Overview and Scope
Pet supplements refer to substances that are intended for oral consumption by pets, whether in or on feed or offered separately, for a specific benefit. These supplements are concentrated ingredients that are added to the diet to provide nutritional or medicinal benefits.
Sizing and Forecast
The pet supplements market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased pet ownership, veterinary recommendations, humanization of pets, ageing pet population, rising awareness of preventive care.
The pet supplements market size is expected to see strong growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to premiumization of pet products, personalized nutrition for pets, rise in pet healthcare spending, e-commerce dominance, innovations in delivery formats. Major trends in the forecast period include integration of technology, customized and functional formulas, expansion of product range, online retail and subscription models, transparency in sourcing and manufacturing.
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Segmentation & Regional Insights
The pet supplements market covered in this report is segmented –
1) By Supplement Type: Essential Fatty Acids, Probiotics, Antioxidants, Multivitamins, Enzymes, Other Supplements
2) By Product Form: Chewable, Soft Gels, Capsules, Other Forms
3) By Pet Type: Dogs, Cats, Other Pets
4) By Distribution Channel: Online E-commerce, Retail Stores
5) By Application: Skin And Coat, Hip And Joint, Digestive Health, Other Applications
North America was the largest region in the pet supplements market in 2023. The regions covered in the pet supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising concerns about animal welfare significantly contribute to the growth of the pet supplements market going forward. Animal welfare refers to how an animal is managed with the conditions in which it lives. Pet supplements are used to provide animals with nutrition and treatment for various diseases to improve animal welfare. For instance, according to an April 2023 article released by the American Pet Products Association (APPA), a US-based trade organization, OTC medicine and wellness products sales are projected to increase from $31.5 billion in 2022 to $32.1 billion in 2023. The sales of vet care and products are projected to grow from $35.9 billion in 2022 to $37.0 billion in 2023. Therefore, a rise in concerns about animal welfare will drive the pet supplements market.
Key Industry Players
Major companies operating in the pet supplements market report are Nestle S.A., Bayer AG, Mars Inc., Zoetis Inc., Church & Dwight Co Inc., Bayer Animal Health, Hill’s Pet Nutrition, iVet Professional Formulas, Blue Buffalo Pet Products Inc., Kemin Industries, Merck Animal Health, Ceva Santé Animale, Dechra Pharmaceuticals plc, Affinity Petcare S.A., Kemin Industries Inc., NOW Foods Inc., Four Paws Inc., Nutramax Laboratories Inc., FoodScience Corporation, PetHonesty, VetriScience Laboratories, Novotech Nutraceuticals, Honest Paws LLC, NutriScience Innovations LLC, Ark Naturals, Dr. Harvey’s, Health Extension Pet Care, Aviform Ltd, The Higgins Group Corp, Fromm Family Foods
The pet supplements market report table of contents includes:
1. Executive Summary
2. Pet Supplements Market Characteristics
3. Pet Supplements Market Trends And Strategies
4. Pet Supplements Market – Macro Economic Scenario
5. Global Pet Supplements Market Size and Growth
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32. Global Pet Supplements Market Competitive Benchmarking
33. Global Pet Supplements Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Pet Supplements Market
35. Pet Supplements Market Future Outlook and Potential Analysis
36. Appendix
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