Pet Dietary Supplement Market Poised to Reach USD 6.3 Billion at a CAGR of 6.0% by 2031 - Report by Transparency Market Research

Wilmington, Delaware, United States, July 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Pet dietary supplements reached a market value of US$ 3.6 billion in 2021. The market is forecast to reach US$ 6.3 billion by 2031 at a CAGR of 6%. A growing awareness of pet adoption and a growing obsession with pets has led to an increase in demand for pet dietary supplements.

Pet care practices have changed as pets have become more recognized as family members. Owners of pets often treat them as children, even when it comes to selecting their pet's food. A pet owner will go to great lengths to ensure his or her pet has a lifestyle that mirrors that of the owner, which includes dietary supplements.

Pet dietary supplement formulations and delivery systems have improved significantly over the last few decades. A number of innovations have been developed in recent years, including chewable tablets, flavored liquids, soft chews, and powders that are more appealing to pets and easier to administer. With the introduction of a wide range of supplement options and formulations, consumers have a greater choice and convenience, boosting market growth.

Veterinarians increasingly recommend dietary supplements as part of their treatment plans for pets. Incorporating dietary supplements into pets' routines is influenced by veterinarian endorsements and recommendations. Consequently, consumer trust has increased and the market has grown.

Pet ownership increased by 11% from 1988 according to statistics from National Pet Owners in 2019. The majority of United States households own at least one pet, with dogs being the most popular. About 40% of households in the United Kingdom own a pet, and 25% own a dog, according to the Pet Food Manufacturers Association.

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Market Snapshot:

Key Findings of Market Report

• Glucosamine supplements are expected to drive demand for pet dietary supplements.

• Increasing demand for dog and cat food is expected to drive demand for pet dietary supplements.

• As the pet dietary supplement market increases in demand, fish, meat, & animal derivatives will continue to grow.

• Liquid pet dietary supplements will be in high demand in the years to come.

• Increasing numbers of specialty stores around the world are likely to expand the market for pet dietary supplements in the market.
  

Global Pet Dietary Supplements Market: Growth Drivers

• There is an increasing trend in pet ownership worldwide, largely driven by changing lifestyles, a desire for companionship, and the psychological and physical benefits associated with pet ownership.
  
  
• Pet owners are becoming increasingly concerned with their pets' well-being, so dietary supplements are more likely to be explored to support their pets.
  
  
• Health is becoming increasingly important to pet owners. Their priority is improving their pets' quality of life, preventing health issues, and treating specific conditions. Pets can benefit from nutritional supplements by improving their joint health, digestion, skin, and coat, as well as supporting specific areas such as cognitive function and digestion. They are also convenient and proactive in addressing nutritional gaps.
  
  
• Pet health prevention is becoming increasingly popular, aiming to identify potential health problems and address them before they become serious. Nutritional supplements play a crucial role in preventing chronic diseases by supporting overall wellness, boosting the immune system, and preventing problems caused by common ailments. These factors are likely to grow demand in growing years.

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Global Pet Dietary Supplements Market: Regional Landscape

• Premium products are expected to grow in demand as consumer demand for pet dietary supplements increases.

• Increasing urbanization and higher living standards are likely to increase demand for pet dietary supplements in South Korea.

• With a growing population and organic supplements on the market in Japan, the market is likely to grow.

• Consumers in Germany have expressed a desire for sustainable products to reduce their environmental impact. Therefore, demand for pet dietary supplements will grow in the market.

• French pet owners are highly prevalent, making it the ideal market for pet dietary supplements in the market.
  

Global Pet Dietary Supplements Market: Key Players

An evaluation of vendors' financials, key product offerings, recent developments, and strategies has been included in the research report. Comprehensive investment in R&D activities is helping most companies increase their market share. The main strategies manufacturers use is to expand their product portfolios and to merge and acquire.

• In February 2023, Pet Matrx introduced three new dog food topping supplements. Bioavailability and nutrient absorption are increased by nutritional supplements. Using Pet Matrx's Cell Matrix Delivery® technology, lipids are delivered directly to cells without having to pass through the digestive system. This method allows dogs to benefit from ingredients to the fullest extent possible.

• In June 2023, Mars Petcare Australia will invest $112.6 million in a new plant in Wodonga, bringing pet food manufacturing onshore and creating 60 jobs. Two advanced Single Serve Pouch lines will be built in a 7800 square meter manufacturing facility for Whiskas, Advance, Optimum, Dine, and other products. The facility will have a capacity of 25kT per year, or 290 million pouches. The new facility is scheduled to be operational in mid-2025, next to the existing Wodonga factory.

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Global Pet Dietary Supplements Market: Segmentation

By Pet

• Dog
• Cat
• Horse
• Others (Rabbit, etc)

By Supplement

• Glucosamine
• Omega-3 Fatty Acids
• Probiotics & Prebiotics
• Multivitamins
• Antioxidants
• Proteins & Peptides
• Others (Digestive Enzymes, 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
• Others (Sticks, etc)
  

By Application

• Skin & Coat
• Joint Health
• Liver
• Gastrointestinal Tract
• Kidney Support
• Balanced Diet
• Others (Immune Health, Anti-inflammatory, Medicated Treatments, etc)
  

By Distribution Channel

• Online
  • Company-owned Websites
  • E-Commerce Website
• Offline
  • Specialty Stores
  • Retail-based Stores
  • Supermarkets/Hypermarkets
    

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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