In the past couple of years, the market for pet supplements has become one of the largest and most profitable markets in the world. The opportunities have become ever-expanding and many big companies have been established that are leading the foray of nutritious pet food and supplements.
The current boom in the pet supplement market is due to the accelerator programs organized by various companies to ensure the production and innovation of high-quality pet supplements. One of the most prominent accelerator programs is the Purina Pet Care Innovation Prize followed by some other such programs.
The prominent Pet Supplement market accelerator programs that are responsible for the boom in the market
Purina PetCare Innovation Price
One of the most prominent market accelerator programs, this program invites 5 large scale companies in the pet supplement market to compete in their program. The competition is about pitching the most innovative and healthy product ideas for new pet food and supplements. The program not only promotes the production of healthy pet supplements but also has been instrumental in pitching many ground-breaking ideas for the market.
NQV8
Another popular pet supplement market accelerator program, the NQV8 is a consulting company for brands and enterprises in the pet food market. The company has been organizing the market accelerator programs and extending invites to the leading brands in the field for brainstorming and innovative product development.
Leap Venture Studio
The Leap Venture Studio is an accelerator program aimed at the start-ups in the field of pet supplements. This program is sponsored by the Mars Petcare’s Kinship division along with Michelson Found Animals. This program was started in 2018 and has been the sole reason behind the rise of many prominent brands in the pet supplement market like Shameless Pets, Jiminy’s and Smalls. This program has become a major contributing factor in the boom in the pet supplement market.
Factory
This particular accelerator program is not limited to the pet supplement market but is one of the prominent ones due to its huge investment capital. Unlike the program of Leap, this market accelerator is aimed at companies or brands that have already made a name for themselves in the market. The program focuses on the innovation of healthy and quality pet foods and supplements on a global scale. This has been a major driving force behind the boom in the pet supplement market. As per the report by Value Market Research the market is set on fire due to high adoption rate.
Conclusion
The market for pet supplements has become extremely competitive with an increasing focus on the quality of food produced. These accelerator programs have come into effect in the past couple of years and have led to the current boom in the field.
Nishtha Sarabhai after working for three years in a Bank switched to writing to balance her work and home. She is a mother of two beautiful kids. She enjoys writing on Aerospace, Science and new invcentions. She has been with VMR news since its inception.