Strategic Analysis of Global Pet Supplement Market Size Projected to Reach USD 3.12 Billion by 2030, Predicts Facts & Factors

NEW YORK, April 6, 2023 /PRNewswire/ -- As per Facts and Factors study, The global pet supplement market size was worth around USD 1.91 billion in 2022 and is predicted to grow to around USD 3.12 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.91% between 2023 and 2030.

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Pet Supplement Market: Overview

The industry works with the production, storage, and distribution of vitamins, nutritional supplements, and other products that can be critical to the health and growth of pets including birds, dogs, cats, and other types of domesticated animals. The products are heavily researched and undergo quality checks before they become available in the commercial market. The end goal of the products or supplements is to ensure animal well-being and encourage healthy growth during their lifetime.

Some supplements have generic applications while some may target specific concerns like digestive issues, joint pain, and skin-related problems. The industry is showing tremendous growth in the coming years but may also struggle with challenges and restraints due to several factors.

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Key Insights:

• As per the analysis shared by our research analyst, the global pet supplement market is estimated to grow annually at a CAGR of around 5.91% over the forecast period (2022-2030)
• In terms of revenue, the global pet supplement market size was valued at around USD 1.91 billion in 2022 and is projected to reach USD 3.12 billion, by 2030.
• The market is projected to grow at a significant rate due to the growing pet ownership rate
• Based on application segmentation, hip & joint was predicted to show maximum market share in the year 2022
• Based on form segmentation, chewable were the leading form in 2022
• On the basis of region, North America was the leading revenue generator in 2022

Facts and Factors published the latest report titled "Pet Supplement Market Size, Share, Growth Analysis Report By From (Powders, Pill & Tablets, Chewables, and Others), By Pet Type (Cats, Dogs, and Others), By Application (Digestive Health, Skin & Coat, Hip & Joint, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data, and Forecast 2023 – 2030" into their research database.

Industry Dynamics:

Global Pet Supplement Market: Growth Drivers

• The growing rate of pet ownership propels market demand.

The global pet supplement market is projected to grow owing to the increasing rate of pet adoption observed across the globe. There are several reasons, including personal choices and medical factors, that are causing a rise in the number of people opting for pets. For instance, an increasing number of people choose to not have biological children voluntarily and instead adopt pets in addition to couples of individuals who, for medical reasons, are unable to biologically produce. Furthermore, there are certain medical issues in which patients are recommended to be accompanied by pets like dogs at all times. These animals are companion pets and play a crucial role in a patient's physical and mental safety. With the rise in the number of pet owners, the demand for associated supplements is growing at a rapid rate since owners are willing to spend extra money on their pet's well-being and safety.     

Global Pet Supplement Market: Restraints

• Restricted research to act as a major restraint.

Although the research community is growing, there is a significant lack of resources invested in the research and development of existing or new pet supplements. This issue, most concretely, exists in the global industry where there is limited research on understanding the implications of supplement consumption in pets over a period of time.

Some of the most commonly occurring side effects due to supplement consumption include allergic reactions, overdose, and digestive concerns. Some of them may be more serious than others. However, it is one of the major growth restrictions in the industry.

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Global Pet Supplement Market: Opportunities

• Innovation to open more doors for expansion.

One of the key opportunities is that the market players can invest in innovation and development in the industry. Currently, there is a significant lack of product innovation in the global pet supplement market. With the changing lifestyle and eating patterns of pets, their medical issues are bound to change over the years. More resources need to be invested in understanding the largely unexplored segment of pet health leading to higher development for supplements that target specific concerns with no side effects.

Global Pet Supplement Market: Challenges

• Distribution of expired or illegal supplements acts as a major challenge for the players.

One of the most significant challenges faced that largely affects the sales volume in the industry is the sales and distribution of illegal or illicit pet supplements along with the presence of suppliers that are responsible for the circulation of expired medicines in the market. Such supplements can severely impact the health of the pets and due to the absence of regulatory measures in place that ensure such activities are stopped, the number of illegal suppliers has increased over the years.

Global Pet Supplement Market: Segmentation

• The global pet supplement market is segmented based on form, pet type, application, and region.

Based on form, the global market segments are powders, pills & tablets, chewable, and others.

• Although the preference depends on various factors, the largest contributor in the segment was the chewable form of supplements
• This was followed by pills & tablets, and powders
• The popularity of chewable is owing to the ease of administration in terms of intake along with the convenience they offer to pet owners
• Pills & tablets generally have specific applications and are used to target certain health conditions
• Powders are used by pet owners that require to add supplements to pet food products
• A recent report by Animal Medicines, Australia, suggested that on average, Australians spend a total of AUD 12 billion on pet supplements every year

Based on pet type, the global market divisions are cats, dogs, and others.

• Based on application, the global market is divided into digestive health, skin & coat, hip & joint, and others.
• Currently, the industry is led by the hip & joint segment owing to the increasing population of older pets
• These medicines are used in pets who suffer from physical liability owing to age or other concerns
• Digestive health is another major leading segment whereas skin & coat supplements are used in cases related to skin concerns and shredding, which is very common in pets like dogs and cats
• The food intake of an adult dog is generally between 2 to 3% of its body weight

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List of Key Players in Pet Supplement Market:

• Church & Dwight Co. Inc.
• Bayer Animal Health
• Merck Animal Health
• Ceva Santé Animale
• Kemin Industries
• Hill's Pet Nutrition
• Dechra Pharmaceuticals
• Mars Petcare Inc.
• NutriScience Innovations LLC
• Nestlé Purina PetCare
• PetIQ Inc.
• Nutramax Laboratories
• Virbac Group
• Nutri-Pet Research Inc.
• PetLife Pharmaceuticals Inc.
• PetMed Express Inc.
• PetAg Inc.

Key questions answered in this report:

• What are the growth rate forecast and market size for PET SUPPLEMENT Market?
• What are the key driving factors propelling the PET SUPPLEMENT Market forward?
• What are the most important companies in the PET SUPPLEMENT Market Industry?
• What segments does the PET SUPPLEMENT Market cover?
• How can I receive a free copy of the PET SUPPLEMENT Market sample report and company profiles?

Report Scope:

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Recent Developments

• In December 2022, Mankind Pharma, an Indian multinational pharmaceutical company, announced its entry into the pet supplement market with the launch of a new range of dog food called PetStar. With the move, the company has managed to diversify its pet food division and emphasize its hold on the industry. PetStar can be consumed by dogs and cats
• In March 2023, Solid Gold, a game-changer in the cats and dogs nutrition sector, announced the launch of 5 new supplements that are meant for all dog breeds across sizes and ages. The new supplements are called Gut Health and Pet Pal-lergy Pro™, Grass Guardian™, Leaps & Hounds™ Grass Burn, Mellow Belly™, Allergy Support, and Hip & Joint. They became available on Amazon for purchase
• In September 2022, Opal Pets, a producer of the vegan form of animal supplements, launched Perfect Powder which is a new range of vegan vitamin C and is complete with amino acids and minerals

Regional Dominance:

• North America to register the highest growth.

North America to lead with the highest growth rate during the forecast period. The US and Canada are expected to lead the regional market owing to the rising rate of pet adoption along with the financial capabilities of the regional population to care for pets as compared to various developing or under-developed nations. Furthermore, the high awareness rate about the availability of pet supplements and their benefits along with growing investment toward developing a better infrastructure for pet care could lead to higher revenue.

Europe is another important market for the industry as the pet adoption rate is growing steadily with France and Germany as potential contributors. Asia-Pacific may emerge as a lucrative market due to rising urbanization leading to a higher number of people adopting pets along with a significant number of players from the pharmaceutical sector entering the pet care market.

Global Pet Supplement Market is segmented as follows:

Pet Supplement Market: By From Outlook (2023-2030)

• Powders
• Pill & Tablets
• Chewables
• Others

Pet Supplement Market: By Pet Type Outlook (2023-2030)

• Cats
• Dogs
• Others

Pet Supplement Market: By Application Outlook (2023-2030)

• Digestive Health
• Skin & Coat
• Hip & Joint
• Others

Pet Supplement Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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