Portland, OR, Feb. 24, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global dog supplement market was estimated at $241.6 billion in 2021 and is expected to hit $468.5 million by 2031, registering a CAGR of 6.9% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $241.6 Million |
| Market Size in 2031 | $468.5 Million |
| CAGR | 6.9% |
| No. of Pages in Report | 290 |
| Segments Covered | Source, Application, Distribution Channel, and Region. |
| Drivers | The growing trend of pet humanization across the world |
| Rise in the standard of living and purchasing power | |
| Restraints | Lack of knowledge regarding the nutritious value of dog food supplements |
| Less disposable income in the under-developed nations | |
| Opportunities | Increase in investments in R&D activities |
Covid-19 scenario-
- Disrupted supply chain and several restrictions on the import & export of pet supplements had a sheer negative impact on the global dog supplement market, especially during the initial period.
- However, people were quarantined at their homes along with their pets, which increased the sale of dog supplements. And, the market got back on track pretty fast.
The global dog supplement market is analyzed across source, application, distribution channel, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By source, the conventional segment contributed to around three-fourths of the global dog supplement market share in 2021, and is projected to rule the roost by 2031. The organic segment, on the other hand, would display the fastest CAGR of 7.8% throughout the forecast period.
By application, the multivitamin segment accounted for the highest share in 2021, generating around one-third of the global dog supplement market revenue. The hip and joint-segment, however, would portray the fastest CAGR of 7.8% during the forecast period.
By distribution channel, the offline segment garnered the major share in 2021, holding more than four-fifths of the global dog supplement market revenue. The online segment, simultaneously, would portray the fastest CAGR of 8.0% by 2031.
By region, North America held the major share in 2021, garnering more than two-fifths of the global dog supplement market revenue. The LAMEA region, however, would showcase the fastest CAGR of 9.2% from 2022 to 2031. The other provinces studied through the report include Europe and Asia-Pacific.
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The key market players analyzed in the global dog supplement market report include Bayer AG, NOW Foods, Nestlé Purina Petcare, Ark Naturals, Zoetis Inc, Nutramax Laboratories, Inc, Vetoquinol, PetHonesty, Zesty Paws, Manna Pro Products, Virbac, and Food Science Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
