According to FutureWise analysis the market for veterinary dietary supplements in 2023 is US$ 2.04 billion, and is expected to reach US$ 3.89 billion by 2031 at a CAGR of 8.40%.
Veterinary dietary supplements are expected to gain popularity in 2020. Pet owners are also getting more interested in novel products and substances like CBD supplements, and they are looking for more precision in product claims. This opens the door for veterinary dietary supplement companies to introduce products containing functional substances that have been demonstrated to be safe and supported by proper research.
Pet parents are increasingly treating their pets as family members. This trend in pet humanization has led to an increase in pet spending as well as a desire for safe and nutritional items to help pets stay healthy. To enhance market share, several corporations are adding new goods to their portfolios or increasing their regional reach. Nutramax launched Cosequin ASU pellets in July 2020, bringing its joint health veterinary dietary supplement line for horses to a new level. In contrast, according to the CEO of Blackmores, an Australian health supplement firm, the company expects to improve its position in the pet vitamins and supplements sectors in 2020. In China, the company has discovered a new consumer group in the form of modern career women, and it intends to join the Indian market.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Veterinary Dietary Supplements Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Veterinary Dietary Supplements Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.