The Global Pet Supplements Market size is expected to reach $2.1 billion by 2027, rising at a market growth of 6.3% CAGR during the forecast period. Pet supplement refers to a popular option to conventional pet food, having low carbs, high nutrients, and has a slightly sweeter taste. Pet supplement is considered as a rich source of nutrients, vitamins, proteins, and minerals. It is becoming highly popular in emerging nations, due to the surge in pet humanization and increasing disposable income in these countries. Moreover, consumers have become more aware of the overall health of pets, thereby accelerating the demand for products that help to boost health, enhance longevity, and avoid several diseases like calming, skin & coat, hip & joint problems.
The rising expenditure on pet care around the world and the high increment in the adoption of pets are fueling the market growth. Pet owners are willingly spending a massive amount of money to maintain the health of their pets, leading to higher pet health spending. The players operating in the pet supplement market are constantly innovative unique products that are more efficient, have better taste, are durable, and health-giving with an aim to fulfill the ever-growing demands from the consumers. As per the American Pet Products Association, overall household pet adoption in the US grew significantly in 2016. The surge in pet healthcare expenditure is responsible for the massive adoption of pets.
The outbreak of the COVID-19 pandemic is severely impacted various industries around the world. However, the sales of pet supplements increased due to the higher consumer interest as a result of COVID-19, mainly in products that aim to enhance immunity & overall health and reduce anxiety.
The global pandemic has issued a negative impact on the consumer goods market; though, the animal food and supplements market has been observing substantially less impact. People were compelled to follow the stringent lockdown guidelines in order to slow down the transmission rate of the deadly virus. In the majority of the countries, borders were shut down, which had a direct impact on the export & import of pet supplements and the manufacturing process. In addition, the supply chain has been disrupted, which has slowed down the complete market. People stayed inside their homes with their pets throughout the lockdown period, which boosted the sales of pet supplements. A declining number of COVID-19 cases and massive roll-out of vaccines across numerous countries with an aim to provide treatment to the patients suffering from the corona virus are anticipated to accelerate the growth of the pet supplement market.
In the last couple of years, pet humanization gained high popularity. It is crucial to understand the impact of pet humanization on consumer pet food buying patterns. American Pet Products Association (APPA) performed a study that revealed that above 76.8 million households in the US have one or more pets, with 39% of homes have dogs. Pet owners prefer to increase their yearly expenditure on pet dietary supplements as pets have highly become family members.
The players working in the global pet supplement market are witnessing massive growth opportunities due to the booming eCommerce websites. For Pet owners, pet food & supplements are acting as an important method against ailments. Makers operating in the pet dietary supplement market are boosting their focus on functional ingredients in products that display prevention, maintenance, and treatment of particular pet health problems.
As per the Federal Food, Drug, and Cosmetic Act of 1938 (FFDCA), animal food must be safe for consumption and made in sanitary conditions. There should be no harmful substances in the foods and these foods items should have proper labeling. The Food Safety Modernization Act of 2010 (FSMA) launched the norms associated with sterilization, certification, hygiene, and labeling of ingredients for pet food makers in the US.
Based on Distribution Channel, the market is segmented into Offline and Online. The offline distribution channel segment garnered the maximum revenue share of the global pet supplement market in 2020. There has been a slow shift among the pet owners towards online retail; however, it was not until 2020 that a major transition has been witnessed toward the online pet supplement market.
Based on Pet Type, the market is segmented into Dogs, Cats and Other types. COVID-19 has created awareness about the requirement of supporting immune health in a proactive way. The COVID-19 pandemic has raised awareness about maintaining the health among the owners of cats and dogs, especially in the US. Moreover, the majority of these pet owners have included immune-boosting products in the diet of their pets.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 1.4 Billion |
| Market size forecast in 2027 | USD 2.1 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 6.3% from 2021 to 2027 |
| Number of Pages | 142 |
| Number of Tables | 254 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Distribution Channel, Pet Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The US pet market has endured the worldwide pandemic and subsequent economic crisis. As an increasing number of people are including pets in their homes and focused on the health & well-being of their health as a member of their families, leading to a boost in the growth of the regional market.
Free Valuable Insights: Global Pet Supplements Market size to reach USD 2.1 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Nestle S.A. is the major forerunners in the Pet Supplements Market. Companies such as Elanco Animal Health, Inc., Zoetis, Inc., Nutramax Laboratories, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dechra Pharmaceuticals PLC, Nestle S.A., Elanco Animal Health, Inc., Zoetis, Inc., Nutramax Laboratories, Inc., NOW Foods, Inc., Ark Naturals, Kemin Industries, Inc., FoodScience Corporation (Wind Point Partners), and Honest Paws, LLC.
By Distribution Channel
By Pet Type
By Geography
The pet supplements market size is projected to reach USD 2.1 billion by 2027.
The trend of pet humanization is expected to positively impact the buying patterns of the consumers are driving the market in coming years, however, uncertain regulatory scenario is hampering the market growth.
Dechra Pharmaceuticals PLC, Nestle S.A., Elanco Animal Health, Inc., Zoetis, Inc., Nutramax Laboratories, Inc., NOW Foods, Inc., Ark Naturals, Kemin Industries, Inc., FoodScience Corporation (Wind Point Partners), and Honest Paws, LLC.
Yes, People stayed inside their homes with their pets throughout the lockdown period, which boosted the sales of pet supplements.
The Offline market dominated the Global Pet Supplements Market by Distribution Channel in 2020. The Online market is expected to witness a CAGR of 6.7% during (2021 - 2027).
The North America emerged as the leading region in the global pet supplement market by obtaining the maximum revenue share in 2020.
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