A Detailed Analysis of the Pet Dietary Supplement Market Based on Growing Consumer Demand for Pet Dietary Supplements, Rising Numbers of Pet Owners, and the Humanization of Animals
Report ID: PMRREP33752
Number of Pages: 155
Format: PPT*, PDF, EXCEL
Industry: Food and Beverages
Published Date: January-2024
The global pet dietary supplement market is forecast to expand at a CAGR of 8.1% and thereby increase from a value of US$4.3 Bn in 2023 to US$7.5 Bn by the end of 2030.
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Attributes |
Key Insights |
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Pet Dietary Supplement Market Size (2023E) |
US$4.3 Bn |
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Projected Market Value (2030F) |
US$7.5 Bn |
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Global Market Growth Rate (CAGR 2023 to 2030) |
8.1% |
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Historical Market Growth Rate (CAGR 2018 to 2022) |
7.3% |
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Revenue Share of Top Four Countries (2022E) |
47% |
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Pet dietary supplements are foods that have been specially prepared to assist in correcting nutrient imbalances in animals. The essential nutrients included in these supplements support a pet's immune system. In addition, these supplements lower the risk of inflammation, diabetes, cancer, and heart disease in animals. Nowadays, there is a growing concern among pet owners for the health and welfare of their animals. These kinds of nutritional supplements help to protect pets' skin and hair and strengthen their joints. The two primary ingredients in pet nutritional supplements that aid in the treatment of arthritis in animals are glucosamine and chondroitin.
The pet dietary supplement market is growing because of its potential to treat a variety of allergies, anxiety, and digestive problems in pets. In addition, shifting socioeconomic conditions and a growing trend toward animal humanization are factors driving the market's expansion. However, the market for pet dietary supplements is not developing as profitably as it should because of a lack of knowledge about the advantages of these products. In the near future, the market for pet dietary supplements is anticipated to be significantly supported by the rise in the popularity of raw food feeding and natural supplements for animals.
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One of the main elements fueling the need for pet dietary supplements has been the enormous increase in pet ownership and population worldwide following COVID-19. The hallmark of this phenomenon is the rising number of people and households choosing to include pets in their lives, which has resulted in a thriving pet population in many different places. Nonetheless, acknowledging the emotional and psychological advantages that pets provide to people and families is a significant component. Pets—especially dogs and cats—offer unconditional love, companionship, and stress relief that is increasingly being recognized. The adoption of pet ownership by more households as a result of this realization has increased the market for pet dietary supplements. Another motivating factor in this perspective is the idea of pet humanization. It represents a change in perspective where animals are considered essential members of the family instead of just companions. As a result, there has been an improvement in diet and pet care. These pet owners are very actively looking for methods to improve the general quality of life for their animals, in line with the thought and care given to other family members.
Regulatory Difficulties and Pet Dietary Supplement Safety Issues
Pet dietary supplement makers must frequently adhere to a patchwork of regulatory regimes because the business operates in a worldwide setting. Specific rules and specifications apply to pet dietary supplements in different countries. The FDA's restrictions in the US, for instance, are not the same as those in the EU or most Asian nations. Companies aiming to expand their product line abroad may find this diversity intimidating. Furthermore, the approval process for a new pet dietary supplement frequently takes a long time and is rather complicated. Toxicology studies and clinical trials are among the many forms of strong proof of safety and effectiveness that manufacturers must present. Additionally, the lengthy and costly procedure may discourage smaller businesses from entering the market. Regulatory bodies examine the claims and labeling of pet dietary supplement items very carefully. Legal action and product recalls may result from making false or misleading promises. Supplements and veterinary pharmaceuticals are frequently in competition, and some pet owners may feel that prescription drugs are safer or more effective than supplements.
Increasing Online Sales Channels and E-Commerce
Pet dietary supplement companies can reach a worldwide audience by growing their e-commerce and internet sales channels. Online shopping is available anywhere in the world, unlike conventional establishments that are limited by region. This is particularly helpful for companies trying to go into overseas markets where pet ownership is rising. It enables companies to reach a large consumer base and get over regional restrictions without having to invest in physical growth. Additionally, buyers have the flexibility of purchasing whenever they choose, regardless of their time zone, thanks to online sales channels that are available around the clock. Due to the fact that it is available 24/7, it can draw in more clients and boost revenue because it fits into the varied schedules of pet owners. Furthermore, e-commerce platforms can make effective inventory management easier. The possibility of overstocking or understocking products is reduced when inventory levels are tracked in real-time. This improves consumer satisfaction by guaranteeing that products are continuously available to fulfill demand and aids in cost control.
Rising Sensitivity of Consumer Towards Cost
The growth of the pet food and supplement business is significantly impeded by consumer price sensitivity. Pet owners may become more frugal when it comes to buying things for their animals, especially during difficult economic times. This sensitivity may make it more difficult for the market to introduce and offer expensive, high-quality pet food and supplements. Affordability-conscious shoppers might choose less costly options, which could have an impact on the sales of premium offers. Manufacturers and suppliers might find it difficult to stay profitable while satisfying consumers who are price-conscious, which could limit their ability to make investments in R&D for novel and high-quality products. Additionally, the industry is prevented from fully utilizing the potential for premiumization and customized nutrition by the existence of cost-conscious consumers. Businesses in the pet food and supplement industries frequently have to find a balance between delivering premium products and value-focused solutions, all the while transparently disclosing the quality and advantages of their products to support their higher price points.
Rising Disposable Income in South Asia & Oceania will Boost its Expansion
South Asia & Oceania pet dietary supplement market is expected to grow at a significant rate over the forecast period. For a number of important reasons, the pet food and supplement market is expected to grow significantly in this region. Particularly among the emerging middle class, the region's fast urbanization and rising disposable money have contributed to the rise of the pet ownership culture. The demand for premium pet food and supplements has increased as a result. Furthermore, the shift in customer preferences toward high-end and natural products has accelerated market expansion. A wide range of pet owners in the area can choose from a sizable and varied clientele, which includes animals other than dogs and cats. South Asia & Oceania are significant players in the market thanks to growing e-commerce platforms and a focus on pet wellness and health.
What do our Analysts Predict for the Future of Pet Dietary Supplement Market?
One of the main reasons driving the market expansion is the growing educational initiatives of pet health groups, supplement producers, and veterinarians, which are raising awareness of the significance of pet nutrition. In addition, the growing developments in the form and functionality of pet dietary supplements—such as chewables, gummies, and time-release capsules—that make the products easier to give and more pleasant are supporting the market's expansion. Additionally, the development of pet-specific retail outlets—both physical and virtual—that facilitate owners' search for focused solutions for their pets' health is driving the market's expansion. Furthermore, the market is growing because of the rising incidence of pet health conditions like obesity, diabetes, and joint disorders, which is driving up the need for supportive and preventive treatment, which includes supplements.
Supply-side Dynamics
With one of the highest rates of pet ownership in the world, the United States is a significant supplier of dietary supplements for pets. Additionally, the region's growing consumer buying power is encouraging pet owners to spend more on premium supplements and other aspects of pet care, which in turn is expanding the supply of these supplements. Furthermore, the United States of America is home to numerous top-tier pet dietary supplement producers who are consistently conducting research and development (R&D) to meet a variety of pet requirements. In addition, the region's regulatory system, which guarantees that pet dietary supplements follow particular safety and efficacy criteria and fosters customer trust, is supporting the market's supply.
Which Product Type is Expected to Benefit the Most from Revenue Generation?
Growth of Multivitamins Category Due to Rising Health and Wellness Trends for Pets
The multivitamins category dominated the pet dietary supplement market in 2022 because it may be applied to a wide range of pet kinds and life stages. Multivitamins should be an integral part of any pet owner's routine because they are critical for resolving nutritional deficiencies and general health issues in animals. They provide a practical and all-inclusive method of guaranteeing that pets get the vital vitamins and minerals they need to be healthy. Moreover, the glucosamine category is anticipated to grow at a significant rate over the forecast period. Active breeds and older pet populations highly seek after it due to its reputation for treating joint problems well. Furthermore, glucosamine and other calming chemicals are included in a lot of joint supplements, which help shield the joints from damage and prevent arthritis.
Which Application Will Be Targeted the Most for Sales?
Growing Incidence of Joint-related Problems will Boost the Growth of Conventional Category
The joint health category dominated the pet dietary supplement market in 2022. The market for joint health supplements is being driven by the rising incidence of joint-related problems, such as osteoarthritis, in animals. Pets with better overall joint health benefit from joint health supplements that also help reduce inflammation and increase mobility. Additionally, long-term usage of hip and joint supplements is advised to ensure continued market demand. Moreover, the skin and coat health category will grow at a substantial rate in the forecast period. Pet owners' growing knowledge of the advantages of nutritional supplements in enhancing the health of their skin and coats is fueling the market for pet dietary supplements. Supplements supporting the health of the skin and coat can help pets scratch and itch less, reduce shedding, and maintain healthy skin and coats.
Why is North America Emerging as a Dominating Region?
Increasing Pet Ownership in North America to Fuel Growth Market
In the forecast period, North America is anticipated to maintain its dominant position in the pet dietary supplement market. Pet ownership is among the greatest in the world in North America, especially in the United States. The National Pet Owners Survey indicates that a sizable portion of American homes have pets. Consequently, there is a greater market for supplements and other pet-related goods due to the high percentage of pet ownership. In addition, pet owners in North America are becoming more conscious of the health and welfare of their animals. Spending on pet health goods, including supplements, has increased as a result of increased awareness. Pet owners are more prepared to spend money on these goods for their animals since they are aware of the advantages of supplements for problems including skin diseases, digestion problems, and joint health.
There are many well-established and up-and-coming competitors fighting for market dominance in the fiercely competitive global pet dietary supplement market. Additionally, the worldwide market for pet dietary supplements is distinguished by fierce rivalry, creativity, and an emphasis on sustainability. To obtain a competitive edge and boost their market share, businesses are spending money on R&D, growing their distribution networks, and emphasizing sustainability. In addition, the prominent competitors functioning in the market include Nestle SA, Novotech Nutraceuticals, Inc., Mars Incorporated, Zoetis, Blue Buffalo Co. Ltd., among others. Companies are concentrating on tactics including partnerships, mergers and acquisitions, product launches, and collaborations in order to obtain a competitive advantage in the market.
New Product Launch
March 2023: Pedigree Multivitamins marked Mars Petcare's entry into the pet nutritional supplement market. The three main pet needs that the new soft chew line is intended to fulfill are digestion, joint care, and immunity. Every supplement contains at least eight vitamins, active ingredients that provide specific benefits, and chicken that is 100% natural.
Market Impact: This development contributes to the growing trend of pet owners seeking comprehensive solutions for their animals' well-being. Mars Petcare's foray into the pet dietary supplement industry could encourage innovation and uniqueness because of the possibility of heightened competition among these companies. The emphasis may impact consumer preferences and market dynamics on natural ingredients, which may attract in customers who are worried about their health.
September 2022: The vegan animal nutrition company Opal Pets has introduced a new vitamin supplement called Perfect Powder. The powder can support a well-rounded plant-based diet as a comprehensive vitamin, mineral, and amino acid supplement. L-carnitine, taurine, amino acids, calcium, B vitamins, and other essential nutrients for dogs are all included in Perfect Powder.
Market Impact: This product may appeal to pet owners looking for plant-based substitutes, which could affect market dynamics and competition in the vegan animal nutrition market. Furthermore, its all-inclusive combination of necessary nutrients for canines can establish it as a dependable and practical option in the pet nutritional supplement industry. The effectiveness of the product, marketing tactics, and consumer knowledge of the advantages of a well-balanced plant-based diet for pets will all play a role in its success.
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Details |
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Forecast Period |
2023 to 2030 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
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The market is anticipated to grow at a CAGR of 8.1% during the projected period.
The pet dietary supplement market was valued at US$4.3 billion in 2023.
The U.S. held the largest market share in 2023.
The prominent players in the market are Nestle SA, Novotech Nutraceuticals, Inc., Zoetis, Mars Incorporated, Blue Buffalo Co. Ltd., among others.
The glucosamine segment is expected to grow at the fastest growth during the forecast period.
