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Global Pet Supplement Market to Grow at a CAGR of 7.5% During 2021-2026, Aided by Extensive Delivery Channels

According to a new report by EMR titled, ‘Global Pet Supplement Market Report and Forecast 2021-2026’, the market attained a value of approximately USD 497 million in 2020. The industry is further expected to grow at a CAGR of 7.5% in the forecast period of 2021-2026 to reach a value of nearly USD 767 million by 2026.

The growth in the global market for pet supplements can be attributed to the rising adoption of pets, especially cats and dogs, particularly in developing regions owing to the rising disposable incomes as a result of industrialisation and urbanisation. Pet supplements are becoming a popular alternative to traditional pet food due to the enhanced health and nutritional benefits associated with pet supplements. In addition, as a result of an increase in pet humanisation, pet owners are demanding products that aid in enhancing the lifestyle of their pets and treat various diseases, such as joint pains. Furthermore, owing to the presence of extensive delivery channels, including offline pet stores and easy availability of pet supplements in convenience stores and supermarkets, among others, is robustly contributing to the industry growth of pet supplements. In addition to this, online delivery channels such as Amazon are significantly aiding the market growth as owners can shop conveniently and receive doorstep deliveries.

Goodboy, a new company in the market for pet supplements based in the USA, has recently unveiled a new line of supplements for dogs in April 2020. As a result of increased market demand for functional pet treats and solution-based supplements, the latest company development is robustly driving the market growth. With the availability of the product on online retail channels such as Amazon, the product is gaining consumer attention. The supplements are customisable using a quiz-based algorithm to create a unique profile targeting a dog’s individual health and wellness needs. The supplement line includes a calming formula, bladder and kidney support, hip and joint care, and a probiotic formula, along with a complete care formula to boost overall health and wellness. With availability in new and innovative flavours, the market is being propelled with the introduction of such products. The market is further anticipated to be propelled by the expansion of market players like Nestle S.A (SWX: NESN).

Market Analysis by Pet, Type, Source, Distribution Channel, and Region:

  • The market, on the basis of pets, can be divided to dog, cat, and freshwater fish, among others.
  • On the basis of type, the market can be divided into multi-vitamins, skin and coat, hip and joint, prebiotics and probiotics, and calming, among others.
  • Based on source, the market can be categorised into organic and conventional.
  • Based on distribution channel, the market can be divided into offline and online.
  • The major regional markets for pet supplement are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market growth is driven by a significant increase in pet adoption and willingness to spend on pet care products.
  • Increasing consumer awareness regarding the importance of pet supplements and rising preference for pet food is providing impetus to the market growth.
  • Owing to the rising disposable incomes and increasing purchasing power of people, the key players are launching new and innovative products, which is contributing to the market growth of pet supplements.
  • The market for pet supplements is being augmented by the presence of extensive distribution channels that aid in the easy availability of pet products.

Key Offerings of the Report:

  • The EMR report gives an overview of the global pet supplement industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for pets, types, sources, distribution channels, and regions of pet supplement.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global pet supplement market are Ark Naturals Company, Nutramax Laboratories, Inc., Kemin Industries, Inc., Nestle S.A, and Virbac, among others.  The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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