Pet Supplements Market Research Report and Outlook by 2028

The market for pet supplements is projected to expand from US$ 2,281.70 million in 2022 to US$ 3,200.77 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.8% during this period.

Pet supplements are specialized food products derived from both plant and animal sources, designed to provide concentrated nutrients that address deficiencies in proteins, vitamins, or minerals. These supplements are crucial for delivering essential nutrients to pets, thereby enhancing their overall health and growth. Factors such as an increase in innovative product offerings to cater to the growing demand for health and convenience, a rising interest in immunity-boosting supplements for pets, and a shift towards e-commerce platforms are propelling the expansion of the pet supplements market. The market is categorized based on form, type of pet, and distribution channel.

In terms of distribution channels, the pet supplements market is divided into online and offline segments. The offline segment held a larger market share in 2021; however, the online segment is anticipated to experience a higher CAGR throughout the forecast period.

Countries in the Asia Pacific region, including China, India, and Japan, encountered significant hurdles due to the COVID-19 pandemic. Lockdowns, trade restrictions, business closures, and various government measures hindered the growth of the pet food sector, including pet supplement businesses. Nevertheless, there was a surge in demand for pet supplements during the initial quarter of 2020 as consumers began stockpiling pet products in response to lockdowns and travel limitations. Additionally, an increasing awareness of pet health, a trend towards pet humanization, and shifts in socioeconomic factors contributed to the rising demand for pet supplements in this region. These products are essential for maintaining pet health and enhancing their immune systems.

In 2021, several governments in the Asia Pacific region relaxed social restrictions, allowing manufacturing companies to operate at full capacity. This development enabled pet supplement manufacturers to address demand and supply discrepancies, ultimately fostering market growth.

Regionally, the pet supplements market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2021, while Asia Pacific is projected to achieve the highest CAGR during the forecast period. According to the National Pet Owners Survey (2021-2022) by the American Pet Food Association, pet ownership in the U.S. rose from approximately 67% of households in 2021 to 70% in 2022. Millennials emerged as the largest demographic of pet owners, accounting for 32%, followed by baby boomers at 27% and Generation X at 24%. The increasing inclination of these pet owners to enhance their pets' immune systems, strengthen bones, improve digestion, and address various skin allergies is further driving the demand for pet supplements in North America.

Furthermore, leading companies in the North American pet supplements market are implementing strategic initiatives such as launching new products, acquiring other businesses, and forming partnerships to maintain their competitive edge in this growing market. Data from Innova indicates that pet supplements experienced an impressive 116% growth from 2019 to 2020, with over 150 new product developments in the North American market. For example, in 2022, Ultimate Pet Nutrition introduced Nutra Thrive, a canine nutritional supplement that combines potent probiotics with easily digestible nutrients, vitamins, minerals, antioxidants, and digestive enzymes. This product was also honored with the Product of the Year award from the Pet Innovation Award in September 2022. Such innovations from manufacturers are expected to further stimulate market growth in the years ahead.

Key players in the pet supplements market include 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 are concentrating on launching new products and expanding geographically to satisfy the increasing consumer demand globally.

The overall size of the pet supplements market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the information and gain deeper analytical insights. Participants in this process included industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the pet supplements sector.