Pune, India, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Pet Supplements Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form, Pet Type, Distribution Channel, and Geography,” the pet supplements market is expected to grow from $2,281.70 million in 2022 to $3,200.77 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2022 to 2028.
A few companies operating in the global pet supplements market are Thorne Vet Inc., Arrowleaf Naturals Ltd., FoodScience LLC, Four Paws Inc., Nutramax Laboratories Consumer Care Inc., Nordic Naturals Inc., Comfort Click Ltd., Dorwest Herbs Ltd., Zesty Paw LLC, and Pethonesty LLC. These companies have a widespread global presence, which provides them to serve a large set of customers, and this subsequently increases their market share. These market players are highly focused on launching new products and expanding their product range through retail adoption of retail platforms to meet the growing consumer demand across the world. For instance, in 2022, Zesty Paws LLC’s Omnichannel Presence expanded its supplements through Walmart.
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Pet supplements provide essential nutrients which help improve the immune system and reduce the risk of heart disease, cancer, inflammation, and diabetes. In addition, these supplements are concentrated sources of nutrients to compensate for vitamin, protein, or mineral deficiencies. Further, pet supplements also help to improve skin health and enhance the ability to fight common problems such as itchy skin, bacterial infection, and environmental allergies. The increasing adoption of pets and rising concerns about animal welfare have contributed to the growth of the pet supplements market.
Global Pet Supplements Market: Segmental Overview
Based on form, the pet supplements market is segmented into chewable, powder, and others. The chewable segment held the largest share of the pet supplements market in 2021, whereas the powder segment is projected to register the highest CAGR during the forecast period. Powdered pet supplements are easy to consume and can mix into pet food, as well as can be absorbed more quickly. These factors are expected to boost the product visibility among pet parents, which is likely to propel the growth of powder supplements over the forecast period. Also, the pets that dislike pills can consume powder supplements; hence, many pet owners highly include powder format, which is projected to boost the segment growth during the forecast period. Thus, surging the pet supplements market growth.
The pet supplements market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. North America held the largest share of the pet supplements market in 2021, and Asia Pacific is expected to register the highest CAGR during the forecast period. A few of the key players operating in the North America pet supplements market are adopting strategic initiatives such as product launches, acquisitions, and partnerships to sustain themselves in the growing market. According to Innova, pet supplements showed a staggering 116% growth from 2019 to 2020, with more than 150 new product development activities in the North American marketplace. For instance, in 2022, Ultimate Pet Nutrition launched Nutra Thrive, a Canine Nutritional Supplement that combines powerful probiotics with easily absorbed nutrients, vitamins, minerals, antioxidants, and digestive enzymes. This product also received the product of the year award from the Pet Innovation Award in September 2022. Such product innovation by manufacturers is further expected to drive the market growth in the coming years.
Impact of COVID-19 Pandemic on Pet Supplements Market
The COVID-19 pandemic affected industrial operations and economic growth across the world. In 2020, lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hampered the growth of several industries, including the pet food industry. The shutdown of manufacturing units disrupted global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies announced possible delays in product deliveries and projected a slump in product sales in 2020. Besides, the international travel bans imposed by governments of various countries in Europe, Asia, and North America compelled the companies to temporarily discontinue their collaboration and partnership plans. All these aspects hampered the growth of the pet food industry in 2020 and early 2021, thereby impeding the growth of the global pet supplements market.
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Impact of COVID-19 Pandemic on Pet Supplements
In 2021, various economies resumed operations as governments eased social restrictions. Moreover, manufacturers were allowed to operate at full capacities, which helped them overcome the demand and supply gap and mitigate other repercussions.
Moreover, the rising number of pet owners and increasing awareness regarding the benefits of pet supplements were the key factors that propelled the growth of the pet supplements market before the onset of the COVID-19 pandemic. However, the pet food industry faced unprecedented challenges after the outbreak in 2020. The pet supplements producers encountered supply chain constraints due to the shortage of raw materials and unavailability of manpower amid lockdowns, trade bans, and travel restrictions.
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