(MENAFN- GlobeNewsWire - Nasdaq) The pet supplement market is poised for rapid growth, largely due to increasing endorsements from veterinarians who recommend supplements to enhance overall pet health. With more pet owners viewing their pets as family members, the demand for high-quality supplements to address issues like joint health, digestion, and coat care is on the rise.Newark, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The global pet supplements market is projected to increase from USD 2.98 billion in 2023 to USD 5.54 billion by 2033, reflecting a CAGR of 6.40% from 2024 to 2033. Global pet supplements market is witnessing a considerable growth owing to the growing awareness about pet's health and diet all across the globe.
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Key Insights on Pet Supplements Market
The cats segment led the pet supplements market with a market share of around 29.11% in 2023.
The pet type segment is divided into dogs, cats, birds and others. The cats segment led the pet supplements market with a market share of around 29.11% in 2023. The segment growth is mainly attributed because of the rising adoption of cats in Europe and other regions. House cats are valued by humans for companionship and for their ability to hunt rodents.
The essential fatty acid segment dominated the market in 2023.
The product segment includes multivitamins & minerals, essential fatty acids, digestive enzymes, probiotics, prebiotics, anti-oxidants, and others. The essential fatty acid segment dominated the market in 2023. The rising adoption of essential fatty acid as a pet supplement is going to boost the segment growth. This is because essential fatty acids improve the overall health and system of the pet animals.
The online e-commerce segment is expected to grow at the highest CAGR of 6.67% during the forecast period.
By distribution channel, the market is segmented into online e-commerce and retail stores. The online e-commerce segment is expected to grow at the highest CAGR of 6.67% during the forecast period. The segment growth is mainly attributed owing to the ease of convenience of ordering pet products from the online e-commerce platform is rising among the millennial population.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.40% |
| 2023 Value Projection | USD 2.98 billion |
| Market Size in 2033 | USD 5.54 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 239 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors And Latest Trends |
| Segments Covered | Content Type, Platform, End-User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Music Streaming Market Growth Drivers | The growing awareness about pet's health and diet |
Browse Detailed Summary of Research Report with:
Market Dynamics
Drivers
Growing Awareness of Pet Health and Diet:
Over the past decade, there has been a significant increase in awareness regarding pet health and nutrition. Pet owners are now scrutinizing ingredient labels on pet food and supplements to ensure their pets receive the best possible nutrition. They are focusing on natural and organic ingredients, as well as more appealing formats such as soft chews and gels. Additionally, there is a trend towards combination products that incorporate vitamins, essential fatty acids, herbs, and other supplements to enhance pets' health. This rising awareness is positively influencing the global pet supplement market.
Increase in Veterinarian Endorsements:
The pet supplement market is expected to experience rapid growth due to the increasing endorsements from veterinarians aimed at maintaining overall pet health. Pet owners tend to trust veterinarians more, leading some retailers to collaborate with veterinary clinics to support clinical recommendations for their supplements. As a result, the rise in veterinarian endorsements is driving market growth.
Restraints
Lack of Awareness About Pet Supplements:
A significant barrier to the growth of the pet supplement market is the lack of awareness among pet owners regarding these products. Many believe that healthy pets do not require supplements and assume that“complete and balanced” pet foods meet all physiological needs. This misconception serves as a major obstacle for the pet supplement industry. However, there are substantial opportunities for key vendors to educate pet owners about the benefits of supplements.
Opportunities
Growth of E-Commerce Platforms:
The expansion of e-commerce platforms is creating substantial growth opportunities in the pet supplement market. The trend of purchasing pet products online is gaining traction, offering potential for vendors to launch their products online and maximize profits. Many supplement providers are partnering with e-commerce companies to promote their offerings. For example, PetMed Express, known as 1-800-PetMeds, has partnered with Amazon to expand its pet supplement offerings and provide significant discounts to attract customers.
Challenges
Lack of Regulation:
Despite the rapid growth of the pet supplement market in recent years, the industry faces challenges due to a lack of regulation. Unlike drugs, dietary supplements do not require pre-marketing review by the U.S. Food and Drug Administration (FDA) for effectiveness, safety, or quality. Vendors are not mandated to conduct clinical trials to verify the efficacy of their products, leaving it to the brands to ensure product safety and truthful marketing claims. This lack of regulation could hinder market growth over the forecast period.
Competitive Analysis:
The major players of the market include Ark Naturals, Ayurvet, Bayer, Kemin Industries, Nestle Purina Pet Care, NOW Food, Novotech Nutraceuticals, VetriScience Laboratories, Virbac, and Zoetis among others.
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