LONDON, Feb. 26, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Pet Supplements Global Market Report 2024, the pet supplements market is expected to continue its strong growth trajectory in the coming years. According to projections, the pet supplements market size will reach $2.26 billion in 2024, with a compound annual growth rate (CAGR) of 6.9%. By 2028, the market is forecasted to grow to $2.98 billion at a CAGR of 7.1%.
The increase in adoption of dogs, cats, and other pets is expected to fuel this growth, as pet owners prioritize their pets' health and well-being. Additionally, companies are innovating to meet the demand for plant-based and vegan supplements, providing consumers with alternative options.
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Factors Driving Growth
Several factors contribute to the robust growth of the pet supplements market:
Increased Pet Ownership
One of the primary drivers of the pet supplements market is the rising number of pet owners worldwide. According to Forbes Advisor, as of 2023, 66% of American families, or 86.9 million residents, owned pets. This increase in pet ownership leads to a higher demand for products that promote pet health and well-being.
Veterinary Recommendations
Veterinarians play a crucial role in promoting pet supplements. As awareness of preventive care grows, veterinarians are recommending supplements to address various health issues in pets. Pet owners trust their veterinarians' recommendations, leading to increased sales of pet supplements.
Humanization of Pets
Pets are increasingly viewed as members of the family, leading to a growing emphasis on their health and wellness. Pet owners are willing to invest in supplements to improve their pets' quality of life, just as they would for themselves or their human family members.
Ageing Pet Population
As pets age, they may require additional nutritional support to maintain their health and mobility. Pet supplements targeted at senior pets address specific needs associated with ageing, such as joint health and cognitive function, driving growth in this segment of the market.
Rising Awareness of Preventive Care
With growing awareness of the importance of preventive healthcare, pet owners are proactively seeking ways to keep their pets healthy. Supplements that support overall health and address specific issues such as skin and coat care or digestive health are becoming increasingly popular among pet owners.
Market Segmentation
The pet supplements market can be segmented based on several factors:
Supplement Type
- Essential Fatty Acids
- Probiotics
- Antioxidants
- Multivitamins
- Enzymes
- Other Supplements
Product Form
- Chewable
- Soft Gels
- Capsules
- Other Forms
Pet Type
- Dogs
- Cats
- Other Pets
Distribution Channel
- Online E-commerce
- Retail Stores
Application
- Skin and Coat
- Hip and Joint
- Digestive Health
- Other Applications
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Key Players
The pet supplements market is dominated by a few key players, including Nestlé S.A., Mars Inc., and Virbac. These companies have significant market share and offer a wide range of products to meet the diverse needs of pet owners.
Regional Analysis
North America leads the pet supplements market, accounting for the largest share of total revenue in 2023. However, other regions, such as Western Europe and Asia-Pacific, are also experiencing growth in the pet supplements market, driven by increasing pet ownership and rising awareness of pet health issues.
In conclusion, the pet supplements market is poised for continued growth, driven by factors such as increased pet ownership, veterinary recommendations, and the humanization of pets. As pet owners continue to prioritize their pets' health and well-being, the demand for high-quality supplements is expected to rise, presenting opportunities for innovation and expansion in the industry.
Pet Supplements Global Market Report 2024 by The Business Research Company provides insights on the pet supplements market size, pet supplements market segments, pet supplements market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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