The scope of our recent study, titled "Pet Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Form, Pet Type, and Distribution Channel," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
The pet supplements market is expected to grow from US$ 2,281.70 million in 2022 to US$ 3,200.77 million by 2028. It is expected to register a CAGR of 5.8% from 2022 to 2028.
Pet supplements provide essential nutrients which help improve the immune system and reduce the risk of heart disease, cancer, inflammation, and diabetes. In addition, these supplements are concentrated sources of nutrients to compensate for vitamin, protein, or mineral deficiencies. Further, pet supplements also help to improve skin health and enhance the ability to fight common problems such as itchy skin, bacterial infection, and environmental allergies. The increasing adoption of pets and rising concerns about animal welfare have contributed to the growth of the pet supplements market
Based on form, the pet supplements market is segmented into chewable, powder, and others. The chewable segment held the largest share of the pet supplements market in 2021, whereas the powder segment is projected to register the highest CAGR during the forecast period. Powdered pet supplements are easy to consume and can mix into pet food, as well as can be absorbed more quickly. These factors are expected to boost the product visibility among pet parents, which is likely to propel the growth of powder supplements over the forecast period. Also, the pets that dislike pills can consume powder supplements; hence, many pet owners highly include powder format, which is projected to boost the segment growth during the forecast period. Thus, surging the pet supplements market growth.
The pet supplements market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. North America held the largest share of the pet supplements market in 2021, and Asia Pacific is expected to register the highest CAGR during the forecast period. A few of the key players operating in the North America pet supplements market are adopting strategic initiatives such as product launches, acquisitions, and partnerships to sustain themselves in the growing market. According to Innova, pet supplements showed a staggering 116% growth from 2019 to 2020, with more than 150 new product development activities in the North American marketplace. For instance, in 2022, Ultimate Pet Nutrition launched Nutra Thrive, a Canine Nutritional Supplement that combines powerful probiotics with easily absorbed nutrients, vitamins, minerals, antioxidants, and digestive enzymes. This product also received the product of the year award from the Pet Innovation Award in September 2022. Such product innovation by manufacturers is further expected to drive the market growth in the coming years.
Impact of COVID-19 Pandemic on Pet Supplements Market
The pet food industry in Europe faced crucial challenges such as a shortage of raw materials and workforce, a surge in raw material prices, and disruptions in distribution networks due to lockdowns, travel bans, trade limitations, manufacturing unit shutdowns, and other government-levied restrictions. However, the demand for pet supplements increased amid the pandemic due to the rising awareness regarding animal nutrition and rising pet adoption. According to the European Pet Food Industry Federation (FEDIAF), in 2021, the number of pet owners increased, including 90 million European households, which indicates that 46% of households had an animal companion. Pet owners in many European countries preferred natural products for their pets due to their concerns about pet health, which added to the demand for pet supplements in the region. There was a high inclination towards e-commerce platforms for pet supplement purchases during the pandemic, which boosted the sales of pet supplements through online channels
In 2021, the pet supplements market in Europe began to recover from financial losses faced in 2020 as governments eased social restrictions and permitted companies to resume operations at full capacity. The increased production volumes and improved supply chain operations bolstered the pet supplements market growthin Europe.
The report segments the pet supplements market as follows:
Based on form, the pet supplements market is segmented into chewable, powder, and others. Based on pet type, the market is segmented into dogs, cats, and others. Based on distribution channel, the pet supplements market is segmented into online and offline. Based on geography, the pet supplements market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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