(MENAFN- GlobeNewsWire - Nasdaq) Rockville, Aug. 15, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a market research and competitive intelligence provider, the revenue of the pet relaxants market was estimated at US$ 268 million in 2022 and is projected to grow at a CAGR of 6.4% from 2023 to 2033, according to a recently published Fact.MR report. By the end of 2033, the market is expected to reach a valuation of US$ 540 million. Dog relaxants are expected to generate significant revenue with a projected CAGR of 6.2% from 2023 to 2033.
According to Petsecure, the United States, Russia, China, and France have the largest pet dog and cat population. Americans spend over US$ 50 billion on their pets each year. Lifestyle changes of pet owners, which includes long working hours, and reduced outdoor access, have led to pets spending more time indoors and frequently being left alone for long periods of time.
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This might result in pet boredom, anxiety, and behavioral changes. The growing pet population is expected to increase the need for pet relaxants in the upcoming years.
In 2020, the global pet supplements sales were valued at around US$ 3.26 billion and is expected to grow at a CAGR of 5.3% during the forecast period. Pet relaxant supplements are a subcategory of pet supplements, which include a wide range of products such as vitamins, minerals, probiotics, and joint health supplements, among others. The growing trend of pet humanization, increasing concerns about pet health, and the growing adoption of preventive healthcare measures are some of the key factors driving the growth of pet supplements market.
United Kingdom Pet Relaxants Market Overview:
The UK market is anticipated to reach a valuation of US$ 22.7 million by 2033, reflecting an absolute dollar growth of US$ 9.5 million. The market in the country demonstrated a 7.2% CAGR from 2018 to 2022, with a projected moderation to a 5.5% CAGR from 2023 to 2033.
Data from the Pet Food Manufacturers Association indicated that pet ownership in the UK experienced growth, with around 12 million households owning pets in 2020. This trend, along with increasing awareness of pet health, is expected to contribute to the market's growth in the forthcoming years.
United States Pet Relaxants Market Overview:
The US market is forecasted to achieve a value of US$ 191.3 million by 2033, exhibiting an absolute dollar expansion of US$ 86.8 million from 2023 to 2033. Notably, the US market witnessed an 8% Compound Annual Growth Rate (CAGR) from 2018 to 2022, which is projected to moderate to a 6.2% CAGR from 2023 to 2033.
The American Pet Products Association's (APPA) National Pet Owner's Survey revealed that approximately 70% of US households, accounting for 90.5 million homes, owned pets in 2021, indicating a 6.5% surge from 2019. This upward trend has stimulated higher pet care expenditures, leading to a substantial rise in offerings tailored for affluent pet owners. The rising pet ownership trend in the US is poised to drive future market revenues.
Competitive Analysis:
Key players in the market are Zoetis, VetriScience, Solid Gold Pet, LLC, Nootie, Vital Planet, Helopssa, Royce Naturals, FURALAND, Hemp Well, PREMIUM CARE, THUNDERWORKS, Pet Naturals, NaturVet, Feliway, Richard's Organics, Great Pet Media, Beaphar, and Oralx.
A few of the recent developments in the Pet Relaxants Market are:
In September 2022, Zesty Paws increased its product line with the introduction of three cat-specific products. The collection's Hemp Elements plus Calming Bites contain broad-spectrum hemp extract, ashwagandha, melatonin, and other substances that promote serenity in cats.
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Anticipated Growth for Dog Pet Relaxants: Understanding the Surge
The market for pet relaxants designed specifically for dogs is poised to undergo substantial revenue expansion, projecting an impressive 8% Compound Annual Growth Rate (CAGR) from 2018 to 2022. This trajectory is projected to remain robust, with the market continuing to grow at a CAGR of 6.2% from 2023 to 2033.
Dogs stand as one of the most prevalent and cherished pets worldwide, a trend that shows no signs of slowing down. However, these loyal companions often grapple with elevated levels of anxiety and stress, especially in situations such as thunderstorms, fireworks, and travel. This heightened sensitivity has resulted in an escalating demand for solutions that aid dogs in managing their anxiety and finding a sense of calm in these scenarios. Consequently, the market for pet relaxants tailored for dogs is positioned to witness substantial growth, driven by the increasing need for effective anxiety management solutions.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Pet Relaxants Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Pet Relaxants Market by Type (Dogs, Cats, Other Pet Types), by Form (Pills/Tablets, Chewables, Powders), by Distribution Channels (Online, Offline) by Region (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa) - 2023 to 2033
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pet premixes market : Pet premixes market to grow with a CAGR of 5.4 in the forecasted period, as pet premixes are used by about 80% of the pet food industry in the manufacture of full and healthy pet food items. A pet premix is a combination of micronutrients that are applied to pet food in "micro" quantities like vitamins, minerals, antibiotics, fermentation products, chemical preservatives and other ingredients.
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