The pet dietary supplements market is anticipated to expand its boundaries at a steady CAGR of 7.3% during the forecast period. The market holds a share of US$ 4.3 Bn in 2023 while expecting revenue of US$ 8.7 Bn by 2033.
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The pet dietary supplements market to record impressive growth. According to the report, the market will reach a valuation of US$ 3.78 Bn by 2021.Pet humanization is a growing trend where owners are treating their pets as counterparts and wanting to provide their pets with best nutrition for their wellbeing. With pet ownership becoming widespread. Pet parenting or pet humanization has been fuelling the demand for pet dietary supplements.
This trend is being mirrored in the high frequency of the launch of innovative formulations in the market. According to Pet Food Processing, 45 new nutritional products for pets were launched in 2020. The pet owner’s love for their pets is driving the demand for pet dietary supplements, besides the fact that supplements ensure that the pets receive proper nutrition, which off-the-shelf pet foods might be void of. Additionally, pet dietary supplements find demand among the millennial care takers.
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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
As in case of humans, probiotic supplements for dogs are used to aid digestive health and regularity. Probiotic nutritional supplements facilitate the regulation of the good bacteria in the digestive system that helps to break down dog food so that nutrients can be better extracted. The probiotic supplements can also inhibit the growth of harmful bacteria that can make both humans and dogs sick, an example of which is E. coli.
Obesity is a growing health problem among pets, encouraging an increasing number of veterinary practioners to open weight-loss clinics. According to the Association for Pet Obesity Prevention, 59% of cats and 54% of dogs in the U.S. were overweight or obese in 2016, and this concern has increased over the recent years. Weight management is trending within the pet industry and dietary changes are being taken care of so as to regulate the pet weight and ensure its health.
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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.
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.
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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.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 04, 2023
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