The market for pet dietary supplements is expected to rise significantly, according to a recent analysis by Future Market Insights (FMI). The market will be valued at US$ 3.78 Bn by 2021, the survey predicts. Pet owners are increasingly treating their animals as equals and trying to give them the greatest diet possible for their health in a movement known as “pet humanization.” with the rise in popularity of pet ownership. The need for pet dietary supplements has been fueled by pet parenting, often known as pet humanization. The increased frequency of the introduction of novel formulations into the market mirrors this tendency. Pet Food Processing reports that 45 new dietary supplements for animals were introduced in 2020.
The market for pet dietary supplements is driven by the owners’ affection for their animals, in addition to the fact that supplements guarantee the pets’ correct nutrition, which store-bought pet diets may lack. Additionally, millennial pet owners are interested in dietary supplements for animals.
Millennials, who make up the majority of pet owners, also believe that animals should be treated just like young children, which is why there is a demand for pet nutritional supplements. Pet vitamins that are natural and organic are getting more and more popular. Supplements for pets are being made with herbs and superfoods, which will help the market growth overall.
Probiotic Supplements to Be Highly Sought-after
Probiotic pills are utilised for dogs, just as they are for humans, to promote regularity and intestinal health. Probiotic dietary supplements make it easier for the digestive system’s beneficial bacteria to be regulated and break down dog food so that nutrients may be collected more effectively. The growth of dangerous bacteria, such as E. coli, which can infect humans and pets, can also be slowed down by probiotic supplements.
Pet obesity is becoming a bigger health concern, which is motivating more veterinarians to start weight-loss clinics. 59 percent of cats and 54 percent of dogs in the United States were overweight or obese in 2016, according to the Association for Pet Obesity Prevention, and this problem has grown over the past few years. weight control
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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)
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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 (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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