Market Overview
The global petsupplements market size stood at USD 2.33 billion in 2023. The market isprojected to be worth USD 2.47 billion in 2024 and reach USD 3.85 billion by
2032, exhibiting a CAGR of 5.73% during the assessment period.
The pet supplements global market is witnessing a transitionfrom pet owners to pet parents, and heightened awareness of pet health is
driving a surge in demand for supplements crafted with premium ingredients. As
per the study, this shift toward personalized supplements tailored to address
specific pet health concerns reflects a positive outlook for the market over
the assessment period.
List of Major Players Profiled in the Report:
- Mars Incorporated (U.S.)
- Nestle S.A. (Switzerland)
- FoodScience Corporation (U.S.)
- Biostime Pharmaceuticals (Zesty Paws) (China)
- iVet Professional Formulas (U.S.)
- Farmina Pet Foods (Italy)
- Nutramax Laboratories, Inc. (U.S.)
- The Higgins Group Corp. (U.S.)
- Pet Naturals (U.S.)
- Affinity Petcare S.A (Spain)
Segments:
Solidified Position of Dogs Segment is owed to the RisingNumber of Dog Ownership
By pet type, the market is trifurcated into dogs, cats, andothers. Dogs command the highest share of the market, buoyed by increasing
ownership rates and continued interest in future adoptions.
Chewable Supplements Lead Market with Their HigherPreference Rate
By form, the market is fragmented into tablets &capsules, chewable, and liquid & powder. The chewable segment gains an edge
over other supplement forms owing to its convenience and higher preference.
Hip & Joint Segment Dominates with Higher Number ofOld Pets
By function, the market is classified into skin & coat,hip & joint, digestive health, and others. The escalating number of pets
with old age following the hip & joint problems leads to the segment’s top
position.
Glucosamine Vanguards with its Proficiency in ProtectingChondrocyte Cells
By supplement, the market is categorized into glucosamine,probiotics & prebiotics, multivitamins, and others. Glucosamine captured
the largest share of 38.02% in 2023 and made its mark as a dominant supplement
with its ability to protect chondrocyte cells and maintain cartilage structure.
Offline Channel Gains Prominence with Simplified PriceComparisons
By distribution channel, the market is split into onlinechannel and offline channel. The offline distribution channel's easier price
comparison and variegated options place the segment at the forefront.
Regionally, the market is studied across North America,Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage
The research report offers a detailed examination of market trends, notable
industry developments, and factors favorable for the market’s growth. Moreover,
it includes emerging opportunities and challenges within the market. In
addition to the above factors, the report also covers key strategies by market
players, their positioning, and technological advancements shaping the market
landscape.
Drivers and Restraints
Millennial and Gen Z Pet Owners Drive PersonalizedWellness Trends in the Market
The millennial and Generation Z demographics represent asignificant portion of pet owners globally. A strong inclination toward
personalized wellness products, awareness of pet health trends, and substantial
spending capacity are poised to shape the future landscape of the pet
supplements market growth.
However, the high regulation in developed countriesincreases the manufacturing cost of pet supplements, further impeding the
market’s growth.
Regional Insights
North America Leads Market with High Pet Ownership
North America secured USD 1.02 billion in 2023 and holds themaximum pet supplements market share globally. Most of the U.S. population is
estimated to own at least one pet, resulting in higher adoption of pet
supplements.
Asia Pacific is projected to outpace other regions in termsof growth rate with higher adoption rates from the millennial population.
Competitive Landscape
Industry Titans Forge Ahead with Strategic Initiatives toCement Market Position
Industry giants solidify their pet supplements marketposition by prioritizing innovation and expansion strategies such as new
product launches and strategic acquisitions. Mars Incorporated's launch of
Pedigree multivitamins in March 2023, which exemplifies its commitment to
catering to the growing preference for supplements among younger pet owners.
Key Industry Development
- September 2022: Yumi unveiled its new supplements brand for pets, featuring a range of products including joint health, probiotics, skin and coat, and more.
