The global pet dietary supplement market is largely driven by rising pet-care expenditures and an increase in pet adoption throughout the world. Pet owners are willing to splurge to protect their pets’ health, which has resulted in an increase in pet healthcare spending. In order to serve the ever-demanding customer, the leading players in the pet dietary supplements market are always trying to develop solutions that are longer lasting, better taste, more functional, more interesting, and treat more health conditions.
Pet dietary supplements are feed additives that are utilized in combination with pet food to better the nutritional balance or quality of the meal. Dietary supplements are animal feeds that have been specially developed to help with the treatment of ailments and medical conditions including allergies, obesity, itchy skin, and digestive issues. Rise in pet adoption is expected to widen the scope for pet dietary supplements in the years to come.
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Increasing Humanization of Pets is Expected to Drive Innovation in the Global Market
In recent years, the mainstream media has given considerable coverage to pet humanization. Understanding the influence of pet humanization on customer pet food purchasing behavior is critical. According to the “National Pet Owners Survey 2018-19” performed by the American Pet Products Association (APPA), over 76.8 million homes in the U.S have one or even more pets, with dogs accounting for around 39 % of all households. Pet owners are prepared to raise their annual expenditure on pet nutritional supplements as pets are more regarded as family members.
Pet nutritional supplements are in high demand as millennials, who constitute the bulk of pet owners, think that pets must be treated the same way as little children. This perception about pets is expected to create opportunity for pet dietary supplements. Natural and organic pet vitamins are gaining traction rapidly. Pet supplements are now including herbs and superfoods, which is expected to help the global pet dietary supplement market expand. Obesity has become an increasingly common health problem among dogs, causing a growing number of vets to open weight-loss clinics and thus expected to create future market demand for pet dietary supplements.
According to data from the US Bureau of Labor Statistics (BLS) Consumer Expenditure (CE), the typical family spent USD 230.4 on pet food alone in 2018, demonstrating the significance of pets amongst the American people. Likewise, according to FEDIAF, per capita pet food spending in Western Europe was US$ 271.7 in 2018. This consumer inclination for pet surrogacy, along with increased pet health challenges, is expected to generate considerable future market demand for pet dietary supplements
Essential nutrients in pet supplements aid to boost the immune system and minimize the likelihood of inflammation, cardiovascular disease, diabetes, and cancer. In addition to that, supplements like biotin, amino acids, and fish oil better skin health and boost the body’s capacity to combat common health issues like itchy skin, bacterial infection, and environmental allergies. Antioxidants including L-Carnitine, Vitamin C, Vitamin E, and Coenzyme Q-10 also help with cognitive growth.
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Greater Awareness about Pet Health to Drive the Market in North America
North America is estimated to dominate the global pet dietary supplements market in the years to come. The growth frontiers for pet dietary supplements market in North America comprise an increase in the number of pet owners, mounting worries for these animals, and greater knowledge amongst owners about different health problems. As per the National Pet Owners Survey, 67% of households in the United States kept domestic pets in 2019, up from 56% in 1988. In addition, the growing desire among pet owners in North America to improve digestion, boost their pets’ immune systems, strengthen their bones, and cure various skin allergies is increasing demand for such supplements. These factors are likely to create opportunity for pet dietary supplements in the years to come.
The market in Asia Pacific is estimated to register high growth in the forthcoming years. The growing idea among pet owners that food alone may not fulfill all of their dogs’ health needs and supplements that can address any inadequacies in their daily diet is boosting the popularity of these animal supplements. Furthermore, the region’s expanding population of domesticated birds, fish, cats, and dogs, notably in China and Australia, is likely to better the sales forecast for pet dietary supplements market.