Future Market Insights: FMI states in its recent study on the pet dietary supplements market that the market will record a CAGR of 7.1% through 2030. Demand for pet dietary supplements is anticipated to continue surging because of the increase in the number of pet owners
“Market players are adopting various strategies to survive in the highly competitive environment. To create a brand name, these companies focusing on innovation and product launches .” says the FMI analyst.
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Pet dietary supplements Market – Important Highlights
- As per the report, glucosamine is the pet dietary supplement’s top-selling segment and is expected to see increasing demand over the forecast timeframe.
- During the forecast period, online sales are projected to report a strong CAGR.
- Compared to other types of pet dietary supplements, capsules are gaining popularity due to their greater benefits.
- Currently, North America dominates the worldwide pet dietary supplement industry. The U.S. has emerged as a leading market within North America.
Pet dietary supplements Market – Drivers
- Development in the industry is facilitated by the rising disposable income of pet owners and creativity by suppliers.
- Pet humanization is a big factor behind the growth in the pet care industry’s market for luxury products.
- Trends in pet adoption are projected to generate attractive prospects for the market’s overall growth.
- There is a high market for nutritional supplements to prevent the incidence of chronic diseases in dogs, a key factor boosting worldwide sales of pet dietary supplements.
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Pet dietary supplements Market – Restraints
- Strict government guidelines regarding the safety of the products are anticipated to create growth deterrents.
- Manufacturers are expected to conform with general specifications and guidelines for labeling and packaging which is hindering the growth of the market
COVID-19 Impact on Pet dietary supplements Market
The pet dietary supplements market growth is anticipated to be hampered owing to the COVID-19 pandemic. A majority of retailers moved to internet retailing as soon as the COVID-19 pandemic struck. Even before the COVID-19 pandemic became known to the world, the pattern in omnichannel retailing had started, but the lockout era was a nail in the coffin. However, the market is anticipated to make a swift turnaround as economies start to stabilize.
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Pet Dietary Supplements Market by Category
Product Type
- Glucosamine
- Probiotics
- Multivitamins
- Omega-3 fatty acids
- Others
Application
- Joint Health
- Digestive Health
- Weight Management
- Skin and Coat Health
- Dental Care
- Others
Form
- Capsules
- Tablets
- Powder
- Others
Form
- Dog
- Cat
- Horse
- Others
Sales Channel
- Wholesalers & Distributors
- Modern Trade
- Convenience Stores
- Multi-brand Stores
- Pet Specialty Stores
- Online Retailing
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)