Pet humanization influences the purchase decisions of pet supplement products
Pet humanization has received a lot of attention in mainstream media in recent years. A study conducted by the American Pet Products Association(APPA) under “National Pet Owners Survey 2018-19" reveals that more than 76.8 million households in the United States have one or more pets, with dogs being found in 39% homes. As pets have increasingly become viewed as family members, pet owners are willing to increase their annual spending on pet supplements. Owners frequently visit veterinarians and change the diet plans of their pets to maintain their health and well-being. Increasing adoption of pets by the millennials and increasing spending combined with growing concerns over their pet health is estimated to boost the market for pet supplements globally. With many affluent pet owners (particularly in the US) increasingly willing to spend USD 5,000, USD 10,000, or even USD 20,000 or more on pet healthcare, the health preservation and preventative benefits of pet supplements are becoming more appealing. For example, a growing number of veterinary surgeons in the US now replace canine hip and knee joints (at the cost of around US$5,000, exclusive of post-operative physical therapy). Moreover, some veterinary hospitals now offer a full range of high-end diagnostic procedures like CT and MRI scans, usually costing between USD 1,000-1,500. As veterinary healthcare costs rise, people prefer pet supplements for their pets. Dog owners aged 25-34 skew particularly high for buying supplements for their animals. As pets grow older, their ability to chew and digest food decreases; hence, highly digestible supplements made with high-quality ingredients are essential for aging pets.
Covid Impact
The global pet supplements market is positively affected by COVID-19. Global pet supplements' market revenue shot up from USD 1,731.97 million in 2020 to nearly USD 1,561.21 million in 2019. The demand for pet supplements increased from y-o-y growth of 5.30% in 2019 to y-o-y growth of 10.94% in 2020. The intensified focus on pet health and wellness, with locked-down pet owners in closer contact with their pets and thus more in tune with their health needs, and the heightened demand for natural remedies offering relief from stress and anxiety, with CBD leaping off the charts among humans and pets alike are some of the key factors driving the market growth. Adding to this, the pandemic-accelerated migration of consumers online, where supplements tend to excel due to their small size/low shipping costs, info-centric nature, need for replenishment, and customizability, and the pandemic- the driven influx of new pets into the market among worried and families seeing the comfort, companionship, and diversion pets offer. The outlook remains solid for the foreseeable future, with online retail sales of pet supplements expected to well exceed USD 566.22 million by 2027.
Asia Pacific is growing at the fastest CAGR of 5.7% during the forecast period (2022-2029)
Asia Pacific evolved as the fastest-growing region with a CAGR of 6.92% during the forecast period. This region's market value is likely to reach USD 324.55 million in 2027, from its recorded value of USD 188.97 million in 2019. Changing consumer lifestyles and increasing disposable income drive the acceptance of pets in high-income groups and middle-income groups. With the increase in disposable income, consumers now have the financial freedom to spend on pet adoption and premium-quality pet healthcare products. Japan, China, and South Korea are some of the leading countries for adopting and using pet supplements in APAC. Japan and China are contributing significantly to the sales of pet dietary supplements in the region. Japan held the highest market revenue share of 33% in the year 2019. Japan's pet supplements market is likely to reach USD 98.69 million in 2027, from its recorded value of USD 63.47 million in 2019, growing with a CAGR of 5.53% during the forecast period. The number of pets in Japan has been continuously growing. For instance, the number of pet cats in 2016 is 9.3 million, increasing to 9.5 million in 2017. The growing number of pets in Japan is anticipated to boost the pet supplements market rapidly in the future. Moreover, another driver for the market in Japan is the humanization of pets, wherein human characteristics are ascribed to pets, and they are treated similarly. This trend resulted in an increased focus on pet health, nutrition, weight, and overall wellness. Hence, specialized food and supplements for cats and dogs are experiencing high growth in the country. Moreover, pet-related drug manufacturers in Japan have developed various drugs to respond to market needs. For example, Nippon Zenyaku Kogyo focuses on atopic dermatitis drugs based on a genetic recombination technology. Kyoritsu Seiyaku is selling supplements nationwide made from an extract of a chinaberry that inhibits cancer in dogs.
Pfizer, the world's largest pharmaceutical company, has a wide range of drugs for dogs and cats. Vaccines, antiphlogistic analgetic, antibacterial agents, and supplements are their competitive products in particular.
DHC Corporation is one of the biggest online stores in Japan. They offer Japanese brand pet supplements for dogs and cats under their product portfolio.
On the other hand, China held a significant market revenue share of 22% in 2019. The country witnessed a market value of USD 23.97 million in 2019, growing with the highest CAGR of 8.94% during the forecast period. This is primarily because pet ownership has gradually been spreading from rural to urban areas.
About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within less than a year, we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: [email protected]
Tel: +1 877 441 4866
Website: www.datamintelligence.com
