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The growth in the global market for pet supplements can be attributed to the rising adoption of pets, especially cats and dogs, particularly in developing regions owing to the rising disposable incomes as a result of industrialisation and urbanisation. Pet supplements are becoming a popular alternative to traditional pet food due to the enhanced health and nutritional benefits associated with pet supplements. In addition, as a result of an increase in pet humanisation, pet owners are demanding products that aid in enhancing the lifestyle of their pets and treat various diseases, such as joint pains. Furthermore, owing to the presence of extensive delivery channels, including offline pet stores and easy availability of pet supplements in convenience stores and supermarkets, among others, is robustly contributing to the industry growth of pet supplements. In addition to this, online delivery channels such as Amazon are significantly aiding the market growth as owners can shop conveniently and receive doorstep deliveries.
Goodboy, a new company in the market for pet supplements based in the USA, has recently unveiled a new line of supplements for dogs in April 2020. As a result of increased market demand for functional pet treats and solution-based supplements, the latest company development is robustly driving the market growth. With the availability of the product on online retail channels such as Amazon, the product is gaining consumer attention. The supplements are customisable using a quiz-based algorithm to create a unique profile targeting a dog’s individual health and wellness needs. The supplement line includes a calming formula, bladder and kidney support, hip and joint care, and a probiotic formula, along with a complete care formula to boost overall health and wellness. With availability in new and innovative flavours, the market is being propelled with the introduction of such products. The market is further anticipated to be propelled by the expansion of market players like Nestle S.A (SWX: NESN).
Market Analysis by Pet, Type, Source, Distribution Channel, and Region:
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The major players in the global pet supplement market are Ark Naturals Company, Nutramax Laboratories, Inc., Kemin Industries, Inc., Nestle S.A, and Virbac, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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