Pet Supplements Market Size, Share & Trends Analysis Report By Pet Type (Dogs, Cats), By Distribution Channel (Offline, Online), By Region (North America, Europe, Asia Pacific, Central & South America), And Segment Forecasts, 2021 - 2028

Report Overview                       

The global pet supplements market size was valued at USD 1.47 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2021 to 2028. The market is driven primarily by the increasing spending on pet care across the globe and the growth in pet adoption. Pet owners are prepared to spend a lot of money to safeguard their pets' health, resulting in a surge in pet health spending. The pet care industry is constantly challenging itself to create solutions that are more effective, better tasting, more lasting, more exciting, and cure more health issues in order to satisfy the ever-demanding consumer. According to the American Pet Products Association, overall household pet adoption in the United States increased to 68% in 2016, up from 54% in 2009. Since 2007, it has risen to 58% in Europe and India. The increased adoption of pets is predicted to increase overall pet healthcare spending.

Millennials, who make up the majority of pet owners, believe that pets should be treated similarly to little children, which explains the demand for pet dietary supplements. Pet vitamins that are natural and organic are becoming increasingly popular. Herbs and superfoods are being included in pet supplements, which will help the market grow.

Obesity is becoming a more prevalent health issue among pets, prompting an increasing number of veterinarians to create weight-loss clinics. In 2016, 59 percent of cats and 54 percent of dogs in the United States were overweight or obese, according to the Association for Pet Obesity Prevention, and this problem has grown in recent years. Weight management is popular in the pet market and nutritional changes are made to keep the pet's weight under control and assure its health.

E-commerce is changing the way people do business all around the world. Indeed, the Covid-19 outbreak and lockout repercussions have shifted the role of e-commerce across all industries. It has also been adopted by the portion of the population that is not familiar with internet selling as it is their only option. There are numerous opportunities for businesses and online services to collaborate in order to provide consumers with more engaging experiences.

Pet Type Insights                                                                                                    

In terms of value, the dogs segment dominated the market with a revenue share of over 45.0% in 2020. Dogs are the most popular pets in the world, with an incredibly high adoption rate. According to the American Pet Products Association's 2019-2020 National Pet Owners Survey, 63.4 million households in the United States own a dog, with owners spending an average of USD 58 per year on dog vitamins.

For instance, vitamins and supplements may be given to around one-third of dogs and cats in the U.S. According to a 2006 study published in the Journal of the American Veterinary Medical Association, the most prevalent are multivitamins, supplements to assist arthritic joints, and fatty acids to minimize shedding and increase a coat's gloss.Probiotics can be given to pets to help with gastrointestinal issues and antioxidants can be given to fight the consequences of aging, such as cognitive deterioration.

COVID-19 has clearly raised awareness of the necessity of supporting immune health in a proactive manner. According to Kerry, more than a quarter of dog and cat owners in the U.S. are concerned about their pets' health as a result of COVID-19. Furthermore, 69 percent of these concerned pet owners have explored using immune-strengthening supplements in their pet's diet.

Distribution Channel Insights                                               

In 2020, the offline distribution channel segment dominated the market and accounted for a revenue share of more than 75.0%. For food and treats, pet owners have been gradually transitioning to online retail, but it wasn't until 2020 that a fundamental shift toward online pet supplement commerce happened. As more people purchase pet vitamins online, the existing fragmented market will certainly become even more fragmented. One of the most significant impediments for brands is acquiring retail shelf space, which has been removed by online retail. New players with unique and original substances and claims will be able to stake their claim to a piece of this enormous and rising market if this barrier is removed.               

The availability of a wide range of worldwide brands, steep discounts, free delivery, and simple return policies are all enticing customers to shop. Online shops offer a diverse choice of products at varied rates, making it easier to suit the needs of a wide range of customers, particularly those on a budget.

Regional Insights                                                                                                  

In 2020, North America held the largest revenue share of over 40.0%. This regional market is being driven by an increase in the number of pet owners, the growing concerns over the wellbeing of pets, and increased knowledge among pet owners about various health hazards.

The strong sales and growth data reflected a strong year for the U.S. pet industry, which not only weathered a global pandemic and resulting economic crisis but thrived as more people added pets to their homes and focused on their pets' health and well-being as full-fledged members of their families, as presented by Steve King, president and CEO of APPA, during Global Pet Expo Digital Access.

Key Companies & Market Share Insights        

The market for pet supplements is characterized by the presence of several well-established players. Some of the main players in the market are focusing on making a social effect by offering a selection of cat and dog food items to help animals stay healthy. For example, Vetoquinol S.A. started the "Green packaging" project in December 2020. This project was part of the company's long-term development strategy, and it aimed to steadily improve the veterinary laboratory's palettization plans.

Many pet supplement manufacturers are developing new pet supplements with diverse components to highlight their creative product offerings in order to boost brand visibility, gain new clients, and drive revenue development. For instance, CBD, hemp oil, krill oil, and silver are some of the constituents. Palatability and pet acceptability issues can be solved by using appealing product shapes like nutrition bars and meal toppers and natural flavors like peanut butter and banana. Some prominent players in the pet supplements market include:

• Nestlé Purina Petcare

• Food Science Corporation

• Ark Naturals

• NOW Foods

• Virbac

• Kemin Industries, Inc.

• Novotech Nutraceuticals, Inc.

• Zoetis Inc. (Platinum Performance)

• Bayer AG

• PetHonesty

• Nutramax Laboratories, Inc.

• Manna Pro Products, LLC

• Honest Paws

• Garmon Corporation

• Zenwise

• Only Natural Pet

• Dechra Pharmaceuticals PLC

Pet Supplements Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global pet supplements market report on the basis of pet type, distribution channel, and region:

• Pet Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Dogs

  • Cats

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Russia

    • Spain

  • Asia Pacific

    • China

  • Central & South America

    • Brazil

    • Argentina

    • Columbia

    • Chile

    • Panama