The global Pet Supplements Market size is expected to reach USD 2.32 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2021 to 2028. Some of the key industry participants are Nestlé Purina Petcare, Food Science Corporation, Ark Naturals and NOW Foods. Pet supplement sales soared as a result of increased consumer interest sparked by COVID-19, particularly in products that target immunity, anxiety, and overall wellness. When it comes to consumer buying patterns, joint health supplements are already at the top of the list, but hip and joint supplements are only one element of the senior pet health picture.
The growing numbers of aging dogs and cats are in need of an immune response, cardiac and cognitive support items, and anti-inflammatory and pain management aid, thanks to breakthroughs in veterinary treatment and pet owner interest in pet wellness and nutrition at an all-time high.
According to Packaged Facts’ 2020 Pet Owners Survey, 47% of dog owners have a dog aged 7 or older, up from 43% in our previous study, and 43% of cat owners have a cat aged 7 or older, up from 39% in our previous survey, demonstrating the growth of this pet demographic. Marketers can leverage already-existing products into a growing pet population segment by targeting the senior population with personalized products and senior-specific products, such as multifunctional supplements, thereby offering another viable avenue for market expansion.
According to a survey of pet food producers performed by Petfood Industry in April, 60% indicated higher sales through online shops. Granted, that was during the early lockdown-induced stockpiling of pet food and many other essential household goods; however, in the most recent Petfood Industry Confidence Index surveys of pet food executives and other professionals, e-commerce has remained one of the few bright spots as business confidence has lagged in other areas.
Many dog owners are naturally anxious about administering human-grade CBD oil to their pets. However, firms such as Royal CBD and Gold Bee have created CBD products designed specifically for pets that are less strong. Preliminary research from Baylor College of Medicine suggests that CBD oil can aid in the treatment of canine osteoarthritis, which affects 20% of dogs over the age of a year.
Related Press Release@ Pet Supplements Market Report
Pet Supplements Market Report Highlights
- By pet type, the dogs segment accounted for the largest share of over 45.0% in 2020 as dogs are the most popular pets in the world, with an incredibly high adoption rate
- The offline distribution channel segment accounted for the largest share of over 75.0% in 2020 and is expected to witness the fastest growth over the forecast period
- North America held the largest share of over 40.0% in 2020. An increase in the number of pet owners and increased knowledge among pet owners about various health hazards are some of the factors fueling the regional market growth