Publication Month: Feb 2023 | Report Code: TIPRE00019974 | No. of Pages: 153 | Category: Food and Beverages | Status: Published
Pet supplements are processed food made of plant and animal raw materials with a concentrated source of nutrients to compensate for protein, vitamins, or mineral deficiencies. These supplements provide essential nutrients to animals, which helps to improve the overall growth of the pets. An increasing number of product innovations to meet the rising demand for health and convenience, growing demand for immunity-boosting pet supplements, and rising consumer preference for e-commerce platforms are a few of the factors driving the growth of the pet supplements market. The pet supplements market is segmented on the basis of form, pet type, and distribution channel.
In 2021, North America held the largest share of the global pet supplements, and Asia Pacific is estimated to register the highest CAGR during the forecast period. The North America pet supplements market is growing significantly, owing to the increasing trend of pet humanization, which is boosting the demand for pet food, treats, and supplements. The rising awareness of the high nutritional benefits of pet supplements influences consumers’ purchasing decisions. Pet owners have been spending significantly on nutrition such as pet supplements to meet the nutritional requirement of their pet’s health. According to the National Pet Owners Survey (2021–2022) conducted by the American Pet Food Association, pet ownership increased from ~67% in 2021 to 70% in 2022. Moreover, millennials were revealed to be the largest group of pet owners, with a share of 32%, followed by baby boomers (27%) and generation X (24%). Further, the rising tendency of these pet owners to improve the immune systems of their pets, strengthen their bones, improve digestion, and treat various skin allergies is also driving the demand for pet supplements in North America. Hence, fueling the pet supplements market growth.
During the lockdown periods, the need for animal companionship increased in North America. According to the National Pet Owners Survey conducted by the American Pet Products Association (APPA), 70% of households in the US (~90.5 million households) own one or more pets, the majority being dogs and cats. In addition to the rise in pet adoption, the growing trend of pet humanization and consumer focus on clean-label pet food with high-quality, natural ingredients triggered the demand for pet supplements. A massive shift toward the online purchase of pet supplements further contributed to the pet supplements market growth. However, disruptions in manufacturing and raw material sourcing operations hampered the pet supplements market growth in North America.
In 2021, the pet supplements market in North America began recovering from the financial losses incurred in 2020. Governments of various countries announced relaxations in various social restrictions, while manufacturing units resumed operations with partial or complete employee strength. These favorable conditions enabled companies in the pet supplements market in North America to ramp up their production volume and overcome the previously created demand and supply gaps. Therefore, augmenting the pet supplements market growth during the forecast period.
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Pet owners want their pets to receive proper nutrition, which can help them lead happy and healthy lives. Pet parents check the nutrients and additives included in pet supplements to ensure that their pets are receiving the most appropriate and beneficial care. The increasing preference for a healthy diet and rising awareness regarding the benefits of natural ingredients has surged the demand for natural pet supplements. For instance, in December 2022, Pet Supply, a retailer in the US, stated that they observed significant growth in the natural pet supplements category in the past five years. These type of studies, and observatory data fueling the pet supplements market growth.
In addition, pet owners are willing to pay more for premium and customized pet supplements to ensure the healthy life of their pets. According to the survey conducted by the American Pet Products Association (APPA), 51% of pet owners are willing to pay more for ethically sourced and eco-friendly pet products in 2021. Similarly, Vitamin Retailer reported that one of the major trends in the pet health marketplace is the increasing demand for high-quality and safe natural ingredients. Thus, the increasing consumer preference for natural ingredients in pet supplements has been anticipated to fuel the pet supplements market growth during the forecast period.
Based on form, the pet supplements market is segmented into chewable, powder, and others. The chewable segment held the largest share of the market in 2021. Chewable supplements, including chewable tablets, chewable capsules, or soft chews, are popular among the pet owners as they offer an easy modality for both young and older pets to consume supplements. A large number of pet supplement manufacturers offer their products in chewable format owing to their popularity among the pet owners. Moreover, pet parents worldwide are interested in premium products with functional claims. They demand chewable supplements with functional ingredients that serve a purpose in the pets’ nutrition and no “filler” ingredients. Hence, the demand for chewable pet supplements has gained popularity and will continue to accelerate during the forecast period.
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Based on pet type, the pet supplements market is segmented into dogs, cats, and others. The dogs segment held the largest share of the market during the forecast period, and it is also projected to register the highest CAGR during the forecast period. Dogs are the most popular and beloved pets among the pet owners worldwide. According to the National Pet Owners Survey of 2019–2020, conducted by the American Pet Products Association, there were 63.4 million households in the US that owned dogs. Further, the trend of pet humanization has been growing across the world, which has increased the number of pet owners spending significantly on pet food and supplements to keep their pets active and healthy. Dogs have specific requirements for proteins, carbohydrates, fats, vitamins, amino acids, and minerals. Pet supplements are fortified with these nutrients to fulfil the nutritional requirements of dogs. Thus, the high adoption of dogs as pets, along with increased spending by pet owners on their well-being, is anticipated to drive the pet supplements market growth in the dogs segment during the forecast period.
Based on distribution channel, the pet supplements market is bifurcated into online and offline. The offline segment accounted for a larger market share in 2020. Offline segments include brick-and-mortar stores such as supermarkets and hypermarkets, pharmacies, and pet shops. Supermarkets and hypermarkets are huge retail stores that offer pet grooming products, pet food, pet toys, and pet supplements in a single location. These stores offer a wide variety of products where customers can select their choice of products. They also give discounts and attractive offers to their loyal customers.
The major players operating in the pet supplements 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. They have a widespread global presence, which provides them to serve a large set of customers, and this subsequently increases their market share. These market players focus heavily on new product launches and regional expansions to increase their product range in specialty portfolios and meet the growing consumer demand across the globe.
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