New York, May 22, 2023 (GLOBE NEWSWIRE) -- The Pet Supplements Market size is projected to surpass around US$ 4.2 Billion by 2032, and it is poised to reach a CAGR of 5.2% from 2023 to 2032. The global pet supplements market size accounted for US$ 2.6 Billion in 2022.
Pet supplements, also known as animal health supplements or nutraceuticals, are food or food nutrients that are taken orally to provide health benefits, either for the prevention or the treatment of diseases. The rise in the approval of animals for petting and the increase in concerns about animal welfare is estimated to increase the development of the market.
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Key Takeaway:
- By Pet Type, the dog segment has generated a revenue share of 43.2% in 2022.
- By Form Type, the chewables segment held a prominent share of the global pet supplements market revenue share from 2023 to 2032.
- By Application, the hip & joint will hold the highest market revenue share in 2022.
- By Distribution Channel, the offline segment has dominated the market with a revenue share, and it is growing at the highest CAGR from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 45.2%.
- Asia-Pacific held a significant revenue share of 24.2% in 2022.
Pet supplements are processed food made from plant and animal raw materials with concentrated sources of nutrients for vitamin, mineral, and protein deficiencies. It provides necessary nutrients, which benefits to increase the well-being of pets, including cats, dogs, freshwater fish, birds, and others.
Factors Affecting the Growth of the Pet Supplements Market
There are several factors that can affect the growth of the pet supplements market. Some of these factors include:
- Increasing Awareness about Pets' Health and Diet: Increasing awareness of pets' diets and health is increasing rapidly. They are currently concentrating on regular and natural fixings, rising tasteful arrangements such as delicate bites and gels, herbs, fundamental unsaturated fats, and other pet supplements.
- Rise in Authorization by Veterinarians: The rise in the authorization of pet supplement by veterinarians to maintain the whole pet's health drive the market growth. This is mainly influencing the supplement industry as pet owners trust more on veterinarians.
- Rising E-Commerce Platforms: Rising e-commerce platforms are providing various growth opportunities in the market. Many pet supplement providers are partnering with companies to promote their products.
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Top Trends in Global Pet Supplements Market
The increasing trend of pet humanization is propelling the development of the pet supplement market. Most of the pet owners are looking for high-quality products to treat their animals. The rising incidence of e-commerce platforms is making a range of prospects for growth in the market. Pet ownership is increasing, which has enhanced the necessity for pet supplements and, as a consequence, the whole market growth.
Market Growth
The increase in pet adoption has led to customers spending mainly on their food supplements and other related products, driving market growth. Pet supplements prevent important nutrients that aid in enhancing the immune system and decrease the risk of various diseases. Rising health concerns and overcoming pet health issues have allowed customers to optimize for pet supplements with complete nutritious food, including vitamins and minerals.
Regional Analysis
Due to the growing number of pet owners, rising animal welfare concerns, and owners' growing awareness of the numerous health hazards, North America dominated the pet supplements market, gaining the largest revenue share of 45.2% throughout the forecast period. In 2021, 70% of American households had domesticated animals, according to the National Pet Owners Survey. Additionally, this pet owner is more likely to look for supplements that can strengthen their pet's bones, treat skin allergies, and improve their immune systems.
The Asia-Pacific is anticipated to grow maximum revenue share during the forecast period. These products are growing in popularity due to the increasing awareness among pet owners that just food may not be sufficient for their pet’s health. Supplements can also address any nutritional deficiencies. The market will be further impacted by the growing number of domesticated dogs, cats, fish, and birds in the region, especially in Australia and China.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 2.6 Billion |
| Market Size (2032) | USD 4.2 Billion |
| CAGR (from 2023 to 2032) | 5.2% |
| North America Revenue Share | 45.2% |
| Asia-Pacific Revenue Share | 24.2% |
| Quantitative Units | US$ Bn for Value |
| Competition Landscape | Market share analysis by the company (2022) |
| Regions Covered | North America, Europe, Asia Pacific, Latin Americas, Middle East & Africa |
| Customization Scope | Available upon request |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The rise in pet adoption drives the pet supplements market growth. Additionally, key market players in the industry are constantly incorporating novel technologies to expand their output as well as the quality of the pet supplements. With the increase in the number of pet owners, the requirement related to supplements is rising at a rapid rate, and later, owners are eager to spend extra costs on the well-being of their pets. Furthermore, the market has been positively influenced by the permeation of social media platforms in emerging countries, which promote the improved well-being of the pet owner. The increasing expenditure on pet care across the globe is driving the market growth. Pets owners are now increasingly treating their dogs and cats like family members. Manufacturers in the pet supplements industry focus on functional ingredients in products that show the prevention, treatment, and maintenance of particular pet health problems.
Market Restraints
Many pet owners believe that if their animals are in good health, they do not require any supplements. Lack of knowledge about pet supplements worldwide is one of the main issues impeding market expansion. The market's expansion was constrained by the lack of understanding regarding pet supplements. Despite an expanding research community, there are very few funds allocated to the R&D of novel pet supplements. The market's expansion is hampered by some of the frequent adverse effects of supplement use, such as overdose and allergic responses.
Market Opportunities
One of the major opportunities in the market is that the key players can spend on development and innovation in the market. Many resources are essential to be invested in accepting the largely unfamiliar segment of pet health prominent to advanced expansion for supplements that target particular concerns with no adverse effects. Product innovation and an increase in demand for organic ingredients create significant opportunities in the market.
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Report Segmentation of the Pet Supplements Market
Pet Type Insight
The dog segment dominated the pet supplement market, holding the most significant revenue share of 43.2%. According to the American pet products Associations National pet owners Survey, 69.0 million households own a dog in the United States. Greenies, Affiliates brand, and Mars introduced a line for dogs that highlights mobility, immune system support, and skin and coat health in October 2021. Dogs are one of the most beloved pets in the world, and the adoption rate of dogs is very high. This product does not contain artificial flavors, fillers, and skin and coat health, and they are made with high-quality ingredients. New supplements have been introduced by companies to dogs. This will increase market growth in the future
Form Insight
In 2022, the chewables market category held the biggest revenue share. For these animals, chewable vitamins are a fantastic solution. Products that can be chewed have the benefit of being absorbed into the stomach as food. If food is chewed, these enzymes can break down food more quickly. Many animals, including cats and dogs, find it difficult or unpleasant to take pills or capsules. They naturally possess the ability to chew any kind of food, which is what fuels the segment's expansion. Chewable vitamins are a terrific way to fully absorb the nutrients they contain.
Application Insight
The hip and joint category accounted for the greatest market revenue share in 2022 for pet supplements worldwide. This lessens inflammation and helps to prevent serious joint wear. Glucosamine or chondroitin are among the chemicals found in many joint supplements that provide comfort. These elements will increase the demand for dietary supplements to treat joint and hip problems.
Distribution Channel Insight
The offline segment accounted for the highest market revenue share of 80% in 2022. The offline channel includes supermarkets/ hypermarkets, convenience stores, and local shops. Invivo Retails Noa pet care brand was partnered with Carrefour to open a new concept store in Paris, France in July 2021. The concept store sells a wide range of products for the whole body, including supplements. The offline channel includes supermarkets/ hypermarkets, convenience stores, and local shops. This segment is also driving because of the increasing availability of supplements like multivitamins, skin and hair products in these stores.
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Market Segmentation
By Pet Type
- Dogs
- Cats
- Freshwater Fish
- Other Pet Types
By Form
- Tablets/ Pills
- Powders
- Chewables
- Other Forms
By Application
- Multivitamins
- Skin & Coat
- Prebiotics & Probiotics
- Hip & Joint
- Digestive Health
- Calming
- Other Applications
By Distribution Channel
- Online
- Offline
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The key market players are now concentrating on implementing strategies such as new product launching, partnerships, mergers & acquisitions, and approval of novel technology. The market players also contain small market players that offer a selected range of pet care products and mainly serve regional consumers. Several companies are focusing on growth strategies such as product adoption and product launches. The competitive landscape of the market has also been examined in this report. Some of the major market players include
- Bayer AG
- Zoetis Inc.
- Ark Naturals
- Nutramax Laboratories, Inc.
- Virbac
- Zesty Paws
- Food Science Corporation
- Nestle S.A.
- Nestle Purina Petcare
- Other Key Players
Recent Development of the Pet Supplements Market
- In June 2022, Purina Petcare, a subsidiary of Nestle, opened a novel facility in Thailand, with an investment. In addition, this novel plant will make wet pet food for the Thai market and other international markets.
- In February 2022, Purina introduced the growth of an innovative cat diet, which includes egg-based constituents which contain antibodies of Fel d1, which is a main cat allergen that can furthermore cause side effects in some individuals.
Browse More Related Reports:
- Pet Food Market size is expected to be worth around USD 150,987.97 million by 2032 from USD 95,384 million in 2022, growing at a CAGR of 4.70% during the forecast period 2023 to 2032.
- Pet Food Ingredients Market size is estimated to reach USD 40,210 million in 2021 and will grow at a CAGR of 5.2% over the forecast period.
- Pet Food Packaging Market is estimated to be worth USD 11,520 million in 2021 and will grow at a 5.2% compound annual growth rate over the forecast period.
- Pet Wearable Market size is expected to be worth around USD 14.54 Billion by 2032 from USD 2.9 billion in 2022, growing at a CAGR of 17.9% during the forecast period from 2023 to 2032.
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