pet dietary supplement market set to soar at 7.3% CAGR, hitting US$8.7 billion by 2033, fueled by the trend of ‘pet humanization.’ As pet owners treat their animals as equals, the demand for healthier diets drives a surge in dietary supplement popularity, reaching a projected US$4.3 billion market share in 2023
The pet dietary supplement market is projected to grow steadily at a 7.3% CAGR, reaching US$ 8.7 billion by 2033, driven by the trend of pet humanization. Pet owners increasingly consider pets as equals, emphasizing healthier diets and boosting the demand for dietary supplements.
The pet dietary supplement market is anticipated to increase at a consistent CAGR of 7.3% throughout the projection period. It is anticipated that the market would reach sales of US$ 8.7 billion by 2033, with a US$ 4.3 billion market share in 2023.
Because pet ownership is becoming more and more common, pet owners are seeking to provide their animals the healthiest nutrition possible and treating them more like equals—a movement called as “pet humanization.” The practice of “humanising” animals through pet ownership has increased the demand for nutritional supplements for animals.
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The increased frequency of the introduction of novel formulations into the market mirrors this tendency. Pet Food Processing reports that 45 new dietary supplements for animals were introduced in 2020. The market for pet dietary supplements is driven by the owners’ affection for their animals, in addition to the fact that supplements guarantee the pets’ correct nutrition, which store-bought pet diets may lack. Additionally, millennial pet owners are interested in dietary supplements for animals.
Millennial, who account for a majority of pet owners, also think that pets deserve the same treatment as small children, thus explaining the demand for pet dietary supplements. Natural and organic pet supplements are becoming increasingly popular. Herbs and superfood are being incorporated into the pet supplements, which will aid the overall market expansion.
Probiotic Supplements to Be Highly Sought-after
Probiotic pills are utilised for dogs, just as they are for humans, to promote regularity and intestinal health. Probiotic dietary supplements make it easier for the digestive system’s beneficial bacteria to be regulated and break down dog food so that nutrients may be collected more effectively. The growth of dangerous bacteria, such as E. coli, which can infect humans and pets, can also be slowed down by probiotic supplements.
Pet obesity is becoming a bigger health concern, which is motivating more veterinarians to start weight-loss clinics. In 2016, 59% of cats and 54% of dogs in the United States were overweight or obese, and this issue has grown over the past few years, according to the Association for Pet Obesity Prevention. In order to control pet weight and ensure its health, the pet business is following a trend towards weight management and making dietary adjustments.
This change in consumer buying preference has encouraged the players in the market to focus on innovation and expand the portfolio, tapping the unexposed segments of the industry and as a result escalating the demand over the forecast period. FMI in its latest study has forecast the market to rise at a CAGR of 7.1% between 2020 and 2030.
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Key Takeaways from the Pet Dietary Supplements Market Study
FMI in its latest study has forecast the pet dietary supplements market to rise at a CAGR of 7.1% between 2020 and 2030The U.S. will continue exhibiting strong demand and account for nearly 88% of the North America market.
The demand from the U.K. will remain steady as FMI projects it to exhibit 3.8% Y-o-Y growth in 2021Increasing pet ownership will support growth in Germany and FranceJapan and South Korea will emerge as key markets in East Asia”Consumers’ awareness regarding pet health is rising, which in turn is increasing the demand for pet dietary supplements. Moreover, increasing focus of companies on advertisement and promotion of pet dietary supplements is positively aiding expansion of the market,” said an FMI analyst.
Disruptions Caused Due to COVID-19 Impacting Sales
The current pandemic outbreak has posed numerous challenges on the part of supply side and demand side. The temporary regulation imposed by regional governments to restrict the movement has impacted supply chains drastically. Besides this, the spectacular shift from discretionary spending to essential goods has further negatively impacted the market growth.
E-Commerce is redefining the commercial activities around the world. In fact, the Covid-19 pandemic and lockdown effects have tipped the involvement of e-Commerce within all industries. The segment of population not prevalent with internet retailing has also adopted it, it being the only resort. There is a lot of opportunity for companies and online services to work together to offer greater engagement to consumers.
Who is winning?
A few of the key players in the pet dietary supplements market are Nestle SA, Mars Incorporated, NOW Foods, Blue Buffalo Co Ltd., Ark Naturals, Virbac, Novotech Nutraceuticals, Inc., Zoetis, PetAG, Inc., VetClassics and GNC, among others.
Companies operating in the market are increasingly investing in product development with an aim to gain a competitive advantage over other players operating in the market.
Pet Dietary Supplements Market by Category Product Type
- Glucosamine
- Probiotics
- Multivitamins
- Omega-3 fatty acids
- Others
Application
- Joint Health
- Digestive Health
- Weight Management
- Skin and Coat Health
- Dental Care
- Others
Form
- Capsules
- Tablets
- Powder
- Others
Form
- Dog
- Cat
- Horse
- Others
Sales Channel
- Wholesalers & Distributors
- Modern Trade
- Convenience Stores
- Multi-brand Stores
- Pet Specialty Stores
- Online Retailing
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