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What Major Innovations Are Driving the Accelerated Growth of the Veterinary Dietary Supplements Market?
The upswing in the number of both companion and livestock animals is anticipated to drive the growth of the veterinary dietary supplements market. Companion animals encompass all tamed animals whose physical, emotional, behavioral, and social needs can be readily met such as cats, dogs, and other pets, while livestock animals are domesticated creatures raised in an agricultural environment to provide work and generate goods like bovines. Veterinary dietary supplements for these animals allow a nutrient-dense diet that satisfies the requirements for proper growth and development of the animals. For instance, in February 2022, reports from the USDA Economic Research Service (ERS), a government agency in the US, showed approximately 91.9 million beef/cattle, 5.06 million lamb/sheep in the livestock population and anticipated pork exports to hit $8.88. Thus, the growing numbers of both companion and livestock animals is propelling the expansion of the veterinary dietary supplements market.
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#How Does the ProjectedVeterinary Dietary Supplements Market Growth Compare Over the Forecast Period?
The size of the market for veterinary dietary supplements has seen substantial growth recently. Expectations are for it to increase from $2.41 billion in 2024 to $2.63 billion in 2025, with a compound annual growth rate (CAGR) of 9.2%. Factors behind this historical growth include a rise in pet ownership, guidance from vets, the treating of pets as family members, increasing awareness of pet obesity, the accessibility of specialized supplement formulations, and advancements in the field of pet nutrition science.
In the coming years, the market size of veterinary dietary supplements is projected to increase rapidly. By 2029, it is forecasted to reach a worth of $4.08 billion, escalating at a compound annual growth rate (CAGR) of 11.6%. This growth during the forecast period can be credited to factors such as personalized nutrition solutions, an increase in pet population, the broadening of e-commerce, a focus on specific health conditions, a rise in spending on preventive healthcare, innovations in nutraceuticals, and a holistic approach to pet care. Key trends during this period are poised to be natural and organic ingredients, enhancing distribution channels, joint health supplements for senior pets, research and development advancements in animal nutrition, adherence to regulatory compliance and standards, and collaborations and partnerships.
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What Are the Most Significant Market Trends Transforming theVeterinary Dietary Supplements Market?
Major corporations in the veterinary dietary supplement market are focusing on product innovation, such as wellness supplements, to offer trustworthy services to their customers. Wellness Supplements, which are the first category of pet supplements designed to enhance a dog’s health and well-being, come in five different types. For example, in January 2023, the US-based company Wellness Pet Company launched Wellness Supplements, which are available in five separate formulations. These include move health supplements, calm health supplements, shield health supplements, belly health supplements, and shine supplements. Made with high-grade ingredients and various delicious flavors, these supplements support a dog’s digestive health, immune system, seasonal allergies, and the health of their skin and coat.
What Are the Top Market Players Propelling the Growth of theVeterinary Dietary Supplements Industry?
Major companies operating in the veterinary dietary supplements market are C H Boehringer Sohn AG & Co KG, Virbac, Ark Naturals, Beaphar, FoodScience LLC, Nutri-Pet Research Inc., Canna Companion, Nestle S.A., Nutramax Laboratories Inc., Zydus Animal Health and Investments Limited, Krka d.d. Novo mesto, Animalcare Limited, Ourofino Saúde Animal, Eco Animal Health Group PLC, VetriScience Laboratories, Vetoquinol, Kyoritsu Seiyaku Corporation, Bayer Animal Health, Dechra Pharmaceuticals PLC, Heska Corporation, Mars Incorporated, Norbrook Laboratories Limited, Zoetis Inc., Bioiberica S.A.U., Bimeda Inc.
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Which Primary Segments of the Veterinary Dietary Supplements Market Are Driving Growth and Industry Transformations?
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)
Subsegments:
1) By Omega 3 Fatty Acids: Fish Oil, Flaxseed Oil, Algal Oil
2) By Proteins And Peptides: Whey Protein, Casein Protein, Pea Protein, Collagen Peptides
3) By CBD: CBD Oil, CBD Treats, CBD Capsules
4) By Multivitamins And Minerals: Complete Multivitamins, Specific Mineral Supplements, Herbal Blend Formulations
5) By Probiotics And Prebiotics: Probiotic Powders, Probiotic Chews, Prebiotic Fibers
6. By Other Types (Antioxidants): Vitamin E, Coenzyme Q10, Green Tea Extract, Selenium
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https://www.thebusinessresearchcompany.com/customise?id=8026&type=smpGlobal Veterinary Dietary Supplements Market, Global Veterinary Dietary Supplements Market Report, Global Veterinary Dietary Supplements Market Trends, Global Veterinary Dietary Supplements Market Size
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