Global Pet Supplements Market - 2023-2030

Global Pet Supplements Market - 2023-2030

Global Pet Supplements Market reached US$ YY million in 2022 and is expected to reach US$ YY million by 2030, growing at a CAGR of YY% during the forecast period 2023-2030.

Supplements provide benefits over the normal diet in humans as well as pets. The main ingredients that are used in manufacturing pet supplements include Methylsulfonylmethane (MSM), Boswellia, Yucca, Glucosamine, Chondroitin, and others. Omega fatty acids help reduce seasonal allergies, itchy and flaky skin, unwanted or extreme shedding, and other health conditions in pet animals.

The potential health benefits that oral pet supplements provide are joint support, weight management, digestive support, and many others. Pet owners are eventually seeking to adopt supplements to support cognitive health, heart health, and skin/coat health for their pets.

Market Dynamics: Drivers & Restraints

Increasing launches of multifunctional pet supplements

Pet owners' concentration has shifted to providing healthy and nutritious diets to their pets. Multifunctional supplements help pets to acquire the required nutrients for their growth and other factors. The increased launches of multifunctional supplements are expected to have a positive impact on the market’s growth.

For instance, on January 3, 2023, Pet Honesty launched Multivitamin Puppy, a natural pet health supplement that provides daily essential nutrients a puppy needs during its formative age of 4-12 months, involving significant growth, behavioral training, and socialization.

Additionally, on March 21, 2023, Zesty Paws introduced its newest products at this year's Global Pet Expo, including its first oral health product, All-in-One Functional Dental Bones, as well as All-in-One Training Bites, two award-winning CBD supplements for cats and a line of puppy products ranging from Milk Replacer to supplements.

Furthermore, on March 6, 2023, Solid Gold has released five new supplements for dogs of all sizes, ages, and breeds. The supplements include in the launch are Solid Gold’s Leaps & Hounds Hip & Joint, Grass Guardian Grass Burn, Mellow Belly Gut Health, and Pet Pallergy Pro Allergy Support.

Additionally, other factors, such as an increase in the adoption of pets, investments in pet foods, and demand for supplements, will drive the market growth.

Restraint

Lack of proper awareness and less knowledge of pet supplements in people around the globe can hamper the market. Additionally, the high cost of supplements can also affect the market growth.

Segment Analysis

The global pet supplements market is segmented based on pet type, supplement type, product form, distribution channel, and region.

Chewable segment accounted for 39.5% of the market share

The advantages of the chewable supplements over the other types hold the segment in the dominant position of the market share. Chewables almost entirely eliminate the risk of choking on a supplement. Unlike pills and capsules, the dog can eat a chewable supplement like they’d eat a treat or any other food.

There’s no struggle involved, so chewables should go down a lot more easily. Unlike pills and capsules, chewable supplements don’t have a hard outer shell. The entire supplement is very soft, which allows the dog’s saliva to start breaking down the nutrients even before they swallow it. The availability and approvals of chewables in different forms, such as chewable capsules, chewable jellies, and others, will drive the segment's growth.

For instance, on June 13, 2023, Zoetis received FDA approval for Apoquel Chewable (oclacitinib chewable tablet) for Control of Pruritus Associated With Allergic Dermatitis and Control of Atopic Dermatitis in Dogs.

Additionally, on July 20, 2023, Boehringer Ingelheim received the U.S. Food and Drug Administration (FDA) approval for the newest innovation from the trusted NexGard Brand of Products, NexGard PLUS (afoxolaner, moxidectin and pyrantel chewable tablets) — a monthly beef-flavored soft chew that protects dogs from fleas, ticks, heartworm disease, roundworms and hookworms.

Geographical Analysis

North America is expected to hold a significant position in the global pet supplements market share

North America has maintained a significant share of the pet supplements market in recent years. The major aspects motivating the growth of the pet supplement market in North America are the rise in pet owners and an increase in spending more money on pet maintenance. Customers are progressively spending on pet maintenance for many services, such as pet food, pet grooming, pet veterinary, and pet insurance.

Upsurge in aids of organic and natural pet supplements has been additional driving pet supplement market demand in North America. This trend is anticipated to continue throughout the forecast period. Buying pet supplies online is a preferred shopping method for 77% of the population.

For instance, according to the American Pet Products Association (APPA), $136.8 billion was spent on pet food in 2022, a 10.8% increase compared to 2021.$58.1 billion was spent on pet foods and treats, the highest spend category and the category with the biggest increase at 16.2%. Additionally, sixty-six percent of U.S. households own a pet, which equates to 86.9 million households. Thus, the above factors are expected to drive market growth in the forecast period.

COVID-19 Impact Analysis

COVID-19 has impacted the growth of the pet supplements market growth negatively. Supply chains were halted, and stringent government regulations have shut down pet stores. The product availability to the owners has been reduced. At the onset of the lockdown, the retail stores of the pet supplements stores were affected unprecedently.

Competitive Landscape

The leading companies with a significant market share include Now Foods, Nutramax Laboratories Consumer Care, Inc., Zesty Paws, NuVet Labs, Tomlyn, Naturvet Company, Pet Health Solutions, Vetriscience Laboratories, Pet Naturals, and Swanson

Key Developments
• On September, 8,2023, Compana Pet Brands formed an exclusive two-year partnership with Smart Cups, a sustainability-driven technology company. According to the companies, the partnership “ushers in a new era in the pet care industry” by leveraging Smart Cup’s technology to promote hydration and offer pet parents “unprecedented convenience and precision in pet care.”
• On April 28, 2023, Gryphon Investors acquired Vetnique Labs, a pet supplement company

to support the growth of the pet health and wellness brand.
• March 06, 2023, Better Choice Company Inc., a pet health and wellness company, partnered with Pet Supermarket, a leading independent pet food retailer, to offer the Better Choice Halo Brand, a super-premium pet food.

Why Purchase the Report?
• To visualize the global pet supplements market segmentation based on pet type, supplement type, product form, distribution channel and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of pet supplements market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global pet supplements market report would provide approximately 69 tables, 72 figures, and 182 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies