Pet Supplements Market- Insights By Revenue, Upcoming Trends And Worldwide Players Foresights Till 2028
Pet supplements are processed food made of plant and animal raw materials with a concentrated source of nutrients to compensate for protein, vitamins, or mineral deficiencies. These supplements provide essential nutrients to animals, which helps to improve the overall growth of the pets. An increasing number of product innovations to meet the rising demand for health and convenience, growing demand for immunity-boosting pet supplements, and rising consumer preference for e-commerce platforms are a few of the factors driving the growth of the pet supplements market. The pet supplements market is segmented on the basis of form, pet type, and distribution channel.
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The key players operating in the pet supplements market include Zesty Paw LLC, Comfort Click Ltd., Arrowleaf Naturals Ltd., Four Paws Inc., Nutramax Laboratories Consumer Care Inc., FoodScience LLC, Nordic Naturals Inc., Thorne Vet Inc., Dorwest Herbs Ltd., and Pethonesty LLC. These companies are focusing on new product launches and geographical expansions to meet the growing consumer demand worldwide.
Based on region, the pet supplements market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, North America held the largest share of the pet supplements market, and Asia Pacific is estimated to register the highest CAGR over the forecast period. According to the National Pet Owners Survey (2021-2022) conducted by the American Pet Food Association, pet ownership increased from ~67% of US households in 2021 to 70% in 2022. Moreover, millennials were revealed to be the largest group of pet owners, with a share of 32%, followed by baby boomers (27%) and generation X (24%). Further, the rising tendency of these pet owners to improve the immune systems of their pets, strengthen their bones, improve digestion, and treat various skin allergies is also driving the demand for pet supplements in North America.
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Moreover, key players operating in the North America pet supplements market are adopting strategic initiatives such as product launches, acquisitions, and partnerships to sustain themselves in the growing market. According to Innova, pet supplements showed a staggering 116% growth from 2019 to 2020, with more than 150 new product development activities in the North American marketplace. For instance, in 2022, Ultimate Pet Nutrition launched Nutra Thrive, a Canine Nutritional Supplement that combines powerful probiotics with easily absorbed nutrients, vitamins, minerals, antioxidants, and digestive enzymes. This product also received the product of the year award from the Pet Innovation Award in September 2022. Such product innovation by manufacturers is further expected to drive the market growth in the coming years.
Based on distribution channel, the pet supplements market is bifurcated into online and offline. The offline segment accounted for a larger share of the pet supplements market in 2021. However, the online segment is expected to register a higher CAGR during the forecast period.
China, India, Japan, and other countries in Asia Pacific faced significant challenges due to the COVID-19 pandemic. Lockdowns, trade bans, business shutdowns, and other government restrictions curbed the growth of the pet food industry, including the businesses of pet supplement providers. However, the demand for pet supplements increased during the first quarter of 2020 as people stocked up on pet products in response to lockdowns and travel bans. Moreover, growing awareness about the well-being of pets, inclination toward pet humanization, and changes in socioeconomic aspects propelled the demand for pet supplements in the region. These supplements help keep pets healthy and improve their immunity.
In 2021, governments of several countries in Asia Pacific eased social restrictions and permitted manufacturing companies to operate at full capacities. This helped pet supplement producers to overcome the demand and supply gaps, which eventually led to the market growth.
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