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The global pet supplements market is expected to grow with a compound annual growth rate (CAGR) of 6.8 percent from $2.12 billion in 2023 to $2.75 billion in 2027, according to ResearchAndMarkets.
“The pet supplements market has reached a new zenith with an unprecedented compound annual growth rate (CAGR), providing insights into the thriving sector of pet welfare and nutrition,” ResearchAndMarkets said.
Consumers are increasingly concerned over animal welfare with pet owners more cognizant of their pets’ health and well-being, the report said.
The report highlights product innovation as a standout trend, particularly cutting-edge and specialized supplements. Some of the key supplements essential fatty acids, probiotics, antioxidants, multivitamins and enzymes.
The key benefits catered to include skin health, coat health, hip support, joint support and digestive health, according to the report.
North America continues to dominate the market landscape as the largest contributor followed by Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East and Africa.
“With a focus on the betterment of animal health and the introduction of advanced wellness solutions, the pet supplement industry stands at a pivotal junction of growth and innovation,” ResearchAndMarkets said. “Market forecasts remain optimistic as businesses and consumers alike continue to prioritize the health of their beloved pets.”
