PUBLISHER: The Business Research Company | PRODUCT CODE: 1477075
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477075
Pet supplements are nutritional products designed to provide health benefits to pets beyond the basic diet, supporting various aspects of their well-being, such as skin and coat health, joint health and digestive health. These products are complementary to pet food and sometimes serve as a substitute for specific nutrients not obtained from their regular diet.
The pet supplements market consists of sales, by entities (organizations, sole traders and partnerships), of pet supplements that are specifically formulated to provide additional nutrients, vitamins, minerals or other beneficial substances to pets.
The global pet supplements market was valued at $1,548.18 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.0%.
Increased Pet Population
An increased pet population drove the growth of the pet supplements market during the historic period. The market for pet supplements grows with the number of pets owned by households. The need for supplements targets certain health issues and enhance general wellness is being driven by an increase in pet owners' quest to improve the health and well-being of their four-legged friends. More and more pet owners are taking the initiative to look for goods, such as supplements, that can help with common health problems and enhance their pets' quality of life. In January 2022, according to a whitepaper released by the China Pet Industry Association, the number of pet dogs and cats in urban areas in China exceeded 100.8 million in 2020, 1.7% up on 2019, and 10.2% higher than 2018. Additionally, in November 2022, according to a national survey of pets and people, published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households had at least one dog, making them the most common pet. In 2022, 48% of households in Australia had dogs, up from 40% in 2019. Therefore, the increase in the pet population supported the demand for pet supplements.
Innovative Product Developments With Focus on Natural Sources
Companies in the pet supplements market are launching innovative natural treat products to strengthen their position in the pet supplement markets. Natural treat products typically refer to items that are derived from natural sources and are used to promote the health and well-being of pets. For instance, in February 2021, Cargill Inc., a US-based food corporation, launched The Chompery, a new brand of butcher-quality dog treats that are all-natural and made from a single, simple ingredient. There are bones, ribs, windpipes and jerky in the product lineup, and they are easy to digest. Moreover, it gives animals an energy boost, which makes them more active, and it makes them tasty to eat, which provides them with nourishing food.
The global pet supplements market is concentrated, with a few players operating in the market. The top ten competitors in the market made up 46.69% of the total market in 2022.
Pet Supplements Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global pet supplements market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for pet supplements? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The pet supplements market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider pet supplements market; and compares it with other markets.
Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by supplement type, by product form, by pet type, by distribution channel and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.