Wilmington, Delaware, United States, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global pet dietary supplements market is expected to increase at a 5.8% CAGR from 2023 to 2031, reaching US$ 6.9 billion by the end of 2031. The global pet dietary supplements market is experiencing remarkable growth, driven by a burgeoning awareness among pet owners regarding the importance of pet health and nutrition. These supplements, including vitamins, minerals, antioxidants, and herbal extracts, cater to various pet health concerns and contribute to overall well-being.
Several factors fuel this market expansion, including a growing pet population, increasing disposable income, and a shift in consumer attitudes toward preventive healthcare for pets. One significant trend shaping the market is the humanization of pets, where they are increasingly considered part of the family. Pet owners are seeking high-quality supplements, often natural or organic, mirroring the standards applied to human dietary products.
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This trend drives innovation, leading to the development of specialized supplements targeting specific health issues such as joint problems, allergies, or digestive disorders. E-commerce platforms have revolutionized the pet supplements market, offering a convenient way for pet owners to access a wide range of products and compare brands, prices, and reviews.
Competitive Landscape
The global pet dietary supplements market is witnessing robust growth driven by increasing pet ownership and rising awareness about pet health. Key players like Bayer AG, Beaphar, Central Garden & Pet Company, Ceva Sante Animale S.A., GNC Holdings, LLC, Makers Nutrition, LLC, Neoterica GmbH, Nutramax Laboratories, Inc., Unicharm Corporation, and Virbac Corporation dominate the market.
Key Takeaways from the Market Study
- The global industry was estimated to be worth US$ 4.2 billion in 2022.
- In 2022, the dog pet segment held a market share of 43%.
- The market in North America is poised to expand at a CAGR of 5.9% until 2031.The market in Asia Pacific is expected to expand at a CAGR of 6% until 2031.
- The Asia Pacific held a market share of 42% of the global market in 2022.
Global Pet Dietary Supplements Market- Key Drivers and Trends
- The global pet population continues to rise, with more households adopting pets. This growing pet ownership is a significant driver for the pet dietary supplements market. Pet owners increasingly seek products to ensure the health and longevity of their animal companions.
- Pet owners are becoming more proactive about their pets' health. There is a shift from treating illnesses to preventing them, leading to a higher demand for dietary supplements. These support overall wellness, boost immunity, and prevent common health issues in pets.
- There is a growing demand for specialized supplements catering to specific pet health concerns such as joint health, digestive problems, skin conditions, and anxiety. Pet owners are seeking targeted solutions to address their pets' unique health needs, leading to the development of a variety of specialized dietary supplements.
- Veterinarians play a crucial role in guiding pet owners about pet health. As more pet owners consult veterinarians for advice, vet-recommended dietary supplements gain traction. Veterinarians' endorsements instil trust in the products, driving pet owners to choose specific supplements for their pets' health needs.
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Regional Landscape of the Pet Dietary Supplements Market
- North America, particularly the United States and Canada, leads the pet dietary supplements market due to a high pet ownership rate and increasing awareness about pet health. The market here is characterized by a demand for premium and specialized supplements, with a focus on natural and organic products. Stringent regulatory standards ensure product quality and safety.
- European countries like the UK, Germany, and France have a mature pet supplements market. The emphasis is on preventive healthcare, leading to a demand for supplements that address specific health concerns. The market is also influenced by the humanization trend, with pet owners willing to spend on high-quality supplements.
- The Asia-Pacific region, especially countries like Japan, China, and India, is witnessing rapid growth in the pet dietary supplements market. Rising disposable incomes, urbanization, and a growing middle class contribute to increased pet ownership. Pet owners in this region are increasingly investing in dietary supplements to ensure the health and well-being of their pets, driving market expansion.
The demand for specialized supplements targeting specific pet health concerns like joint issues and skin conditions is on the rise. Product innovation, the humanization of pets, and the convenience of online retail channels are shaping the market, catering to the diverse needs of pet owners globally.
- Mars Petcare joined the pet dietary supplement industry in March 2023 with its launch of Pedigree Multivitamins. The recently launched soft chews are intended to meet three essential canine requirements: health, digestion, and joint care.
- Opal Pets, a developer of vegan animal nutrition items, released Ideal Powder, a novel vitamin supplement, in September 2022. The powder is a whole vitamin, substance, and amino acid supplement that can be used to enhance a healthy vegetarian diet.
Key Segments Covered
By Pet
- Dog
- Cat
- Horse
- Others (Rabbit, etc.)
By Supplement
- Glucosamine
- Omega-3 Fatty Acids
- Probiotics & Prebiotics
- Multivitamins
- Antioxidants
- Proteins & Peptides
- Others (S-Adenosyl Methionine, etc.)
By Ingredient
- Fish, Meat, & Animal Derivatives
- Dairy Products & Eggs
- Vegetables
- Cereals & Cereal Byproducts
- Others (Sugars, Ascorbic Acid, etc.)
By Form
- Tablets & Capsules Derivatives
- Soft Gels & Gummies
- Liquids
- Powders
By Application
- Skin and Coat
- Joint Health
- Liver
- Kidney Support
- Balanced Diet
- Others (Immune Health, Anti-inflammatory, etc.)
By Distribution Channel
- Online
- Offline
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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