IMARC Group has recently released a new research study titled “Pet Supplement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the pet supplement market share, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the pet supplement market?
The global pet supplement market size reached US$ 1.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.
Global Pet Supplement Market Trends:
The growing focus on pet health and wellness is driving the growth of the market across the globe. This is primarily attributed to pet owners' increasing awareness and willingness to invest in their pets' well-being which is further fueled by the humanization of pets, where owners treat their pets as family members and seek products that mirror human dietary supplements. Additionally, there's a surge in the demand for natural and organic supplements, reflecting a broader shift towards cleaner, more sustainable products.
The market is also driven by the rise in the availability of condition-specific supplements, targeting issues like joint health, digestion, and skin and coat care. E-commerce is becoming a significant channel, offering convenience and a wide range of options for pet owners. Apart from this, personalized and customized supplement solutions are gaining traction, thus catering to the specific needs of individual pets.
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Factors Affecting the Growth of the Pet Supplement Industry:
- Increasing Focus on Pet Health and Wellness:
One of the primary drivers of the pet supplement market is the increasing consciousness of pet owners towards the health and well-being of their pets. This shift is largely due to the growing humanization of pets, where they are increasingly treated as integral family members. Consequently, there is a greater willingness among pet owners to invest in products that promote the health and longevity of their pets. This includes supplements for various purposes, such as joint health, digestive aid, skin and coat improvement, and overall wellness. The trend is also supported by a rising awareness of the benefits of preventive healthcare for pets, which drives demand for supplements that can prevent health issues and improve quality of life.
- Rise of E-Commerce:
The expansion of online retail platforms is significantly influencing the pet supplement market. E-commerce offers convenience, a wider range of products, and often competitive pricing, thus making it an attractive option for pet owners. Online platforms also provide a space for customer reviews and product comparisons, aiding consumers in making informed decisions. The ability to reach a broader customer base through online channels is encouraging many manufacturers to focus on digital strategies, including direct-to-consumer sales, which is helping to drive market growth.
- Expansion of Product Range and Innovation:
The pet supplement market is witnessing a substantial expansion in the variety of products offered, thus catering to a wide range of pet health needs. Innovations in supplement formulations, including organic and natural ingredients, appeal to consumers looking for high-quality, safe options for their pets. Condition-specific supplements targeting issues like obesity, arthritis, and heart health are increasingly popular. Additionally, manufacturers are investing in research and development to create more effective and palatable supplements. Innovations in packaging, such as single-dose packs or chewable formats, also add to the market's appeal.
Pet Supplement Key Companies:
- Ark Naturals Company
- Elanco Animal Health Incorporated
- Boehringer Ingelheim International GmbH
- FoodScience Corporation
- Kemin Industries Inc.
- Nestlé S.A.
- Novotech Nutraceuticals Inc.
- NOW Foods
- Nutramax Laboratories Inc.
- VetriScience Laboratories
- Virbac
- Zoetis Inc.
Pet Supplement Market Report Segmentation:
By Pet Type:
- Dogs
- Cats
- Others
Dogs constitute the largest pet type segment in the pet supplement market due to their widespread ownership, diverse health needs, and the high level of attention and care their owners invest in maintaining their well-being.
By Distribution Channel:
- Online
- Offline
The offline channel is the largest distribution segment in the pet supplement market because of the consumer preference for physical stores, where they can receive personalized advice and assess product quality directly.
By Source:
- Organic
- Conventional
Conventional sources are the largest segment in the pet supplement market due to their widespread availability, variety of options, and generally lower cost as compared to organic or natural alternatives.
By Application:
- Multivitamins
- Skin and Coat
- Hip and Joint
- Prebiotics and Probiotics
- Calming
- Others
Hip and joint health constitutes the largest application segment in the pet supplement market because of the high prevalence of joint-related issues in pets, especially in aging dogs, which is driving the demand for supplements that support joint health and mobility.
Regional Insights:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
North America is the largest region in the pet supplement market due to high pet ownership rates, increased spending on pet health and wellness, and the presence of major pet supplement manufacturers in the region.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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