In a new report, Future Market Insights (FMI) forecasts that the market for pet dietary supplements will rise at a rapid pace. According to the estimate, the market would be worth $3.78 billion by 2021. Pet humanization is a developing trend in which owners treat their pets as equals and strive to offer the finest nourishment possible for their health. With the increasing popularity of pet ownership. The need for pet food supplements has been fueled by pet parenting or pet humanization. This trend is paralleled in the increasing regularity with which new formulations are introduced to the market. In 2020, 45 new nutritional items for pets were developed, according to Pet Food Processing. Apart from ensuring that pets receive sufficient nutrition, which off-the-shelf pet meals may be lacking, the market for pet dietary supplements is driven by pet owners’ love for their pets. Pet dietary supplements are also in high demand among millennial caregivers.
Millennials, who make up the majority of pet owners, believe that pets should be treated similarly to little children, which explains the demand for pet dietary supplements. Pet vitamins that are natural and organic are becoming increasingly popular. Herbs and superfoods are being included into pet supplements, which will help the market grow overall.
Probiotic Supplements to Be Highly Sought-after
As in case of humans, probiotic supplements for dogs are used to aid digestive health and regularity. Probiotic nutritional supplements facilitate the regulation of the good bacteria in the digestive system that helps to break down dog food so that nutrients can be better extracted. The probiotic supplements can also inhibit the growth of harmful bacteria that can make both humans and dogs sick, an example of which is E. coli.
Obesity is a growing health problem among pets, encouraging an increasing number of veterinary practioners to open weight-loss clinics. According to the Association for Pet Obesity Prevention, 59% of cats and 54% of dogs in the U.S. were overweight or obese in 2016, and this concern has increased over the recent years. Weight management is trending within the pet industry and dietary changes are being taken care of so as to regulate the pet weight and ensure its health.
This change in consumer buying preference has encouraged the players in the market to focus on innovation and expand the portfolio, tapping the unexposed segments of the industry and as a result escalating the demand over the forecast period. FMI in its latest study has forecast the market to rise at a CAGR of 7.1% between 2020 and 2030.
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Key Takeaways from the Pet Dietary Supplements Market Study
FMI in its latest study has forecast the pet dietary supplements market to rise at a CAGR of 7.1% between 2020 and 2030The U.S. will continue exhibiting strong demand and account for nearly 88% of the North America marketThe demand from the U.K. will remain steady as FMI projects it to exhibit 3.8% Y-o-Y growth in 2021Increasing pet ownership will support growth in Germany and FranceJapan and South Korea will emerge as key markets in East Asia”Consumers’ awareness regarding pet health is rising, which in turn is increasing the demand for pet dietary supplements. Moreover, increasing focus of companies on advertisement and promotion of pet dietary supplements is positively aiding expansion of the market,” said an FMI analyst.
Disruptions Caused Due to COVID-19 Impacting Sales
The current pandemic outbreak has posed numerous challenges on the part of supply side and demand side. The temporary regulation imposed by regional governments to restrict the movement has impacted supply chains drastically. Besides this, the spectacular shift from discretionary spending to essential goods has further negatively impacted the market growth.
E-Commerce is redefining the commercial activities around the world. In fact, the Covid-19 pandemic and lockdown effects have tipped the involvement of e-Commerce within all industries. The segment of population not prevalent with internet retailing has also adopted it, it being the only resort. There is a lot of opportunity for companies and online services to work together to offer greater engagement to consumers.
Who is winning?
A few of the key players in the pet dietary supplements market are Nestle SA, Mars Incorporated, NOW Foods, Blue Buffalo Co Ltd., Ark Naturals, Virbac, Novotech Nutraceuticals, Inc., Zoetis, PetAG, Inc., VetClassics and GNC, among others.
Companies operating in the market are increasingly investing in product development with an aim to gain a competitive advantage over other players operating in the market.
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Pet Dietary Supplements Market by CategoryProduct 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)
Get Valuable Insights into Pet Dietary Supplements Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global pet dietary supplements market, presenting historical demand data (2015-2030) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the pet dietary supplements market based on the product type (glucosamine, multivitamins, probiotics, omega-3 fatty acids and others), purpose (joint health, digestive health, weight management, skin and coat health, dental care and others), form (capsules, tablets, powder, others), pet type (dog, cat, horse, and others), sales channel (wholesalers & retailers, modern trade, convenience stores, multi-brand stores, pet specialty stores, and online retailing), across seven major regions.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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