Pet Supplements Market is expected to reach US$ 3,200.77 million by 2028

The pet supplements market is expected to reach US$ 3,200.77 million by 2028; registering at a CAGR of 5.8% from 2022 to 2028, according to a new research study conducted by The Insight partners

Rising Number of Pet Owners to Drive Pet Supplements

In recent years, increasing disposable income and growing interest of millennials, especially adults in their early 20s and late 30s, in pet adoption are a few factors supporting the pet culture across the globe. In addition, due to the onset of the COVID-19 pandemic, people were working from home and self-isolating; this change in lifestyle inspired them to own pets. Since there was no evidence that pets could contribute to the spread of COVID-19, people felt safe with an animal companion that provided mental and emotional support during the pandemic. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), approximately 90.5 million or 70% of the households in the US owned one or more pets, the majority being dogs and cats.

Pet Supplements Breakdown – by Region

It has been observed that the spending on pets for their well-being has increased across the globe, along with increasing pet adoption. Rising consumer spending on pet care categories is attributed to the growing trend of pet humanization. Customers are also spending on premium pet food and products that are healthy and nutritious. There is a growing focus on pet health and wellness, sustainable products, and natural and locally-sourced ingredients. This factor fueling the pet supplements market growth. Pet owners are also investing in special pet diets and indulgent products, which offer a better quality of life to their pets. Pet supplements help to improve the immune system and reduce the risk of heart disease, inflammation, cancer, and diabetes. In addition, these supplements also help to improve skin health and enhance the ability to reduce common health problems such as itchy skin, environmental allergies, and bacterial infection. Thus, the rising number of pet owners globally is boosting the demand for pet supplements. Hence, this anticipated the pet supplements market growth.

A few of the key players operating in the global 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 have a widespread global presence, which allows them to serve a large set of customers, and this subsequently increases their market share. They heavily focus on new products launch and geographical expansion to expand their product range in specialty portfolios. These strategic initiatives by the key players surging the pet supplements market growth.

Impact of COVID-19 Pandemic on Pet Supplements

During the initial phase of the COVID-19 pandemic, the demand for pet supplements increased considerably due to panic buying and stocking pet supplement products, and an increase in the trend of pet well-being. The lockdown restrictions and manufacturing unit shutdowns in the later pandemic led to a production shortfall, creating a demand and supply gap. These factors hampered the profitability of various small-scale and large-scale pet supplement manufacturers. However, a surge in the pet adoption rate during the pandemic benefitted the pet supplements market. During the COVID-19 pandemic, prolonged periods of staying at home, working from home, and self-isolation inspired people to adopt pets. Since there was no evidence that pets could contribute to the spread of COVID-19, they felt safe turning to animal companions for mental and emotional support during the pandemic. The increasing adoption of pets bolstered the demand for pet products, especially pet supplements, as pet owners were more concerned for their health and well-being. This factor surging the pet supplements market growth. However, as the impact of the pandemic subsided, the number of new pet adoptions is likely to decrease, as people would frequently leave their homes for work and other recreational activities. Also, the care for the pets is must, and takes lot of maintenance of cost, and time for their wellbeing, people are avoiding pet adoption. This factor hampering the pet supplements market growth.

The report segments the pet supplements as follows:

Based on form, the pet supplements market is segmented into chewable, powder, and others. Based on pet type, the market is segmented into dogs, cats, and others. Based on distribution channel, the pet supplements market is bifurcated into online and offline. Based on geography, the pet supplements market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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