The Global Pet Supplements Market valued USD 1,561.21 million in 2019 and expected to grow at a CAGR of 6.18% during the forecast period 2020-2027.

Published Date: 2021-02-26

agriculture

DataM forecast the Global Pet Supplements Market is anticipated to grow at a CAGR of 6.18% from 2020-2027. 

Implementation of several marketing strategies by market players, such as partnerships and acquisitions, will proliferate this market's growth. For instance, in 2019, Dane Creek Capital Corp. acquired RawPaw Supplements for dogs and cats. The E-commerce store segment is expected to grow with the fastest CAGR of 9.54% during the forecast period. Due to the increasing penetration of smartphones and growing internet retailing, consumers are majorly comfortable with online shopping. Hence, the easy availability of supplements through offline and online distribution channels will boost the market growth in the coming years. Asia Pacific is estimated to exhibit the highest CAGR of 6.92% over the forecast period due to increasing urbanization, the growing trend of nuclear families, and changing perception towards animals, thereby increasing pet adoption rates in emerging countries. 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 Dynamics

Drivers

  • Increasing health problems in pets are driving the need for pet supplements.
  • Pet humanization to influence the purchase decisions of pet supplement products
  • Better palatability of dietary supplements

Restraints

  • Presence of health-related side-effects through excessive consumption of pet supplements 
  • The growing importance of functional pet food products

Increasing health problems in pets are driving the need for pet supplements.

As pets age, their memory, ability to learn, and sensory organs' functioning tend to decline. With advancing age, most pets also become obese, and their health deteriorates—for instance, a dog's age, their metabolism changes and the need for calories decreases. Due to metabolic changes, dogs tend to put on weight, which leads to diabetes; damage of joints, bones, and ligaments; heart disease; increased blood pressure; decreased liver function; digestive disorders, and other related issues. Approximately 25 percent of dogs are diagnosed with arthritis in their lifetime, and as many as 60 percent of dogs have radiographic evidence of it. Approximately 25-30% of the general canine population in North America is obese, with 40-45% of dogs aged 5-11 years old weighing higher than normal. As of 2019, more than 100 million pets are overweight or obese in the US. 

The nutritional needs of older dogs also vary, and they require food with more fiber and less fat content. Several supplements are being developed to address these age-specific dietary needs, which are expected to drive market growth. For example, Be Well for Dogs and Be Well for Cats, which are whole food supplements with naturally high omega-3 fatty acids, are designed specifically for aging dogs and cats. For joint problems in pets, supplements are widely preferred over functional food. 

Horses also develop different ailments with progressing age like arthritis, liver and kidney dysfunction, cataracts, and degenerative joint disease. By providing the right nutrition and dietary supplements, these disorders can be avoided. For instance, Equi Jewel and EndurExtra provide the required dietary supplements for older horses. SmartFlex Senior Pellets, SmartVite Thrive Senior Pellets, and Smartcombo Senior Pellets are some other examples of aging horses' supplements. These products offer vitamins, minerals, and nutrition for joint and hoof health and help increase immunity. 

Geographical Analysis

North America occupied the highest market share of 50% in 2019, which is expected to remain flat to reach 52% by 2027

North America is the largest regional market in the global pet supplements market, estimated to account for a share of 50% in total dollar sales in 2019. Growing concerns over protecting skin allergies and health diseases have majorly driven the North American pet supplements market. 

North American pet supplements market valued at USD 778.49 million in 2019 and is estimated to grow at a CAGR of 6.20% during the forecast period 2020-2027. The U.S dominated the North American pet supplements market with a market revenue share of 92% in 2019.

67% percent of U.S. households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). This is up from 56 percent of U.S. households in 1988, the first year the survey was conducted. 

Pet owners are increasingly focusing on providing their pets with supplements to prolong their lifespan and prevent illness. In the US, pet humanization is driving the growth of the pet supplements market. 

The pet humanization trend has encouraged more consumers in the US to spend on premium products and products that supplement pet food with the required nutrients.

According to the American Pet Product Association 2017-2018 Pet Ownership Survey, 68% of American households own a pet and spend an average of USD 300 annually on pet food and dietary supplements. As North America is responsible for 31% of pet food production worldwide, this, together with the huge demand for pet care, drives the American pet supplements market.

Pet owners in the age group of 32-50 years are regarded as the primary target audience for this market. They contributed a significant share of pet stores' revenue in the last five years and will continue to do so during the forecast period. 

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DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of 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

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