Veterinary Supplements Market to Reach US$ 15.2 Billion by 2031, Driven by Increased Focus on Pet Health & Wellness | Report by Transparency Market Research, Inc.

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Jul 29, 2024, 10:15 ET

Pet Humanization to be the Basis of Extensive Demand for Veterinary Supplements

WILMINGTON, Del., July 29, 2024 /PRNewswire/ -- As per the latest report published by Transparency Market Research (TMR), the global veterinary supplements market is estimated to reach US$ 15.2 Bn by 2031 at a noticeable CAGR of 6.9% between 2023 and 2031.

Veterinary supplements are amongst the vital components of modern-day animal husbandry practices. They make provisions for essential vitamins, minerals, and the other nutrients that conventional feed sources fail to provide.

As per 2020 report by FONA International Inc., millennials are at the forefront regarding propagation of humanization of pets and premiumization trends in veterinary dietary supplements.

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As animals age, they tend to lose their ability of efficiently absorbing nutrients, which, in turn, results in progressive depletion of essential micronutrients. There are therapeutic supplements available; which are also called nutraceuticals or veterinary health supplements. A bigger dosage of nutraceuticals is recommended in comparison with the same ingredient when used in the form of a nutrient.

Veterinary Supplements Market Report by TMR highlights the factors that encourage as well as restrain the veterinary supplements market size. The latest trends and opportunities have also been captured in the report.

Key Takeaways from Veterinary Supplements Market Report

Pet Humanization Spelling Veterinary Supplements Market Growth

The loneliness quotient across the globe has been on the higher side since the last few years. This is largely due to reducing human interaction and partly due to single-child norm penetrating the developing economies.

Millennials in the U.S. and the U.K. comprise the largest population of pet owners worldwide. Nevertheless, the older generation finds respite in pets, as they help it in coming to terms with empty nest syndrome left by their children who have moved out to test their fortunes.

Though pet adoption phenomenon is common in the Western countries, it has gained traction in the Asian countries, particularly since the onslaught of pandemic. Research states that 60% of Asian citizens have a pet at home and 32% declare their dogs and cats as their best friends.

The shift to parenthood from ownership as mentioned above is generating demand for premium products, especially supplements. The premium brands are adopting human-like dietary labels such as 'locally sourced' or 'organic' to gain a wider consumer base. In June 2023, Purina Pro Plan Veterinary Supplements announced launching of Joint Care, a novel soft chewable supplement that extends support to mobility, health cartilage, and joint in puppies and dogs of all breeds.

At times, the demand for veterinary supplements also comes from pet influencers that have millions of followers on popular social media platforms. These influencers could facilitate several partnerships with the brands.

Need to Combat Pet Diseases Augmenting Veterinary Supplements Market Size

Veterinary Supplements Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2022
Size in 2022	US$ 8.3 Bn
Forecast (Value) in 2031	US$ 15.2 Bn
Growth Rate (CAGR)	6.9 %
No. of Pages	260 Pages
Segments covered	By Supplement Type, By Animal Type, By Application/Benefit Area, By Dosage Form, By Distribution Channel, By Region

Pets can contract several health ailments such as arthritis, obesity, allergies, age-related ailments, and digestive disorders. Veterinary supplements play an important role in catering to these health concerns and promulgating preventive care in the pets. They are formulated such that they can solve the issues pertaining to joints, digestion, and immune function.

Disease risks for canines in social gathering include canine distemper, canine influenza, canine parvovirus, external parasites, fungal infections, heartworms, heatstroke, intestinal parasites, kennel cough, leptospirosis, and many others. The American veterinary Dental Society states that over 80% of the dogs and 30% of the cats contract gum disease by the age of three. Intake of veterinary supplements strengthening the gums right from infancy is recommended by the healthcare personnel.

Veterinary supplements, with addition of curcumin/turmeric, have demonstrated anti-inflammatory and anti-oxidative effects.

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Veterinary Supplements Market Regional Insights

North America – The Market Leader

North America holds over 30% of the veterinary supplements market share and would continue with its dominance between 2023 and 2031 as well. This is due to the ongoing trend of pet humanization, which is expected to continue further as well. As per the American Pet Product Association (APPA), the U.S. population houses 89.7 million pet dogs. As per the National Pet Owners Survey in 2021, 50% of the Americans spend the same or more amount on health of pets than for themselves.

Leading Players in Veterinary Supplements Industry

Zoetics, Ceva Sante Animale, Elanco Animal health, Vetoquinol S.A., Dechra Pharmaceuticals plc, merck Animal health, Virbac S.A., Boehringer Ingelheim, Norbrook Laboratories Limited, hester Biosciences Limited, Merial Animal Health Limited, Novartis Animal Health, Inc., Nutreco N.V., and Ouro Fino Saúde Animal

Key Strategies by Prominent Veterinary Supplement Manufacturers

Leading players encompassing the veterinary supplements market report scope are engaging in facility expansions, partnerships, new product launch, and mergers & acquisitions to carve a niche for themselves. For instance, in June 2023, Zoetis announced that the U.S. FDA had approved apoquel Chewable to exercise control over pruritis linked with allergic dermatitis and atopic dermatitis in dogs aged one.

In March 2023, Mars Petcare introduced Pedigree Multivitamins. The company's product line comprises three kinds of soft chews especially designed for meeting the pets' essential needs.

Market Segmentation

Supplement Type
- Anti-oxidants
- Vitamins
- Proteins/Amino Acids
- Enzymes
- Probiotics
- Essential Fatty Acids
- Others
Animal Type
- Companion Animals
  - Dog
  - Cat
- Livestock
  - Cattle
  - Horse
  - Sheep
  - Others
Application/Benefit Area
- Joint Health Support
- Calming/Stress/Anxiety
- Digestive Health
- Energy & Electrolytes
- Immunity Support
- Skin & Coat Health
- Others
Dosage Form
- Pills & Tablets
- Chewables
- Powders
- Others
Distribution Channel
- Small Animal Veterinary
- Large Animal Veterinary
- Mixed Animal Veterinary
- Retail Stores
- Drug Stores
- Online Stores

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