Pet Supplements Market Poised to Reach USD 9.65 Billion by 2030: The Brainy Insights

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Growing awareness about pet’s health and diet is positively influencing the global pet supplement market.

Pune, April 06, 2022 (GLOBE NEWSWIRE) – As per the report published by The Brainy Insights, the global pet supplements market is expected to grow from USD 4.31 billion in 2020 to USD 9.65 billion by 2030, at a CAGR of 4.82%. during the forecast period 2021-2030.

The pet supplements can give the additional benefits along with vitamins, minerals and antioxidants that will help keep pets flourishing and maintain their healthy state. In 1994, Congress passed the Dietary Supplement Health and Education Act (DSHEA), which defines a dietary supplement as a product intended to supplement the diet and that contains at least one or more of the following ingredients; a vitamin, a mineral, an herb, or an amino acid. A supplement for pets is generally used to increase the overall intake of pet animal with the help of the above mentioned ingredients. For the average dog or cat that is in good health and is being fed a balanced and complete commercial diet, there is no need for supplementation. However, if the animal has particular health needs that require additional intake of certain ingredients or has not been getting a proper well-balanced diet, it would be wise to look into supplementing the pet’s diet.

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The growing awareness of pet’s diet and health is increasing rapidly from past few years. Owners are now scanning nutrition and ingredient labels on pet foods and supplements to make sure their pets are getting appropriate and best supplements. They are now focusing on natural and organic ingredients, more palatable formats like soft chews and gels, and combination products that blend vitamins, essential fatty acids, herbs, and other pet supplements to optimize pet’s health conditions. The pet supplement market is anticipated to witness the rapid growth, owing to rising endorsements of pet supplement by veterinarians for maintaining the overall pet health. This trend is significantly impacting the pet supplement industry, as pet owners’ trusts more on veterinarians. Thus, some retailers have even partnered with veterinary facilities to support the clinical recommendations of their pet supplements.

Key players operating in the global Pet supplements market include Ark Naturals, Ayurvet, Bayer, Kemin Industries, Nestle Purina Pet Care, NOW Food, Novotech Nutraceuticals, VetriScience Laboratories, Virbac, and Zoetis among others. To enhance their market position in the global Pet supplements market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

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• In October 2019, pet food manufacturer Stella and Chewy’s launched canine hemp oil supplement chews, calming, hip & joint for dogs.
• In May 2018, Manna Pro Products LLC Missouri-based manufacturer of animal nutrition and care products acquired VetScience, LLC and Fruitables brand of premium natural dog treats and food supplements.

The cats segment led the pet supplements market with a market share of around 32% in 2020

The pet type segment is divided into dogs, cats, birds and others. The cats segment led the pet supplements market with a market share of around 32% in 2020. The segment growth is mainly attributed because of the rising adoption of cats in Europe and other regions. House cats are valued by humans for companionship and for their ability to hunt rodents. About 60 cat breeds are recognized by various cat registries. However, dogs segment is expected to register the highest growth during the forecast period.

The online e-commerce segment is expected to grow at the highest CAGR of 5.2% during the forecast period.

By distribution channel, the market is segmented into online e-commerce and retail stores. The online e-commerce segment is expected to grow at the highest CAGR of 5.2% during the forecast period. The segment growth is mainly attributed owing to the ease of convenience of ordering pet products from the online e-commerce platform is rising among the millennial population. Among the millennial population, many of them prefer to purchase pet food, medicine, supplements and supplies online and have them delivered right to the front door.

The essential fatty acid segment dominated the market in 2020

The product segment includes multivitamins & minerals, essential fatty acids, digestive enzymes, probiotics, prebiotics, anti-oxidants, and others. The essential fatty acid segment dominated the market in 2020. The rising adoption of essential fatty acid as a pet supplement is going to boost the segment growth. This is because essential fatty acids improve the overall health and system of the pet animals.

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Regional Segment Analysis of the Pet Supplements Market

• North America (US, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

North America region emerged as the largest market for the pet supplements market with around 47.1% share of the market revenue in 2020. The regional growth is attributed owing to the rapid humanization and adoption of pets in and across the region. The increase in the consumer spending along the rise in disposable income of the middle class people is the factor stimulating the adoption and acceptance rate of the pets as consumers increasingly see their pets as family members. The market in the Asia Pacific region is expected to grow at the highest CAGR over the forecast period owing to the rising e-commerce industry in and across the region. The growing e-commerce platform is anticipated to provide various growth opportunities in the pet supplements market in Asia Pacific Region.

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About the report:

The global pet supplements market is analyzed on the basis of value (USD Billion), volume (units), import (units), and export (units). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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