supplement market.
• Company Background: Fera Pets is a vet-founded pet supplement company known for its high-quality products.

Market Segmentation

By Product

• Omega 3 Fatty Acids
• Probiotics and Prebiotics
• Multivitamins and Minerals
• Cannabidiol Oil (CBD)
• Proteins and Peptides
• Other Products

By Dosage Form

• Tablets and Capsules
• Gummies and Chewable
• Powders
• Liquids
• Other Dosage Forms

By Animal Type

• Dogs
• Cats
• Horses
• Other Animals

By Application

• Digestive Support
• Immunity Support
• Skin and Coat Health
• Calming or Stress/Anxiety Relief
• Joint Health Support
• Kidney Health
• Liver Health
• Respiratory Health
• Other Applications

By Distribution Channel

• Online
• Offline

Regional Insights

• North America: The largest market for pet herbal supplements in 2023.
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period.

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