Pet Supplements Market Share Worth $3.20 Billion, Globally, by 2028 with 5.8% CAGR: Comprehensive Report by The Insight Partners

New York, Feb. 21, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Pet Supplements Market Size, Share, Growth and Global Forecast to 2028 – COVID-19 Impact and Global Analysis By Form (Chewable, Powder, and Others), Pet Type (Dogs, Cats, and Others), and Distribution Channel (Online and Offline)” the global pet supplements market size to grow at a CAGR of 5.8% from 2022 to 2028, it is expected to grow from USD 2.28 billion in 2022 to USD 3.20 billion by 2028.

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Global Pet Supplements Market – Report Scope:

Global Pet Supplements Market: Competitive Landscape and Key Developments

A few players operating in the pet supplements market are Zesty Paw LLC, Comfort Click Ltd., Arrowleaf Naturals Ltd., Four Paws Inc., Nutramax Laboratories Consumer Care Inc., FoodScience LLC, Nordic Naturals Inc., Thorne Vet Inc., Dorwest Herbs Ltd., and Pethonesty LLC. These companies have a widespread global presence, which provides them to serve a large set of customers, and this subsequently increases their market share. These market players are highly focused on launching new products and expanding their product range through retail adoption of retail platforms to meet the growing consumer demand across the world. For instance, in 2022, Zesty Paws LLC’s Omnichannel Presence expanded its supplements through Walmart.

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Consumer Preferences for E-Commerce Platform to Provide Lucrative Market Growth Opportunities to Global Pet Supplements Industry Growth: 

E-commerce platforms are being used widely across the globe. The increase in penetration of smartphones and the internet, rise in purchasing power of consumers, and convenient shopping experiences provided by online retail platforms are a few of the key factors driving the sales of various products such as pet supplements through e-commerce platforms. People increasingly prefer online retail platforms to buy pet supplements owing to the availability of various products of different brands at affordable prices, detailed product descriptions, consumer ratings and reviews, and home delivery services. During the COVID-19 outbreak, individuals were restricted to their homes, which increased their inclination toward online shopping. For instance, according to the Kerry Group, the e-commerce sales of pet supplements increased substantially from 29% in 2019 to 42% in 2020. With the rising penetration of e-commerce across different geographies, pet supplement manufacturers are enhancing their online presence by selling their products through well-known e-commerce platforms, such as Amazon.com, Lidl, and Walmart. For instance, PetMed Express Inc, the online pet pharmacy, collaborated with Amazon to broaden the sales of pet supplements and offer a substantial price reduction to increase their customer base. Thus, increasing consumer preference for e-commerce platforms provides a huge opportunity for the manufacturers in the market to offer their products through e-commerce platforms and increase their customer base. Therefore, increasing customer base also increases the pet supplements market growth.

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Global Pet Supplements: Segmental Overview

Based on form, the pet supplements market is segmented into chewable, powder, and others. The chewable segment held the largest share of the market in 2021. Chewable supplements, including chewable tablets, chewable capsules, or soft chews, are popular among the pet owners as they offer an easy modality for both young and older pets to consume supplements. A large number of pet supplement manufacturers offer their products in chewable format owing to their popularity among the pet owners. Moreover, pet parents worldwide are interested in premium products with functional claims. They demand chewable supplements with functional ingredients that serve a purpose in the pets’ nutrition and no “filler” ingredients. Hence, the demand for chewable pet supplements has gained popularity and will continue to accelerate during the forecast period.

Based on pet type, the pet supplements market is segmented into dogs, cats, and others. The dogs segment is expected to register the highest CAGR during the forecast period. Dogs are the most popular and beloved pets among the pet owners worldwide. According to the National Pet Owners Survey of 2019–2020, conducted by the American Pet Products Association, there were 63.4 million households in the US that owned dogs. Further, the trend of pet humanization has been growing across the world, which has increased the number of pet owners spending significantly on pet food and supplements to keep their pets active and healthy. Dogs have specific requirements for proteins, carbohydrates, fats, vitamins, amino acids, and minerals. Pet supplements are fortified with these nutrients to fulfil the nutritional requirements of dogs. Thus, the high adoption of dogs as pets, along with increased spending by pet owners on their well-being, is anticipated to drive the pet supplements market growth in the dogs segment during the forecast period.

Based on distribution channel, the pet supplements market is bifurcated into online and offline. The online segment is expected to register a higher CAGR during the forecast period. E-commerce platforms offer a wide range of products of various categories to pet owners across the globe. Pet parents can buy the product of their choice at home or office. Online retail is the fastest-growing distribution channel for pet supplements due to factors such as ease of accessibility; availability of a wide range of products; convenience offered by these channels in terms of delivery of products; and cashback, discount coupons, and attractive deals. Moreover, this segment is expected to register notable pet supplements market growth because of the shutdown of physical stores due to lockdowns.

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The pet supplements market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. These countries report increasingly high pet populations, which helps boost the demand for pet nutrition, such as pet supplements, across the region. Moreover, developing countries such as China and India have a significant population of pets. According to the National Bureau of Statistics, China has the fastest-growing pet industry in the region. Factors such as increasing disposable income and rising awareness regarding animal health and wellness are also contributing to the growing demand for pet nutritional products, such as pet supplements.

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