Pet Supplements Market 2020 and Forecast 2021-2027

  • TBI216833
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                          

Report Overview: Pet Supplements Market

The global pet supplements market size was valued at USD 526.5million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2027. Key factors driving the market include changes in socio-economic aspects and inclination towards the humanization of animals. Pet supplements are used for dogs, cats, horses, birds, rabbits, and fishes in the form of multivitamins, minerals, prebiotics, antioxidants, and fatty acids such as Omega-3, 6, and 9. Pet supplements provide essential nutrients that help in improving the immune system and reducing the risk of heart diseases, cancer, inflammation, and diabetes. In addition, pet supplements such as fish oil, biotin, and amino acid improve the skin and strengthen the ability to fight with common problems, such as bacterial infection, itchy skin, and environmental allergies. They also improve cognitive development by adding anti-oxidants, such as Vitamin E, Vitamin C, L-Carnitine, and Coenzyme Q-10. Brand value enhancement in North America, Latin America, and the emerging countries of Asia Pacific and consumer awareness about premium products are fueling the growth of this market. Multinational players are making significant investments in increasing the product awareness to strengthen consumer preference through several channels. For instance, in 2016, PetSmart improved its customer experience with deep insights through Omnichannel and online sales channels. These insights will help the company to enhance the customer experience across varied areas, including product and service innovation as well as customer communications and loyalty. Cognizant empowered PetSmart with better decision making by integrating operational stores, campaigns, and other data. Growing trend of raw food feeding and natural supplements for pets is also surging the demand for pet supplements. Nowadays, owners are giving more importance to the health and well-being of their pets. They are getting aware of the benefits of dietary supplements as they improve the immune system, reduce the risk of heart problems, digestion problems, and cancer, and enhance the skin and coat health.

Pet Type Insights: Pet Supplements Market

Dog supplements accounted for the largest share of 42.04% in 2019 on the back of the introduction of new supplements in the market. For instance, in 2019, a key company, Vetericyn launched a life-stage dog supplement, called All-In. It contains essential nutrients a dog needs at its particular stage of life, whether a puppy, adult or senior, in order to improve digestive, bone, mental, and immune health. Furthermore, in 2018, Birdnip launched Nootropic supplement for dogs to increase the memory, mental clarity and strengthen the cognitive health. Cat supplements are anticipated to expand at the highest CAGR of 6.3% over the forecast period 2021-2027. This is attributed to increasing awareness among people about cat dietary supplements. Dietary supplements such as glucosamine and chondroitin help to protect the joints and prevent arthritis. Another widely used supplement for cats is omega-3 fatty acid known for its anti-inflammatory effects on the skin. Hence, multiple advantages of feeding dietary supplements to the cats will surge the demand for cat supplements over the forecast period.

Distribution Channel Insights: Pet Supplements Market

The offline segment accounted for the largest share of more than 92.0% in 2019 on account of the easy availability of pet supplements in supermarkets, hypermarkets, medical stores, and convenience stores. Moreover, companies are majorly focusing on increasing the product awareness among the retailers and customers with the help of multi-colored and layered QR codes and point of sale information. These QR codes offer deep knowledge regarding the ingredients and suitability of the product. Hence, easy availability, along with detailed information about the products, has increased the market value of the offline channel. Online distribution channel for pet supplements is projected to exhibit the highest CAGR of 9.7% during the forecast period owing to increasing penetration of smart devices. Growing range of fresh supplements and increasing customer loyalty through subscribe and save programs are expected to drive the online channel segment. For instance, Chewy and Amazon are the most trusted online suppliers of supplements. Chewy carries more than 1000 pet brands and offers 24/7 customer service. Furthermore, retailers are engaged in the development of premium products due to increasing willingness among owners to spend on pets.

Regional Insights: Pet Supplements Market

North America held the largest share of 43.34% in 2019 due to high adoption of pets and growing pet humanization. According to Pet Leadership Council, 44% of U.S. households have a dog and it is likely to increase in the near future. Growing concerns over protection from skin allergies and health diseases have majorly driven the North America pet supplements market. Asia Pacific is estimated to witness the highest CAGR of 7.9% over the forecast period owing to increasing urbanization, the growing trend of nuclear families, and changing perception towards animals, thereby resulting in increased pet adoption rates in emerging countries. In India, dogs are more popular than cats, birds, and horses. Dog supplements will account for a significant market share in the forthcoming years in this region.

Key Companies & Market Share Insights: Pet Supplements Market

Companies are striving to increase brand awareness through marketing spendings and campaigns. Major market players are building their brand equities through acquisitions and partnerships. For instance, in 2019, Dane Creek Capital Corp. acquired RawPaw Supplements for dogs and cats. Some of the prominent players in the pet supplements market include:

Key companies Profiled: Pet Supplements Market Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global pet supplements market report on the basis of pet type, distribution channel, and region:

Pet Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Dogs
  • Cats
  • Others

Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

  • Online
  • Offline

Table of Contents
Chapter 1. Methodology and Scope
 1.1. Market Segmentation & Scope
 1.2. Market Definition
 1.3. Information Procurement
     1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
     1.3.2. IFF Internal Database
     1.3.3. Secondary Sources & Third-Party Perspectives
     1.3.4. Primary Research
 1.4. Information Analysis 
     1.4.1. Data Analysis Models
 1.5. Market Formulation & Data Visua
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