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Pet Supplement Market Size, Share, Growth Analysis Report By Pet Type (Cat, Dog, Fish, Others), By Product Type (Pills, Powders, Chewable, Others), By Distribution Channel (Offline, Online), and By Region - Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2022 to 2030
Overview
Pet Supplement Market
Global Pet Supplement Market: Overview
According to Custom Market Insights (CMI), The Global Pet Supplement Market size was estimated at around USD 1.8 billion in 2021 and is expected to reach USD 2.2 billion in 2022 and is projected to witness a CAGR of 6% during 2022 to 2030, to reach around USD 3.1 billion by 2030.
Pet Supplements provide additional health benefits, comprising vitamins, minerals, and antioxidants. The Dietary Complement Health and Education Act (DSHEA), approved by Congress in 1994, defines dietary supplements as products that are intended to supplement diets and contain at least one of the following ingredients: vitamins, minerals, herbs, or amino acids. With the aid of the substances above, a supplement for animals is typically utilized to increase their total consumption.
There is no requirement for supplements for the typical dog or cat in good condition and being fed a balanced and comprehensive commercial diet. However, it would be advisable to consider dietary supplements for the pet if the animal has certain health requirements that call for increased consumption of specific nutrients or hasnt been receiving a healthy, well-balanced diet.
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Pet Supplement Market: Growth Drivers
The demand for Pet supplements is witnessing high growth worldwide. Attributed to the growing number of pet parents, dietary supplements and nutrients are being used more frequently as pet food. The demand has also increased as a number of veterinary professionals add private label products or even their own label vitamins and nutraceuticals for sale inside the clinic. However, some of the issues, including mineralization of soft tissues and bladder stone development, which occurs due to high calcium intake, act as a hindering factor to the growth of the Pet Supplement market.
Report URL: https://www.custommarketinsights.com/report/pet-supplements-market/
Pet Supplement Market: Regional Analysis
From 2022 to 2030, the market in the Asia Pacific is anticipated to grow at a CAGR of over 6%. The use of these products for pets is being encouraged by owners growing awareness that food alone might not satisfy all of their pets health requirements and can result in inadequacies in their regular diet. In addition, the regions increasing pet owner population, notably in China, India, and Australia, is anticipated to boost market demand.
In 2019, North America dominated the pet supplement market, and it is predicted to continue during 2022 to 2030. The increase in pet ownership and the rise in expenditure on pet care are the main factors propelling the growth of the pet supplement market in North America. Customers are spending more on pet care services, including pet food, pet insurance, pet grooming, and pet veterinarian. For instance, the combined gross written premium for pet health insurance in the US and Canada was $1.42 billion in 2018, up from $1.15 billion in 2017. In 2018, 2.43 million pets were covered by insurance, a rise of more than 17% over 2017.
Pet Supplement Market: Recent developments
- July 2022: Emami, a personal care company, announced in a regulatory filing that it had acquired a 30% share in pet care startup Cannis Lupus for full cash. The transactions specific financial terms were not disclosed.
- July 2022: North American Herb & Spice, a human spice manufacturer, launched a new pet brand to join the pet nutrition market. Its new company, Houdis Foodies, will sell high quality, all-natural pet treats and nutritional products.
- June 2022: The pet nutraceuticals business Brave Paws introduced its new Anxiety and Stress Support Chewables for dogs. A proprietary blend of botanicals for reducing stress is one of the sustainable, plant based substances included in the formulation of the supplements.
- June 2022: An online consumer marketplace, Good Eggs, added a range of pet food, treats, and supplements to the companys platform.
Key Players:
- Nestle Purina Petcare
- PetHonesty
- Ark Naturals
- Food Science Corporation
- Bayer AG
- Nutramax Laboratories, Inc.
- Virbac
- NOW Foods
- Zoetis Inc.
- Zesty Paws
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The global Pet Supplement market is segmented as follows:
By Pet Type
- Cat
- Dog
- Fish
- Others
By Product Type
- Pills
- Powders
- Chewable
- Others
By Distribution Channel
- Offline
- Online
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Browse Other Custom Market Insights coverage of the Global Consumer Goods Industry
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