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Pet Supplements Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global pet supplements market was valued at USD 6.8 billion in 2022 and is projected to expand at a CAGR of 8.1% from 2023 to 2030. Pet owners are increasingly seeking out nutritional supplements to ensure proper health and wellbeing of their pets. This is mainly due to the increasing awareness among pet owners regarding the benefits of pet supplements and their efficacy in providing essential nutrients to pets. Furthermore, the growing demand for natural or organic pet supplements is fuelling the market growth.
In addition, the increasing popularity of nutraceuticals for pets is helping to drive the market growth. Nutraceuticals help to improve the health and wellbeing of pets, reduce the risk of various diseases, and promote healthy skin and coat. For instance, in August 2021, Royal Canin launched a range of nutraceuticals for cats and dogs. The product range includes a range of supplements for joint health, immunity, digestion, and skin and coat health. Furthermore, the increasing availability of pet supplements in the form of tablets, capsules, powder, and liquid forms is also driving the market growth.
Moreover, key players are focusing on launching innovative products to meet the growing demand for pet supplements. For instance, in April 2021, VetriScience, a leading nutraceuticals brand, launched a new line of probiotic supplements for cats. The new product range consists of a selection of probiotic supplements designed to support digestive and immune health. Furthermore, rising consumer spending on pet food and pet supplements is also driving the market growth.
The increasing adoption of pet supplements, along with the growing awareness among pet owners regarding their benefits, is fuelling the market growth. In addition, increasing per capita income is also expected to drive the market growth. For instance, according to the World Bank, the average per capita income in the US was USD 63,000 in 2020. Moreover, the increasing number of pet owners, especially in emerging countries such as India and China, is expected to provide further impetus to the market growth.
Product Insights
The joint health segment led the market and accounted for a share of around 31.2% in 2022. Growing awareness regarding pet health among pet owners, ongoing product innovation, and increasing pet adoption globally are the major factors driving the pet supplements market growth. According to an article published by the Centers for Disease Control and Prevention, in December 2019, nearly 85 million households owned a pet in the United States. Furthermore, increasing demand for premium products and rising pet humanization are expected to fuel the growth of the market over the forecast period.
The digestive health segment is anticipated to expand at the fastest CAGR of 7.3% over the forecast period. Rising pet health consciousness and the introduction of advanced products are some of the major factors driving the demand for pet supplements. For instance, in 2020, the Camphora Group launched a new range of digestive health supplements for pets under the brand name ‘Gut Health Booster’. Such innovative products are expected to drive the growth of the digestive health segment. In addition, growing pet adoption and rising disposable incomes among pet owners are other factors contributing to the segment’s growth.
Distribution Channel Insights
The pet stores segment held the major share of the pet supplements market in 2022. Pet owners increasingly prefer pet stores for purchasing pet supplements as these stores offer a wide range of supplements for pets. Furthermore, pet stores provide detailed information about the ingredients of the product, which is likely to increase the preference of pet owners for these stores.
The online segment is expected to expand at the highest CAGR during the forecast period. The increasing penetration of the internet and mobile phones has enabled pet owners to easily access and purchase pet supplements online. Factors such as the availability of a wide range of products, discounts, and easy comparison of prices make online stores an attractive option for purchasing pet supplements. Furthermore, online stores provide detailed information regarding the ingredients of the products, which is expected to drive the segment during the forecast period.
Type Insights
The functional segment accounted for the largest revenue share of 74.1% in the year 2022. The growing popularity of functional pet supplements such as vitamins and minerals, fatty acids, and probiotics is a major factor driving the growth of the segment. The availability of such products in the form of chewable tablets, capsules, liquids, and powders makes them easily consumable for pets and drives the segment growth. Also, the increasing demand for pet supplements that offer dual benefits such as weight management, joint health, and skin & coat health is boosting the segment. Furthermore, the growing awareness among pet owners regarding the importance of pet nutrition is driving the demand for functional pet supplements.
The nutraceutical segment is anticipated to expand at the highest CAGR of 10.1% over the forecast period. The increasing demand for pet supplements that offer dual benefits such as weight management, joint health, skin & coat health, and digestion is driving the segment. Nutraceutical pet supplements provide a host of benefits such as immunity strengthening, digestive health, and enhanced energy levels. In addition, the growing awareness regarding pet nutrition among pet owners is driving the segment growth. Furthermore, the availability of nutraceutical pet supplements in the form of tablets, capsules, liquids, and powders is likely to drive the segment growth.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 43.5% in 2022. This growth is mainly attributed to the rising trend of pet humanization in the region. Additionally, an increase in the number of pet owners and the rising trend of pet health care in the region is expected to drive the growth of the pet supplements market. Moreover, the growing trend of pet owners spending on pet supplements and pet food is expected to drive the market in the region.
The Asia Pacific region is expected to witness the highest growth in the coming years. This growth is mainly attributed to the rising pet adoption rate and the increasing awareness of pet health care in the region. Additionally, rising disposable income and an increase in spending on pet healthcare are expected to drive the market in the region. Moreover, the increasing presence of e-commerce platforms and the availability of pet supplements at affordable prices is expected to support the growth of the market in the region.
Financial Projections
In this section of the pet supplements products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These projections include cash flow projections and capital requirements for your pet supplements business. Generally, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a pet supplements products business comes from sales of pet supplements, pet accessories, and subscription boxes. Other possible sources of profit include digital products, affiliate sales, and wholesale accounts.
Projecting Expenses
In this section, all the regular expenses related to keeping the pet supplements products business running will be described. The list of operating expenses includes product sourcing, packaging and shipping costs, wages, advertising, marketing, and other related expenses.
Key companies & market share insights
Some of the key companies operating in the pet supplements market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, Nutramax Laboratories launched the Dasuquin line of pet supplements for cats and dogs.
– In August 2022, Purina launched the Pro Plan line of pet supplements for cats and dogs.
– In September 2022, Hill’s Pet Nutrition Inc. launched the Optimal Care line of pet supplements for cats and dogs.
Some of the prominent players in the pet supplements market include:
– Nutramax Laboratories, Inc.
– Mars Inc.
– Nestle Purina PetCare Company
– Hill’s Pet Nutrition Inc.
– Rolf C. Hagen Inc.
– Ceva Sante Animale
– Virbac Corporation
– Central Garden & Pet Company
– The Nutro Company
– Dechra Pharmaceuticals PLC
Global Pet Supplements Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global pet supplements products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Vitamins & Minerals
– Amino Acids
– Enzymes
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Veterinary Clinics
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Liquid
– Powder
– Tablets
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is playing a key role in the pet supplements market. Companies are coming up with new formulations that include natural ingredients, herbs, and plant extracts to make their products more effective. This is leading to a surge in demand for pet supplements that are tailored to the specific needs of different animals. Additionally, new product launches, such as chewable tablets, powders, and liquids, are also contributing to the growth of the market.
[Q]: Who are the Key Players in the Pet Supplements Market?
[A]: Major players in the pet supplements market include Nestle Purina Petcare, Royal Canin, Merck Animal Health, Hill’s Pet Nutrition Inc., Nutro, Diamond Pet Foods, PetAg Inc., The Iams Company, and Ceva Sante Animale.
[Q]: Which Region Offers the Largest Opportunity for Sales of Pet Supplements?
[A]: North America is expected to hold the highest market share in terms of value and volume due to the presence of leading pet supplement manufacturers in the region.
[Q]: What are the factors driving the pet supplements market?
[A]: Growing pet adoption, rising awareness about pet health, and increasing disposable incomes are the major factors driving the growth of the pet supplements market. Additionally, the rising popularity of natural and organic pet supplements is also fueling the market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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