Market Overview
The global pet supplements market size stood at USD 2.33 billion in 2023. The market is projected to be worth USD 2.47 billion in 2024 and reach USD 3.85 billion by 2032, exhibiting a CAGR of 5.73% during the assessment period.
The pet supplements global market is witnessing a transition from pet owners to pet parents, and heightened awareness of pet health is driving a surge in demand for supplements crafted with premium ingredients. As per the study, this shift toward personalized supplements tailored to address specific pet health concerns reflects a positive outlook for the market over the assessment period.
List of Major Players Profiled in the Report:
- Mars Incorporated (U.S.)
- Nestle S.A. (Switzerland)
- FoodScience Corporation (U.S.)
- Biostime Pharmaceuticals (Zesty Paws) (China)
- iVet Professional Formulas (U.S.)
- Farmina Pet Foods (Italy)
- Nutramax Laboratories, Inc. (U.S.)
- The Higgins Group Corp. (U.S.)
- Pet Naturals (U.S.)
- Affinity Petcare S.A (Spain)
Source: https://www.fortunebusinessinsights.com/pet-supplements-market-109797
Segments:
Solidified Position of Dogs Segment is owed to the Rising Number of Dog Ownership
By pet type, the market is trifurcated into dogs, cats, and others. Dogs command the highest share of the market, buoyed by increasing ownership rates and continued interest in future adoptions.
Chewable Supplements Lead Market with Their Higher Preference Rate
By form, the market is fragmented into tablets & capsules, chewable, and liquid & powder. The chewable segment gains an edge over other supplement forms owing to its convenience and higher preference.
Hip & Joint Segment Dominates with Higher Number of Old Pets
By function, the market is classified into skin & coat, hip & joint, digestive health, and others. The escalating number of pets with old age following the hip & joint problems leads to the segment’s top position.
Glucosamine Vanguards with its Proficiency in Protecting Chondrocyte Cells
By supplement, the market is categorized into glucosamine, probiotics & prebiotics, multivitamins, and others. Glucosamine captured the largest share of 38.02% in 2023 and made its mark as a dominant supplement with its ability to protect chondrocyte cells and maintain cartilage structure.
Offline Channel Gains Prominence with Simplified Price Comparisons
By distribution channel, the market is split into online channel and offline channel. The offline distribution channel's easier price comparison and variegated options place the segment at the forefront.
Regionally, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage
The research report offers a detailed examination of market trends, notable industry developments, and factors favorable for the market’s growth. Moreover, it includes emerging opportunities and challenges within the market. In addition to the above factors, the report also covers key strategies by market players, their positioning, and technological advancements shaping the market landscape.
Drivers and Restraints
Millennial and Gen Z Pet Owners Drive Personalized Wellness Trends in the Market
The millennial and Generation Z demographics represent a significant portion of pet owners globally. A strong inclination toward personalized wellness products, awareness of pet health trends, and substantial spending capacity are poised to shape the future landscape of the pet supplements market growth.
However, the high regulation in developed countries increases the manufacturing cost of pet supplements, further impeding the market’s growth.
Regional Insights
North America Leads Market with High Pet Ownership
North America secured USD 1.02 billion in 2023 and holds the maximum pet supplements market share globally. Most of the U.S. population is estimated to own at least one pet, resulting in higher adoption of pet supplements.
Asia Pacific is projected to outpace other regions in terms of growth rate with higher adoption rates from the millennial population.
Competitive Landscape
Industry Titans Forge Ahead with Strategic Initiatives to Cement Market Position
Industry giants solidify their pet supplements market position by prioritizing innovation and expansion strategies such as new product launches and strategic acquisitions. Mars Incorporated's launch of Pedigree multivitamins in March 2023, which exemplifies its commitment to catering to the growing preference for supplements among younger pet owners.
Key Industry Development
- September 2022: Yumi unveiled its new supplements brand for pets, featuring a range of products including joint health, probiotics, skin and coat, and more.