Global Pet Dietary Supplement Market Reached $687 Million in Valuation in 2019

Global Pet Dietary Supplement Market Reached $687 Million in Valuation in 2019

The global pet dietary supplements market is expected to grow at 6.3% in 2020-2027 period, rising from its notable $687 million valuation in 2019. The increasing humanization of animals in new regions like Asia Pacific, the growing solidarity with pets during the coronavirus crisis, and increasing demand for nutritious pet food will drive robust growth. Moreover, rising versatility in pet adoption like cats, birds, rabbits, horses, and fishes remains a major promise for growth in the US region. The rising diversity in pets will likely drive growth of various supplements including antioxidants, minerals, multivitamins, fatty acids, and more.

Rising Pet Adoption Amidst A Global Pandemic Remains a Major Driver for Growth

The global pet dietary supplement market is expected to witness robust growth as pet adoption continues to rise amidst the coronavirus pandemic, thanks to growing need of individuals to feel belonging, and escape the isolation, and depression on the rise. The demand for pet adoption began in March, 2019, right after the pandemic began globally. According to the Washington Post, all entities including private breeders, shelters, non-profit rescues, and pet stores reported increased pet adoption since then. The entities also reported that the demand continued to exceed available supply of puppies, as waiting lists stretched to 2021. The rising demand for puppies came from a growing desire of the average American to find loyal companions amidst to face a global tragedy. Furthermore, rising demand for work from home culture also led to parents adopting more pets to keep children engaged. According to Madeline Bernstein, the president of the society for the prevention of cruelty to animals in Los Angeles, their charity witnessed 10 to 13 adoptions a day, double the usual rate. The growing demand to cater to rising demand for pet adoption, and increasing affinity with pets during the crisis will drive major growth for the pet dietary supplement market.

Rising Illnesses Among Pets to Drive Major Growth for Dietary Supplements Market

According to a report from the Centres for Disease Control and Prevention (CDC) department, the pet related illnesses amounted to over 1,100 in 2017, breaking record numbers. Moreover, CNN also reported a bacterial infection associated with Petland stores in 2017, which resulted in 37 people falling ill, with nine hospitalized. The outbreak just occurred soon after the small pet turtles drove a salmonella outbreak for which they had been banned by the FDA 40 years ago. The salmonella outbreak also resulted in severe illnesses for children as little as aged 5, and younger. Today, pets suffer from diseases probably never witnessed in earlier generations like diabetes, cancer, among various others. The growing association of pets with illnesses, and growing need to provide them ideal nutrition will drive robust growth for players in the pet dietary supplement market. The demand for nutritious pet foods will likely grow as changing attitudes towards pets in Asia Pacific, and growing disposable income in the region will drive tremendous growth. Some key players in the global pet dietary supplement market are VetriScience Laboratories, Nestle Purina Pet Care, , NOW Food and Ark Naturals. 

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