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Market Overview
- The Global Pet Supplements Market is expected to grow at a CAGR of 5.14% during the forecasting period (2020-2027).
- Supplements provide additional health and nutritional benefits over the normal diet. The key ingredients used in the production of pet supplements include Methylsulfonylmethane (MSM), Boswellia, Yucca, Glucosamine, Chondroitin, and many others. Omega fatty acids help lower seasonal allergies, itchy & flaky skin, unwanted or extreme shedding, and some other health conditions in pet animals. The potential health benefits associated with the oral consumption of supplements by pet includes joint support, weight management, digestive support, and many others. Pet owners are eventually seeking to adopt supplements to support cognitive health, heart health, and skin/coat health for their pets.
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Market Dynamics:
- Increasing interest in preventive care products by the pet owners to improve the health symptoms and issues of pets is the primary factor driving the global pet supplements market. Pets with arthritis, anxiety, digestive issues, allergies, and other health-related issues are being fed with supplements to improve the quality of life. Increased occurrence of bone-related diseases such as osteoarthritis with aging boosting the interest of pet owners towards the feeding of calcium supplements in addition to regular food. Concerns such as lack of enough nutritional content in traditional animal feed are expected to boost the market for pet supplements globally during the forecast period. Furthermore, increasing the adoption of pets by the millennials combined with growing concerns over their pet health is estimated to boost the market for pet supplements globally.
- However, the presence of health-related side-effects through excessive consumption of pet supplements and the high cost of these products are major factors hindering the growth of the pet supplements market.
Market Segmentation Analysis
- The global pet supplements market is segmented based on supplement type into essential fatty acids, probiotics, antioxidants, multivitamins, enzymes, and others.
- Essential fatty acids are expected to dominate the global pet supplements market owing to increased adoption by the pet parents due to the role of fatty acids in the overall wellness of the pet. Essential fatty acids (Omega-3 & Omega-6 oils) derived from fish such as salmon and green-lipped mussels are extensively used as a supplement for pets. These essential fatty acids help in maintaining cardiovascular, neurological, skin, nail, and coat health. These fatty acids have the potential to reduce shedding, promote the growth of the undercoat, and reduce the tendency to inflammation.
Market Geographical Analysis
- By region, the global pet supplements market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east, and America.
- The United States is dominating the global pet supplements market owing to the high presence of the pet population combined with increased spending by the pet parents in preventive healthcare. Increased adoption of pets by the communities and growing consumer awareness regarding dietary supplements is further expected to boost the market for pet supplements in the United States during the forecast period. According to the data published by the American Pet Products Association, the annual expenditure by pet owners over a pet is expected to increase from USD 72.56 Billion in 2018 to USD 75.38 billion in 2019 providing similar market growth for pet supplements in the United States during the forecast period.
Competitive Analysis
- The key companies in the global pet supplements market are focusing on improving market presence and share in the respective region through acquiring innovative and emerging companies in respective industries. Increasing consumer demand for CBD based supplements led emerging companies to invest in developments of novel CBD-based supplements to cater to the market demand.
- 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.
- Some of the key players in the global pet supplements market include Now Foods, Bayer AG, In Pet Supplements, NaturVet Company, VetriScience Laboratories, and many other companies.
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