The East Asia pet supplements market is poised for significant growth over the next decade, with projections indicating a substantial increase from US$ 345.4 million in 2023 to an impressive US$ 698.3 million by 2034, reflecting a compound annual growth rate (CAGR) of 7.0%. This optimistic outlook is driven by a surge in pet ownership, rising disposable incomes, and continuous advancements in pet healthcare products across the region.
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Analysts’ Viewpoint
Industry experts highlight that the increasing awareness among pet owners regarding their pets' health and wellbeing is a crucial factor bolstering the market growth. Pet owners are now more inclined towards high-quality supplements, which is propelling the demand for premium products. The trend of humanizing pets, where pets are treated as family members, further fuels this demand. Diversification of product portfolios to cater to specific needs, such as life-stage specific supplements and natural or organic formulations, is anticipated to create lucrative opportunities for market players.
Market Introduction
The pet supplements market encompasses the manufacturing, sales, and distribution of dietary supplements specifically designed to enhance the health and wellbeing of pets. These supplements, which include ingredients like fish oil, vitamins, beta carotene, omega-3 fatty acids, and antioxidants, are gaining popularity due to their visible benefits, such as improved immunity, better digestive health, and enhanced skin and coat health.
Drivers of Market Growth
- Rise in Awareness of Pet Health: Increased consciousness about pet health, timely vaccinations, and veterinary care have significantly improved pet life expectancy. Reports from the Global Animal Health Association indicate a 230% rise in life expectancy in some countries, reflecting the impact of enhanced pet healthcare awareness.
- Humanization of Pets: The trend of treating pets as family members has led to a willingness among pet owners to invest in premium products for their pets. This has prompted manufacturers to innovate and offer high-quality supplements that cater to the evolving preferences of pet owners.
- Technological Advancements in Pet Care: East Asia is considered a hub for technological advancements in pet care. Leading healthcare companies are expanding their reach in this region due to the increased adoption of pets and the growing awareness of pet health.
Country Outlook
China stands out as the leading country in the East Asia pet supplements market, followed closely by Japan. In 2022, China had an estimated 74 million dogs and 67 million cats, with pet ownership increasing by 113% between 2014 and 2019. The country is expected to have the highest number of pets globally by the end of 2024. This massive pet population, coupled with rising concerns related to pet health, solidifies China's dominance in the market.
Japan, on the other hand, is witnessing a healthy market growth due to advancements in veterinary science and educational initiatives aimed at enhancing pet healthcare awareness.
Key Players and Developments
Prominent manufacturers in the East Asia pet supplements market include NuEra Nutraceuticals Inc., Shanghai Pet Healthcare Co., Ltd., Natural Pet Worldwide, Nippon Pet Food Co., Ltd., Petz Park, PVS Group, Biogenic Group, Petoria Global, Daewoong Pet, and Sana Vita. These companies are focusing on comprehensive R&D activities, product innovation, and strategic expansions to leverage the growing market opportunities.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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