Pet humanization is a
growing trend where owners are treating their pets as counterparts and wanting
to provide their pets with best nutrition for their wellbeing. With
pet ownership becoming widespread, Future Market Insights (FMI) in a new study
has projected the pet dietary
supplements market to record impressive growth. According to the report,
the market will reach a valuation of US$ 3.78 Bn by 2021.

Pet parenting or pet humanization has been fuelling the demand
for pet dietary supplements. This trend is being mirrored in the high frequency
of the launch of innovative formulations in the market. According to Pet Food
Processing, 45 new nutritional products for pets were launched in 2020.

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The pet owner’s love for their pets is driving the demand for
pet dietary supplements, besides the fact that supplements ensure that the pets
receive proper nutrition, which off-the-shelf pet foods might be void of. Additionally,
pet dietary supplements find demand among the millennial care takers.

Millennial, who account for a
majority of pet owners, also think that pets deserve the same treatment as
small children, thus explaining the demand for pet dietary supplements. Natural
and organic pet supplements are becoming increasingly popular. Herbs and
superfood are being incorporated into the pet supplements, which will aid the
overall market expansion.

Probiotic Supplements to Be Highly Sought-after

As in case of
humans, probiotic supplements for dogs are used to aid digestive health and
regularity. Probiotic nutritional supplements facilitate the
regulation of the good bacteria in the digestive system that helps to break
down dog food so that nutrients can be better extracted. The probiotic
supplements can also inhibit the growth of harmful bacteria that can
make both humans and dogs sick, an example of which is E. coli.

Obesity is a growing health
problem among pets, encouraging an increasing number of veterinary practioners
to open weight-loss clinics. According to the Association for Pet Obesity
Prevention, 59% of cats and 54% of dogs in the U.S. were overweight or obese in
2016, and this concern has increased over the recent years. Weight management
is trending within the pet industry and dietary changes are being taken care of
so as to regulate the pet weight and ensure its health.

This change in consumer
buying preference has encouraged the players in the market to focus on
innovation and expand the portfolio, tapping the unexposed segments of the
industry and as a result escalating the demand over the forecast period.
 FMI in its latest study has forecast the market to rise at a CAGR of 7.1%
between 2020 and 2030.

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Key Takeaways from the Pet Dietary
Supplements Market Study

• FMI in its latest study has forecast the pet dietary supplements
  market to rise at a CAGR of 7.1% between 2020 and 2030
• The U.S. will continue exhibiting strong demand and account for
  nearly 88% of the North America market
• The demand from the U.K. will remain steady as FMI projects it
  to exhibit 3.8% Y-o-Y growth in 2021
• Increasing pet ownership will support growth in Germany and
  France
• Japan and South Korea will emerge as key markets in East Asia

 “Consumers’
awareness regarding pet health is rising, which in turn is increasing the
demand for pet dietary supplements. Moreover, increasing focus of companies on
advertisement and promotion of pet dietary supplements is positively aiding
expansion of the market,” said an FMI analyst.

Disruptions Caused Due to COVID-19 Impacting Sales

The current pandemic outbreak
has posed numerous challenges on the part of supply side and demand side. The
temporary regulation imposed by regional governments to restrict the movement
has impacted supply chains drastically. Besides this, the spectacular shift
from discretionary spending to essential goods has further negatively impacted
the market growth.

E-Commerce is redefining the
commercial activities around the world. In fact, the Covid-19 pandemic and
lockdown effects have tipped the involvement of e-Commerce within all
industries. The segment of population not prevalent with internet retailing has
also adopted it, it being the only resort. There is a lot of opportunity for
companies and online services to work together to offer greater engagement to
consumers. 

Who is winning?

A few of the key players in
the pet dietary supplements market are Nestle SA, Mars Incorporated, NOW Foods,
Blue Buffalo Co Ltd., Ark Naturals, Virbac, Novotech Nutraceuticals, Inc.,
Zoetis, PetAG, Inc., VetClassics and GNC, among others.

Companies operating in the
market are increasingly investing in product development with an aim to gain a
competitive advantage over other players operating in the market.

Get Valuable Insights into Pet Dietary Supplements Market

Future Market Insights, in
its new offering, provides an unbiased analysis of the global pet dietary
supplements market, presenting historical demand data (2015-2030) and forecast
statistics for the period from 2020-2030. The study divulges compelling insights
on the pet dietary supplements market based on the product type (glucosamine,
multivitamins, probiotics, omega-3 fatty acids and others), purpose (joint
health, digestive health, weight management, skin and coat health, dental care
and others), form (capsules, tablets, powder, others), pet type (dog, cat,
horse, and others), sales channel (wholesalers & retailers, modern trade,
convenience stores, multi-brand stores, pet specialty stores, and online
retailing), across seven major regions.

Summary

According to
Future Market Insights’ recent market report titled “Pet Dietary Supplements Market: Global Industry
Analysis 2015-2019 and Opportunity Assessment 2020-2030”, is expected
to show favourable growth and opportunity trends. Pet culture is growing and as
a matter of fact, the demand for pet care products and services is
significantly increasing due to improving lifestyle in various countries. With
a rise in the disposable income and a major inclination towards providing pets
with utmost care and support, the pet dietary supplement market is witnessing
burgeoning demand. Targeted nutrition is taking its course within the industry,
defining the increasing popularity of condition-specific supplements. Joint
health, immune health, digestive health and cognitive health are demanding
supplements complementing the formulated pet foods and treats. Besides, pet
owners are also seeking out supplements for heart health, skin & coat
health and dental care.