TMR: Supplement market to near $14B in next decade

Market research company, Transparency Market Research, shared a report that forecast the market to reach $13.76 billion by 2031. The increase is expected to mark a CAGR growth rate of 6.5% across the decade in the forecast (2021 to 2031). The uptick is expected based on online sales of supplements and adoption of vitamins and minerals as important regimens for dogs. 

The supplemental market includes capsules and pills to meet nutritional needs of pets, and has increased with the extra levels of expendable income that pet owners have access to as well as the higher number of pet owners beginning in the pandemic.

 At the same time, pet owners and managers of livestock are taking heed of the importance of supplements in maintaining health. In addition, makers of supplements are making an effort to differentiate from those products that are unregulated and inconsistent. 

Sustainable eating and packaging has also been a trend in pet care, with owners interested in exploring vegetarian or alternative food sources and packaging that takes into account environmental impact. Additional innovations and players are expected in these segments. 

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