The market for pet dietary supplements is expected to rise significantly, according to a recent analysis by Future Market Insights (FMI). The market will be valued at US$ 3.78 Bn by 2021, the survey predicts. Pet owners are increasingly treating their animals as equals and trying to give them the greatest diet possible for their health in a movement known as “pet humanization.” with the rise in popularity of pet ownership. The need for pet dietary supplements has been fueled by pet parenting, often known as pet humanization. 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.
Millennials, who make up the majority of pet owners, also believe that animals should be treated just like young children, which is why there is a demand for pet nutritional supplements. Pet vitamins that are natural and organic are getting more and more popular. Supplements for pets are being made with herbs and superfoods, which will help the market growth overall.
Probiotic Supplements to Be Highly Sought-after
Probiotic pills are utilized 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. 59 percent of cats and 54 percent of dogs in the United States were overweight or obese in 2016, according to the Association for Pet Obesity Prevention, and this problem has grown over the past few years. To control pet weight and protect its health, the pet business is following a trend toward weight management and making dietary adjustments.
Due to the shift in consumer purchasing preferences, market participants are now focusing more on innovation and diversifying their product lines, which will increase demand throughout the projection period by reaching previously untapped markets. In its most recent study, FMI predicted that between 2020 and 2030, the market will grow at a CAGR of 7.1%.
Key Takeaways from the Pet Dietary Supplements Market Study
In its most recent report, FMI predicted that the market for pet nutrition supplements will grow at a CAGR of 7.1 percent between 2020 and 2030. The U.S. will maintain its high level of demand and hold close to 88 percent of the market in North America. The demand from the U.K. will stay stable as FMI anticipates that it will expand by 3.8% YoY in 2021. More people having pets will help Germany and France thrive. East Asian markets will increasingly rely on Japan and South Korea. The market for pet dietary supplements is expanding as consumer knowledge of pet health is increasing. Additionally, an FMI analyst noted that businesses’ increased emphasis on pet dietary supplement advertising and marketing is favorably influencing the market growth.
Disruptions Caused Due to COVID-19 Impacting Sales
Both the supply side and the demand side have faced several difficulties as a result of the current pandemic outbreak. Supply chains have been severely damaged by the temporary regulation that regional governments implemented to restrict mobility. Along with this, the market growth has also been adversely affected by the remarkable shift in consumer expenditure from discretionary to essential products.
E-commerce is changing how businesses operate all around the world. In reality, the impacts of the Covid-19 outbreak and lockdown have increased e-involvement Commerces across all businesses. Since it is the only option, the population group that is not accustomed to online shopping has also embraced it. There are numerous opportunities for businesses and online services to collaborate to increase consumer engagement.
Who is winning?
Nestle SA, Mars Incorporated, NOW Foods, Blue Buffalo Co Ltd., Ark Naturals, Virbac, Novotech Nutraceuticals, Inc., Zoetis, PetAG, Inc., VetClassics, and GNC are a few of the major companies in the pet nutritional supplement business.
To acquire a competitive advantage over other market competitors, businesses operating in the sector are investing more and more in product development.
Pet Dietary Supplements Market by CategoryProduct Type
- Omega-3 fatty acids
- Joint Health
- Digestive Health
- Weight Management
- Skin and Coat Health
- Dental Care
- Wholesalers & Distributors
- Modern Trade
- Convenience Stores
- Multi-brand Stores
- Pet Specialty Stores
- Online Retailing
- North America
- Latin America
- East Asia
- South Asia
- the Middle East and Africa (MEA)