• July 20, 2024

Global Pet Supplements Market Size, Industry Trends, Historical Data, Growth Analysis Forecast to 2030

The global pet supplements market size was worth around USD 2400 million in 2022 and is predicted to grow to around USD 3700 million by 2030 with a compound annual growth rate (CAGR) of roughly 5.5% between 2023 and 2030.

A pet supplement is a particular type of nutritional supplement designed for animal use. It is utilized to give extra nutrients to an animal’s regular food.

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Overview of the Pet Supplements Market

In most cases, natural ingredients such as vitamins, minerals, herbs, and other compounds are used throughout the manufacturing process. Probiotics, digestive enzymes, glucosamine, and omega-3 fatty acids are also included. It helps pets in many ways, such as giving them extra minerals and vitamins to improve their overall health, improving their skin, coat, and nails, maintaining the health of their joints and bones, and aiding in better digestion. It is sold in several forms, such as liquids, powders, and chewable pills, and can be tailored to each pet’s unique requirements.

Crucial Findings

• Our research analyst’s analysis indicates that during the projected period (2023–2030), the worldwide pet supplements market is expected to rise at a compound annual growth rate (CAGR) of about 5.5%.

• By 2022, the size of the worldwide pet supplement market was estimated to be worth about USD 2400 million, and by 2030, it is expected to grow to USD 3700 million.

• Over the course of the forecast period, the growing pet ownership around the world is anticipated to fuel the expansion of the pet supplements market.

➤ Growing pet ownership propels market growth

With an increasing number of people choosing to own pets, particularly dogs and cats, the global pet population has been steadily increasing. The rise in pet ownership immediately leads to a larger market for pet supplements. For example, 70% of homes owned pets, according to a 2021–2022 American Pet Products Association (APPA) poll. There are 45.3 million homes with cats in the US, compared to 69 million homes (or70%) with dogs. Hence, it is anticipated that the market for pet supplements will be driven by the rising pet ownership during the forecast period.

➤ Issues with quality control and a lack of regulation impede market expansion

Compared to the human market, the pet supplement industry is subject to laxer regulations. Variations in product quality and safety may make it challenging for consumers to identify trustworthy brands and products. Variations in production processes and ingredient sourcing may also result in different product qualities. As a result, some supplements could lose their effectiveness or even turn hazardous for pets. Thus, during the forecast period, this is anticipated to significantly constrain market growth.

➤ Growing numbers of new launches present a compelling chance for market expansion

Over the projected period, the growing number of product launches is anticipated to present a compelling opportunity for the pet supplements industry to flourish. For example, Ainos, Inc., a diverse medtech company focused on the development of ground-breaking point-of-care diagnostics, low-dose interferon therapies, and synthetic RNA-driven preventative medicine, announced the launch of two new products in June 2023. VELDONA® Pet Lohas is designed to improve pets’ mental wellness and lower stress, while VELDONA® Pet Soothing is designed to treat discomfort caused by allergies. By reducing tension and discomfort, VELDONA® Pet Lohas improves the emotional well-being of dogs and cats. According to a study from China Medical University, interferon therapy have been demonstrated to help regulate cellular inflammatory responses in the brain, which suggests they may reduce the risk of depression. The beneficial effects of interferon may also extend to the remodeling and regeneration of synapses between brain nerve cells. resulting in the development of revenue.

➤ Unawareness hinders the expansion of the market

The global lack of awareness regarding pet supplements is one of the key factors impeding the growth of the pet supplement industry. Many pet owners think their animals don’t need supplements if they’re in good health. Furthermore, a common misconception among pet owners is that “complete and balanced” pet diets meet all of their animal’s nutritional needs. A common misperception that the pet supplement industry faces is one of its biggest obstacles.

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The Global Pet Supplements Market is segmented based on product, application and region

Global Pet Supplements Market: Product Segment Analysis

● Over-the-counter (OTC)
● Prescription

Global Pet Supplements Market: Application Segment Analysis

● Skin & Coat
● Hip & Joint
● Digestive Health
● Others

The global Pet Supplements market is dominated by players like:

● Naturals
● NestléArk
● NOW Foods
● Virbac
● Zoetis
● Bayer AG
● Pet Honesty
● Nutramax Laboratories
● Zesty Paws
● Mars Inc.
● Hill’s Pet Nutrition Inc
● Blue Buffalo Pet Products Inc
● iVet Professional Formulas
● Farmina Pet Foods
● Forza10 USA
● The Higgins Group Corp

➤ Over the course of the projected period, North America is anticipated to lead the market growth

During the projected period, North America is anticipated to hold a dominant position in the global pet supplement market. In North America, the market for nutraceuticals and nutritional supplements for companion and pet animals is growing. According to statistics from the American Pet Product Association (APPA), 89.7 million dogs are maintained as pets in the United States. Canine dental care costs USD 49.70 on average per year, and pet owners will spend USD 50 billion on food and treats for their four-legged pals in 2021. According to the National Pet Owners Survey, about half of Americans spent as much or more on their dogs’ medical care in 2021 as they did for themselves. Furthermore, by the time they are three years old, over 80% of dogs and over 70% of cats, respectively, suffer from gum disease, according to the American Veterinary Dental Society. Furthermore, one of the most common illnesses affecting dogs in the country is diabetes. Rising veterinarian health spending and pet health awareness are expected to be the main drivers of market expansion in this area during the forecast period.

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