Pet Dietary Supplements for Dogs More Popular with the Pet Type Forecast to Account for over 40% Sales in 2021: New Study
Pet humanization is a growing trend where owners are treating their pets as counterparts and wanting to provide their pets with best nutrition for their wellbeing. With pet ownership becoming widespread, Future Market Insights (FMI) in a new study has projected the pet dietary supplements market to record impressive growth. According to the report, the market will reach a valuation of US$ 3.78 Bn by 2021.
Pet Dietary Supplements Market
A recent market study published by FMI, “Pet Dietary Supplements Market: Global Indu...
Pet parenting or pet humanization has been fuelling the demand for pet dietary supplements. This trend is being mirrored in the high frequency of the launch of innovative formulations in the market. According to Pet Food Processing, 45 new nutritional products for pets were launched in 2020.
The pet owner’s love for their pets is driving the demand for pet dietary supplements, besides the fact that supplements ensure that the pets receive proper nutrition, which off-the-shelf pet foods might be void of. Additionally, pet dietary supplements find demand among the millennial care takers.
Millennial, who account for a majority of pet owners, also think that pets deserve the same treatment as small children, thus explaining the demand for pet dietary supplements. Natural and organic pet supplements are becoming increasingly popular. Herbs and superfood are being incorporated into the pet supplements, which will aid the overall market expansion.
Probiotic Supplements to Be Highly Sought-after
As in case of humans, probiotic supplements for dogs are used to aid digestive health and regularity. Probiotic nutritional supplements facilitate the regulation of the good bacteria in the digestive system that helps to break down dog food so that nutrients can be better extracted. The probiotic supplements can also inhibit the growth of harmful bacteria that can make both humans and dogs sick, an example of which is E. coli.
Obesity is a growing health problem among pets, encouraging an increasing number of veterinary practioners to open weight-loss clinics. According to the Association for Pet Obesity Prevention, 59% of cats and 54% of dogs in the U.S. were overweight or obese in 2016, and this concern has increased over the recent years. Weight management is trending within the pet industry and dietary changes are being taken care of so as to regulate the pet weight and ensure its health.
This change in consumer buying preference has encouraged the players in the market to focus on innovation and expand the portfolio, tapping the unexposed segments of the industry and as a result escalating the demand over the forecast period. FMI in its latest study has forecast the market to rise at a CAGR of 7.1% between 2020 and 2030.
Key Takeaways from the Pet Dietary Supplements Market Study
- FMI in its latest study has forecast the pet dietary supplements market to rise at a CAGR of 7.1% between 2020 and 2030
- The U.S. will continue exhibiting strong demand and account for nearly 88% of the North America market
- The demand from the U.K. will remain steady as FMI projects it to exhibit 3.8% Y-o-Y growth in 2021
- Increasing pet ownership will support growth in Germany and France
- Japan and South Korea will emerge as key markets in East Asia
“Consumers' awareness regarding pet health is rising, which in turn is increasing the demand for pet dietary supplements. Moreover, increasing focus of companies on advertisement and promotion of pet dietary supplements is positively aiding expansion of the market,” said an FMI analyst.
Disruptions Caused Due to COVID-19 Impacting Sales
The current pandemic outbreak has posed numerous challenges on the part of supply side and demand side. The temporary regulation imposed by regional governments to restrict the movement has impacted supply chains drastically. Besides this, the spectacular shift from discretionary spending to essential goods has further negatively impacted the market growth.
E-Commerce is redefining the commercial activities around the world. In fact, the Covid-19 pandemic and lockdown effects have tipped the involvement of e-Commerce within all industries. The segment of population not prevalent with internet retailing has also adopted it, it being the only resort. There is a lot of opportunity for companies and online services to work together to offer greater engagement to consumers.
Who is winning?
A few of the key players in the pet dietary supplements market are Nestle SA, Mars Incorporated, NOW Foods, Blue Buffalo Co Ltd., Ark Naturals, Virbac, Novotech Nutraceuticals, Inc., Zoetis, PetAG, Inc., VetClassics and GNC, among others.
Companies operating in the market are increasingly investing in product development with an aim to gain a competitive advantage over other players operating in the market.
Get Valuable Insights into Pet Dietary Supplements Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global pet dietary supplements market, presenting historical demand data (2015-2030) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the pet dietary supplements market based on the product type (glucosamine, multivitamins, probiotics, omega-3 fatty acids and others), purpose (joint health, digestive health, weight management, skin and coat health, dental care and others), form (capsules, tablets, powder, others), pet type (dog, cat, horse, and others), sales channel (wholesalers & retailers, modern trade, convenience stores, multi-brand stores, pet specialty stores, and online retailing), across seven major regions.
According to Future Market Insights’ recent market report titled “Pet Dietary Supplements Market: Global Industry Analysis 2015-2019 and Opportunity Assessment 2020-2030”, is expected to show favourable growth and opportunity trends. Pet culture is growing and as a matter of fact, the demand for pet care products and services is significantly increasing due to improving lifestyle in various countries. With a rise in the disposable income and a major inclination towards providing pets with utmost care and support, the pet dietary supplement market is witnessing burgeoning demand. Targeted nutrition is taking its course within the industry, defining the increasing popularity of condition-specific supplements. Joint health, immune health, digestive health and cognitive health are demanding supplements complementing the formulated pet foods and treats. Besides, pet owners are also seeking out supplements for heart health, skin & coat health and dental care.
About Consumer Products division of FMI
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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