Pet Supplements Market

Market Overview

The global pet supplements market size was valued at USD 1.77 billion in 2021 and is predicted to reach at USD 2.98 billion by 2030, increasing at a CAGR of 5.94% from 2022 to 2030.

In addition to vitamins, minerals, and antioxidants, pet supplements can provide extra benefits that will help pets develop and retain their healthy state. The above-mentioned substances are commonly utilized as supplements for pets in order to boost the animal's total intake. If the pet dogs or cats are healthy and eating a commercial food that's balanced and comprehensive, there's no need to give them additional supplements. A supplement may be necessary if the pet has specific health demands that necessitate increased intake of certain nutrients or is lacking in a well-balanced diet.

Since the last few years, the number of people who are concerned about their pets' food and health has risen significantly. Owners are now checking the nutritional and component labels on pet's food and supplements to ensure that their pets are receiving the best and most appropriate supplementation possible. Natural and organic components, more palatable formats such as soft chews and gels, as well as combination solutions that blend vitamins, vital essential fats, herbs, and some other pet supplements are currently the main emphasis of these companies in order to optimize the health conditions of pets.

Market Dynamics

Global Pet Supplements Market Drivers

Pet Adoption and Animal Welfare Awareness Are on The Rise, Which Will Help Drive Demand

The rising trend of pet humanization is driving the growth of the pet supplement market. More and more pet owners are looking for high-quality, deluxe products to pamper their animals. Pet ownership is on the rise, which has boosted the need for pet supplements and, as a result, the overall market growth. In addition, the increasing popularity of veterinary supplement products for something like the preservation of general pet well-being is driving the pet supplement market.

Aside from their advantages such as little shedding, simple upkeep and no training, reptiles like anoles and leopard geckos are becoming increasingly popular as pets. This has also contributed to the market's rapid expansion. Dietary supplements are becoming more popular among millennials because they think of animals as children, and this has led to a rise in the number of pet owners. More and more pet supplements are incorporating herbs and superfoods, which is projected to boost market growth over time. The pet supplement sector is also benefiting from rising demand for organic and natural pet food and greater customer knowledge of the need of pet vitamins.

The Increasing Amount of Awareness on The Health and Nutrition of Pets

Since the beginning of this decade, there has been a rapid rise in people's understanding regarding the diet and health of their pets. Pet owners are currently verifying the names of the nutrients and additives included in pet foods and supplements in order to ensure that their animals are receiving the most appropriate and beneficial care. They are currently focusing on natural and organic ingredients, more tasty preparations such as delicate bits and gels, and mix products that combine nutrients, essential unsaturated fats, herbs, as well as other pet supplements in order to improve the health of pets. Therefore, increasing knowledge regarding the health of pets and the diets they consume is positively impacting the global market for pet supplements.

Global Pet Supplements Market Restraints

Lack Of Knowledge on Pet Supplements Can Restrain the Market's Growth

The low level of awareness regarding pet supplements around the globe is one of the primary factors that is hindering the growth of the market for pet supplements. Many people who own pets are of the opinion that their animals do not need any supplements if they are in good health. Moreover, people who own pets typically have the misconception that "complete and balanced" pet diets satisfy all of their pets' physiological requirements. This common misunderstanding constitutes one of the most significant challenges confronted by the pet supplement business. On the other hand, there are a great number of chances for the major companies that sell pet supplements to educate pet owners well about advantages of using pet supplements.

Global Pet Supplements Market Key Opportunities

The Growing Platform for Online Commerce Presents a Lucrative Opportunity

The increasing prevalence of e-commerce platforms is creating a variety of prospects for growth in the market for pet supplements. The purchase of pet supplies over the internet is one of the most prominent trends currently observed in the industry. As a result, sellers of pet supplements now have the opportunity to broaden their customer base by introducing their wares to customers via the internet and thereby increase their potential revenue. Additionally, several companies that sell pet supplements are forming strategic alliances with e-commerce corporations in order to increase sales of their wares. For example, the online pet pharmacy PetMed Express, Inc., commonly called as 1-800-PetMeds, collaborated with Amazon to broaden the selection of pet supplements that are available and to offer substantial price reductions to encourage customers to give their products a try.

Regional Analysis

The Global Pet Supplements Market is segmented by geography into North America, Europe, Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA).

In 2021, North America held a dominant position in the market for pet supplements, accounting for a revenue share that was 45% larger than any other region. The key drivers which are boosting the development of the market in North America are an increase in the number of people who own these animals, an increase in the level of concern for these animals, as well as an increase in the level of awareness among owners regarding various health hazards.

The American Pet Owners Survey found that in 2019, 67% of households in the United States kept domesticated animals. This percentage represents an increase from 1988, when it was just 56%. In addition, there is a growing trend among these owners to enhance the immunity systems of their pet animals, strengthen their bones, enhance their digestion, and cure a variety of skin allergies, all of which are contributing factors to the growing demand for these kind of supplements in the North American market.

A CAGR of 6.57% is anticipated for the market in the Asia-Pacific (APAC) region between the years 2022 and 2030. The growing awareness among pet owners that food only might not be able to meet all of their pets' health requirements and that supplements might correct any gaps in their regular diet is one factor that is supporting the growth of goods designed specifically for animals. In addition to this, it is anticipated that the expanding population of domesticated cats, dogs, fish, and birds in the region, notably in China and Australia, will further boost the demand for the market.

Segmental Analysis

The Global Pet Supplements Market is divided into different segments according to the Pet Type, Form, Application, Distribution Channel, and Region (Geography).

By Pet Type, the Global Pet Supplements Market is segmented into Dogs, Cats, and Others. In 2021, dogs accounted for nearly half of all pet supplement sales, dominating the market with a 45% revenue share. Over the foreseeable period, it is expected that this market segment would remain dominant. There is little doubt that dogs are by far the most widely adopted pets in the world. In the United States, 69 million households have a dog, according to the American Pet Products Association's National Pet Owners Survey. New dog supplements are being introduced by companies, which is expected to drive the market growth throughout the forecast period.

However, the market of pet supplements for cats is expected to grow at a CAGR of 5.98% from 2022 through 2030. As a result, the need for cat food products, including supplements, has risen as a result of cats' enhanced comfort and sociability. As a result, cat ownership has grown in popularity, opening up new market prospects.

By Form, the Global Pet Supplements Market is segmented into Pills, Chewables, Powders, and Others. An approximated 70% of global sales in 2021 came from chewable pills, making among the most popular supplement types worldwide. If you've ever tried to give your cat or dog a pill, you'll know how difficult it can be. When this is the case, chewable vitamins are a great option because animals instinctively chew any food they are given, which is helping to fuel the expansion of this market.

From 2022 to 2030, the powders market is expected to grow at a CAGR of 6.59%. Powdered supplements are more quickly absorbed, easier to take, and can be combined into a variety of foods and beverages than pills or tablets. Powder-based products are projected to rise in popularity among pet owners as a result of such developments. Powder-based products are available from a number of major manufacturers.

By Application, the Global Pet Supplements Market is segmented into Skin & Coat, Hip & Joint, Digestive Health, and Others. The pet supplement market's hip and joint segment commanded a 60% revenue share in 2021 and is predicted to retain its dominance throughout the forecast period. Anxiety, worry, and a reluctance to get up and move can all be symptoms of joint discomfort in pets, and can have a negative impact on their overall health. As a result of these developments, we should predict a rise in the market for hip and joint supplements.

With a CAGR of 6.27% from 2022 to 2030, the skin & coat segment is expected to grow quickest. Hair loss, dryness, self-inflicted wounds, inflammation and dandruff, all of which can be the result of frequent scratching and licking, have all been reported by pet owners as skin disorders in their pets. As pet owners' concerns about their pet's overall health grow, so does the market demand for these goods.

By Distribution Channel, the Global Pet Supplements Market is segmented into Online and Offline channels. In 2021, pet supplement sales were dominated by the offline distribution channel, with an estimated 85% share of total sales. Supermarkets/hypermarkets, convenience stores, and small local businesses all fall under the umbrella of the offline channel. Supplements like multivitamins, omega-3 fatty acids, and skin & coat care products, all of which are increasingly available in these types of stores, also contribute significantly to the expansion of this market.

Pet supplement sales through the online channel are expected to grow at an annual rate of 8.16% between 2022 and 2030. The growing popularity of "Subscribe and Save" programs and the accessibility of a wide selection of domesticated animal food and requirements are predicted to fuel growth in the online channel category.

By Region or Geography, the Global Pet Supplements Market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA). In 2021, North America contributed for 45% of the pet supplement market's sales. The expansion of the North American market is largely due to an increase in the number of pet owners, a rise in pet owner concerns for these animals, and an increase in pet owner awareness of various health hazards. From 2022 to 2030, the Asia Pacific market is estimated to grow at a CAGR of 6.57%.

Recent Developments

• June 2022 - Purina Petcare, a subsidiary of Nestlé, has opened a new facility in Rayong, Thailand, with an investment of 5 billion bhat (about $144 million). Additionally, this new plant will make wet pet food for the Thai market and other international markets.
• June 2022 - Nutritional supplement manufacturer and marketer Nutramax Laboratories had declared aspirations to grow in Lancaster County as part of a nationwide expansion strategy. Approximately 200 new employments will be created as a result of the $30 million investment by the corporation.