![]() One of the most significant challenges faced that largely affects the sales volume in the industry is the sales and distribution of illegal or illicit pet supplements along with the presence of suppliers that are responsible for the circulation of expired medicines in the market. Distribution of expired or illegal supplements acts as a major challenge for the players.More resources need to be invested in understanding the largely unexplored segment of pet health leading to higher development for supplements that target specific concerns with no side effects. With the changing lifestyle and eating patterns of pets, their medical issues are bound to change over the years. Currently, there is a significant lack of product innovation in the global pet supplement market. One of the key opportunities is that the market players can invest in innovation and development in the industry. Innovation to open more doors for expansion.However, it is one of the major growth restrictions in the industry. Some of them may be more serious than others. Some of the most commonly occurring side effects due to supplement consumption include allergic reactions, overdose, and digestive concerns. This issue, most concretely, exists in the global industry where there is limited research on understanding the implications of supplement consumption in pets over a period of time. Restricted research to act as a major restraint.Īlthough the research community is growing, there is a significant lack of resources invested in the research and development of existing or new pet supplements.With the rise in the number of pet owners, the demand for associated supplements is growing at a rapid rate since owners are willing to spend extra money on their pet's well-being and safety. These animals are companion pets and play a crucial role in a patient's physical and mental safety. Furthermore, there are certain medical issues in which patients are recommended to be accompanied by pets like dogs at all times. For instance, an increasing number of people choose to not have biological children voluntarily and instead adopt pets in addition to couples of individuals who, for medical reasons, are unable to biologically produce. There are several reasons, including personal choices and medical factors, that are causing a rise in the number of people opting for pets. The global pet supplement market is projected to grow owing to the increasing rate of pet adoption observed across the globe. The growing rate of pet ownership propels market demand.Global Pet Supplement Market: Growth Drivers On the basis of region, North America was the leading revenue generator in 2022įacts and Factors published the latest report titled " Pet Supplement Market Size, Share, Growth Analysis Report By From (Powders, Pill & Tablets, Chewables, and Others), By Pet Type (Cats, Dogs, and Others), By Application (Digestive Health, Skin & Coat, Hip & Joint, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data, and Forecast 2023 – 2030"into their research database.Based on form segmentation, chewable were the leading form in 2022.Based on application segmentation, hip & joint was predicted to show maximum market share in the year 2022.The market is projected to grow at a significant rate due to the growing pet ownership rate.In terms of revenue, the global pet supplement market size was valued at around USD 1.91 billion in 2022 and is projected to reach USD 3.12 billion, by 2030. ![]() As per the analysis shared by our research analyst, the global pet supplement market is estimated to grow annually at a CAGR of around 5.91% over the forecast period (2022-2030).Get a Free Sample Report with All Related Graphs & Charts (with COVID 19 Impact Analysis): ![]()
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