The global veterinary dietary supplements market is on a rapid growth trajectory, with revenue expected to surge from USD 2,110.4 million in 2024 to USD 4,190.4 million by 2034, according to the latest industry forecasts. This growth will be fueled by a 7.1% CAGR over the forecast period, driven by the rising adoption of pets worldwide and the subsequent increase in demand for veterinary care services.
The rise in pet ownership is at the heart of this growth, as more people seek to improve the health, nutrition, and well-being of their pets. This increase in pet ownership has led to a significant rise in the number of veterinary clinics, creating new opportunities for the sale and adoption of veterinary dietary supplements. Pet owners are increasingly prioritizing animal wellness, driving demand for supplements that promote better immunity, joint health, and overall vitality.
With the pet care industry seeing a shift towards more holistic animal health, the role of veterinary dietary supplements is expanding. These supplements are being recognized as essential components of preventive pet healthcare, with owners seeking natural, functional, and scientifically backed products to support their pets’ well-being. This shift is expected to accelerate the demand for supplements designed for specific health needs such as digestive support, skin health, and joint care.
The veterinary dietary supplements market offers significant opportunities for manufacturers, suppliers, and investors. Companies that can meet the demand for high-quality, targeted, and natural supplement solutions will be well-positioned to capitalize on this trend. With pet owners increasingly treating animals as family members, the demand for premium, science-backed supplements is expected to drive sustained market growth through 2034.
Market Drivers
- Increasing Number of Veterinary Clinics: The rise in pet ownership has led to an increase in veterinary clinics, driving demand for dietary supplements as part of comprehensive pet care.
- Growing Pet Ownership: As more households adopt pets, there is a corresponding increase in the demand for veterinary services and products, including dietary supplements aimed at enhancing pet health.
- Awareness of Preventive Healthcare: Pet owners are becoming increasingly aware of the importance of preventive healthcare measures, which include dietary supplements to support overall health and well-being.
- Technological Advancements: Innovations in supplement formulations and delivery systems are enhancing the effectiveness and appeal of veterinary dietary supplements.
- Favorable Reimbursement Policies: Supportive policies regarding pet healthcare expenses encourage pet owners to invest in dietary supplements.
Challenges in the Industry
- Regulatory Compliance: Navigating stringent regulatory requirements can pose challenges for manufacturers seeking to introduce new products.
- Pricing Pressures: Competition within the market can lead to pricing pressures that impact profitability.
- Market Saturation: With numerous products available, achieving product differentiation becomes increasingly difficult.
- Adoption Resistance: Some pet owners may be resistant to changing their pets’ diets or incorporating new supplements without clear evidence of benefits.
Key Takeaways:
- Market Valuation: Global veterinary dietary supplement sales are expected to grow from USD 2,110.4 million in 2024 to USD 4,190.4 million by 2034.
- Growth Momentum: The market will expand at a CAGR of 7.1% from 2024 to 2034.
- 2023 Revenue Benchmark: Revenue stood at USD 1,970.5 million in 2023, reflecting year-on-year growth.
- Market Drivers: Growth is fueled by the rise in pet ownership and the corresponding increase in veterinary clinics and demand for animal healthcare services.
A Detailed Full Report – https://www.futuremarketinsights.com/reports/veterinary-dietary-supplements-market
Competitive Landscape
The market players are using strategies to stay competitive, such as product differentiation through innovative formulations, strategic partnerships with healthcare providers for distribution. Another key strategic focus of these companies is to actively look for strategic partners to bolster their product portfolios and expand their global market presence.
Recent Industry Developments in Veterinary Dietary Supplements Market
- January 2024, Ceva Santé Animale, the #5 animal health company operating in 110 countries worldwide, has made the strategic acquisition of Scout Bio, a biotechnology pioneer dedicated to developing cutting-edge treatments for companion animals.
- In October 2023, Nutramax and the well-known probiotic supplement brand of ADM, ADM Protexin, announced the expansion of their long-standing partnership that will enable the latter to manage certain brands for Nutramax within Europe, along with a number of APAC markets.
- February 2023, Nestlé Purina PetCare announced that it has agreed to purchase the Miami, Oklahoma pet treats factory from Red Collar Pet Foods through the investment firm Arbor Investments.
Key Players of Veterinary Dietary Supplements Market
- Boehringer Ingelheim
- Virbac
- Ark Naturals Company
- Beaphar
- FoodScience
- NOW Foods
- Nutramax Laboratories, Inc.
- Nutri-Pet Research, Inc.
- Ceva
- Canna Companion
- Nestle
Key Segments of Veterinary Dietary Supplements Market
By Animal Type:
In terms of animal type, the industry is divided into companion animals- (cats, dogs, horses, and other companion animals) and livestock animals.
By Application:
In terms of Application, the industry is segregated into joint health support, calming/ stress/ anxiety, digestive health, energy and electrolytes, immunity support, skin & coat health and other applications.
By Dosage Form:
In terms of application, the industry is segregated into tablets & capsules, gummies & chewables, powder, liquid and others.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern, South Asia, East Asia and Middle East and Africa (MEA) have been covered in the report.
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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