The pet dietary supplement market is projected to be worth US$ 4,269.1 million in 2023. The market is likely to reach US$ 8,288.4 million by 2033. The market is expected to surge at a CAGR of 7.3% from 2023 to 2033.
With the rise in popularity of pet ownership, pet owners are increasingly treating their animals as equals and attempting to provide them with the best food possible for their health, a trend called as “pet humanization.” Pet parenting, also referred to as “humanising” pets, has increased the demand for nutritional supplements for animals.
Key Points:
1. Market Growth: The pet dietary supplement market is projected to reach US$ 8.7 billion by 2033, with a steady CAGR of 7.3%.
2. Humanization Trend: Pet humanization, treating pets as family members, is a key driver of the market.
3. Probiotic Supplements: Probiotic pills for pets, promoting digestive health, are anticipated to be highly sought-after.
4. Geographical Dynamics: The U.S., U.K., Germany, France, Japan, and South Korea are identified as key markets with varying growth dynamics.
5. Challenges Amidst Pandemic: Disruptions caused by the COVID-19 pandemic have impacted supply chains and consumer spending patterns.
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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.
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Pet Dietary Supplement Market Poised for Remarkable Growth, Projected to Reach US$ 8.7 Billion by 2033
Future Market Insights predicts a steady CAGR of 7.3% for the pet dietary supplement market
NEWARK, DELAWARE, February 14, 2024 – A recent study by Future Market Insights (FMI) suggests that the global pet dietary supplement market is on track to witness substantial growth, with a projected CAGR of 7.3% over the forecast period. Anticipated to reach a sales figure of US$ 8.7 billion by 2033, the market has already shown a significant share of US$ 4.3 billion in 2023.
Humanization of Pets Drives Market Growth
The surge in pet ownership has given rise to the trend of “pet humanization,” where pet owners increasingly treat their animals as family members. This shift in perspective has led to a growing demand for nutritional supplements for pets. Millennial pet owners, who constitute a significant portion of the market, are particularly inclined towards providing the best possible food and supplements for their pets, considering them akin to small children.
Innovations and Trends Shaping the Market
The market has witnessed a notable influx of novel formulations, with 45 new dietary supplements introduced in 2020 alone, according to Pet Food Processing. The focus on pet health, coupled with the perception that store-bought pet diets may lack essential nutrients, has fueled the demand for supplements. Natural and organic pet supplements, incorporating herbs and superfoods, are gaining popularity and contributing to overall market expansion.
Probiotic Supplements as a Major Driver
Among the various supplements, probiotic pills are gaining traction, mirroring the trend in human health. Probiotic supplements aid in promoting regularity and intestinal health in dogs, while also helping regulate beneficial bacteria and reduce the growth of harmful bacteria like E. coli. Given the rising concerns about pet obesity, there is a growing interest in weight management and dietary adjustments, further boosting the demand for pet dietary supplements.
Geographical Insights and Market Dynamics
The U.S. is expected to remain a dominant force in the pet dietary supplement market, accounting for nearly 88% of the North American market. The U.K. is projected to exhibit steady growth, with a 3.8% year-on-year increase in 2021. Germany and France will likely experience growth driven by increasing pet ownership, while Japan and South Korea emerge as key markets in East Asia.
Challenges and Opportunities Amidst the Pandemic
The ongoing COVID-19 pandemic has posed challenges to both the supply and demand sides of the market. Disruptions in supply chains and a shift in consumer spending from discretionary to essential goods have impacted market growth. However, the surge in e-commerce activities presents opportunities for companies to engage consumers and boost sales.
Key Players and Competitive Landscape
Key players in the pet dietary supplements market include Nestle SA, Mars Incorporated, NOW Foods, Blue Buffalo Co Ltd., Ark Naturals, Virbac, Novotech Nutraceuticals, Inc., Zoetis, PetAG, Inc., VetClassics, and GNC, among others. These companies are actively investing in product development to gain a competitive edge and tap into unexplored market segments.
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:
- FMI forecasts a CAGR of 7.1% for the pet dietary supplements market between 2020 and 2030.
- The U.S. is expected to account for nearly 88% of the North America market.
- Increased pet ownership will support growth in Germany and France, while Japan and South Korea emerge as key markets in East Asia.
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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