Increasing Pet Ownership and Health Awareness Will Propel the Global Pet Supplements Market, Which Is Expected to Reach USD 4.1 Billion By 2033

Introduction

The Global Pet Supplements Market is projected to grow substantially, with estimations suggesting it will reach a value of approximately USD 4.1 Billion by 2033, up from USD 2.3 Billion in 2023. This growth is anticipated to occur at a robust (CAGR) of 5.9% during the forecast period spanning from 2023 to 2033.

The pet supplements market is expanding due to increased pet ownership, increased awareness of pet health needs, and longer pet lives. The market includes vitamins, minerals, joint health supplements, skin and coat health supplements, digestive health supplements, and wellness supplements. Natural and organic supplements are becoming popular, and there is a rise in use for specific health issues like anxiety, obesity, and dental health. The market is expected to continue growing as pet owners seek ways to ensure their pets live longer, healthier lives.

Segmentation of the Pet Supplements Market

Chewable supplements hold a 45.7% market share in 2023, catering to pets' natural need for chewing. These supplements simplify administration and are popular due to their appealing tastes and textures. Owners find it easier to ensure their pets receive appropriate vitamins without resistance.

The global pet supplements market, dominated by dogs, accounts for 48.4% of revenue in 2023. This is due to the growing number of pets, pet parents' spending on their dogs' health, and the numerous health issues dogs face. Dogs are highly cherished pets, and their high adoption rate supports the growing market for dog supplements.

The global pet supplements market is experiencing a surge in popularity due to the increasing number of pets with arthritis. The market includes multivitamins, skin and coat, prebiotics, probiotics, digestive health supplements, and joint health applications. These supplements are crucial for pet owners' mobility and quality of life.

By 2023, the offline sector is predicted to generate the most revenue, accounting for 60.8% of the market, despite the ease of online purchases. This preference is attributed to factors like tactile shopping, faster delivery, in-person customer support, and mistrust of online payment methods.

Growth Factors of the Pet Supplements Market

Rising Pet Ownership: One of the main reasons for the growth of the pet supplements market is the increasing number of pet owners worldwide. More people are adopting pets, viewing them as part of their families. This shift in perception drives the demand for products that can enhance the health and well-being of their pets. According to recent data, pet ownership rates have significantly increased, especially during the COVID-19 pandemic, as people sought companionship during lockdowns.

Growing Awareness of Pet Health: Pet owners are becoming more aware of the importance of their pets' health and nutrition. There is a growing understanding that supplements can help prevent various health issues and promote overall wellness. This awareness is partly driven by veterinarians and pet health professionals who recommend supplements as part of a balanced diet for pets. The market has seen a surge in demand for supplements that address specific health concerns like joint health, digestive issues, and coat quality.

Increase in Disposable Income: As disposable incomes rise, especially in emerging markets, pet owners are more willing to spend on premium products for their pets. Higher incomes allow pet owners to invest in supplements that they believe will provide health benefits to their pets. This trend is evident in countries with growing middle-class populations where pet care is becoming a significant expenditure.

Innovation in Product Development: Innovation in the pet supplement market is another crucial growth factor. Companies are continuously developing new products that cater to the specific needs of different pets. Innovations include supplements with natural and organic ingredients, advanced formulations targeting specific health issues, and the incorporation of flavors that appeal to pets. These advancements make it easier for pet owners to find suitable products for their pets' unique requirements.

Expansion of Distribution Channels: The expansion of distribution channels has also played a significant role in the growth of the pet supplements market. Supplements are now readily available not just in pet stores but also in supermarkets, online platforms, and even veterinary clinics. Online sales, in particular, have seen substantial growth, providing convenience for pet owners to purchase products from the comfort of their homes. This wider availability has made it easier for pet owners to access a variety of supplements.

Marketing and Brand Awareness: Effective marketing strategies and increased brand awareness are driving the market as well. Companies are investing heavily in marketing campaigns that highlight the benefits of their products. Social media platforms and influencer partnerships are commonly used to reach pet owners and educate them about the importance of supplements. These efforts help build trust and encourage pet owners to invest in supplements for their pets.

Regulatory Support and Safety Standards: Regulatory support and the establishment of safety standards for pet supplements have also contributed to market growth. Governments and regulatory bodies are implementing guidelines to ensure the safety and efficacy of pet supplements. This regulatory framework helps build consumer confidence in the products available on the market, ensuring that pet owners can trust the supplements they are buying for their pets.

Regional Analysis

North America dominates the pet supplement industry, accounting for 49.2% of revenue in 2023. This growth is driven by increasing pet ownership, pet health concerns, and awareness of health hazards. The National Pet Owners Survey 2019-2020 revealed that 67% of American homes have pets, indicating a growing trend for pet supplements to improve immune systems, digestion, and treat skin allergies. The Asia Pacific market is expected to grow rapidly between 2023 and 2033, driven by pet owners' belief that their pets' diets lack essential nutrients. The increasing number of domesticated animals, particularly in China and Australia, is also expected to boost market growth.

List of Market Segmentation

By Form

o   Chewable

o   Powders

o   Tablets/ Pills

o   Other Forms

By Pet Type

o   Dogs

o   Cats

o   Freshwater Fish

o   Other Pet Types

By Application

o   Multivitamins

o   Skin & Coat

o   Prebiotics & Probiotics

o   Hip & Joint

o   Digestive Health

o   Calming

o   Other Applications

By Distribution Channel

o   Offline

o   Online

Competitive Landscape

o   FoodScience Corporation

o   Ark Naturals

o   NOW Foods

o   Virbac

o   Zoetis Inc.

o   Mars Incorporated

o   Pet Honesty

o   Nutramax Laboratories Inc.

o   Zesty Paws

o   Other Key Players