The Global Pet Supplements Market size is expected to reach $2. 1 billion by 2027, rising at a market growth of 6. 3% CAGR during the forecast period. Pet supplement refers to a popular option to conventional pet food, having low carbs, high nutrients, and has a slightly sweeter taste.
New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Pet Supplements Market By Distribution Channel, By Pet Type, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06177777/?utm_source=GNW
Pet supplement is considered as a rich source of nutrients, vitamins, proteins, and minerals. It is becoming highly popular in emerging nations, due to the surge in pet humanization and increasing disposable income in these countries. Moreover, consumers have become more aware of the overall health of pets, thereby accelerating the demand for products that help to boost health, enhance longevity, and avoid several diseases like calming, skin & coat, hip & joint problems.
The rising expenditure on pet care around the world and the high increment in the adoption of pets are fueling the market growth. Pet owners are willingly spending a massive amount of money to maintain the health of their pets, leading to higher pet health spending. The players operating in the pet supplement market are constantly innovative unique products that are more efficient, have better taste, are durable, and health-giving with an aim to fulfill the ever-growing demands from the consumers. As per the American Pet Products Association, overall household pet adoption in the US grew significantly in 2016. The surge in pet healthcare expenditure is responsible for the massive adoption of pets.
The outbreak of the COVID-19 pandemic is severely impacted various industries around the world. However, the sales of pet supplements increased due to the higher consumer interest as a result of COVID-19, mainly in products that aim to enhance immunity & overall health and reduce anxiety.
The global pandemic has issued a negative impact on the consumer goods market; though, the animal food and supplements market has been observing substantially less impact. People were compelled to follow the stringent lockdown guidelines in order to slow down the transmission rate of the deadly virus. In the majority of the countries, borders were shut down, which had a direct impact on the export & import of pet supplements and the manufacturing process. In addition, the supply chain has been disrupted, which has slowed down the complete market. People stayed inside their homes with their pets throughout the lockdown period, which boosted the sales of pet supplements. A declining number of COVID-19 cases and massive roll-out of vaccines across numerous countries with an aim to provide treatment to the patients suffering from the corona virus are anticipated to accelerate the growth of the pet supplement market.
Market Growth Factors:
The trend of pet humanization is expected to positively impact the buying patterns of the consumers
In the last couple of years, pet humanization gained high popularity. It is crucial to understand the impact of pet humanization on consumer pet food buying patterns. American Pet Products Association (APPA) performed a study that revealed that above 76.8 million households in the US have one or more pets, with 39% of homes have dogs. Pet owners prefer to increase their yearly expenditure on pet dietary supplements as pets have highly become family members.
Thriving Online Sales is set to boost the market growth
The players working in the global pet supplement market are witnessing massive growth opportunities due to the booming eCommerce websites. For Pet owners, pet food & supplements are acting as an important method against ailments. Makers operating in the pet dietary supplement market are boosting their focus on functional ingredients in products that display prevention, maintenance, and treatment of particular pet health problems.
Market Restraining Factor:
Uncertain regulatory scenario is hampering the market growth
As per the Federal Food, Drug, and Cosmetic Act of 1938 (FFDCA), animal food must be safe for consumption and made in sanitary conditions. There should be no harmful substances in the foods and these foods items should have proper labeling. The Food Safety Modernization Act of 2010 (FSMA) launched the norms associated with sterilization, certification, hygiene, and labeling of ingredients for pet food makers in the US.
Distribution Channel Outlook
Based on Distribution Channel, the market is segmented into Offline and Online. The offline distribution channel segment garnered the maximum revenue share of the global pet supplement market in 2020. There has been a slow shift among the pet owners towards online retail; however, it was not until 2020 that a major transition has been witnessed toward the online pet supplement market.
Pet Type Outlook
Based on Pet Type, the market is segmented into Dogs, Cats and Other types. COVID-19 has created awareness about the requirement of supporting immune health in a proactive way. The COVID-19 pandemic has raised awareness about maintaining the health among the owners of cats and dogs, especially in the US. Moreover, the majority of these pet owners have included immune-boosting products in the diet of their pets.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The US pet market has endured the worldwide pandemic and subsequent economic crisis. As an increasing number of people are including pets in their homes and focused on the health & well-being of their health as a member of their families, leading to a boost in the growth of the regional market.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Nestle S.A. is the major forerunners in the Pet Supplements Market. Companies such as Elanco Animal Health, Inc., Zoetis, Inc., Nutramax Laboratories, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dechra Pharmaceuticals PLC, Nestle S.A., Elanco Animal Health, Inc., Zoetis, Inc., Nutramax Laboratories, Inc., NOW Foods, Inc., Ark Naturals, Kemin Industries, Inc., FoodScience Corporation (Wind Point Partners), and Honest Paws, LLC.
Recent Strategies Deployed in Pet Supplements Market
Partnerships, Collaborations, and Agreements:
Apr-2021: Dechra Pharmaceuticals signed an exclusive distribution agreement with Intervacc, a Swedish company active in the biotechnology sector. Under this agreement, the companies would commercialize Intervacc’s vaccine candidate Strangvac in Europe. The addition of Strangvac would further reinforce the company’s established European equine line by offering veterinarians a novel product assisting them to protect horses from strangles.
Apr-2021: Elanco came into a partnership with Ducks Unlimited, an American nonprofit organization. This partnership aimed to strengthen the bond between environmental sustainability and agriculture particularly beef cattle production across North America. In addition, the partnership would further enhance the critical role, which healthy animals play in supporting a healthy surrounding.
Mar-2021: Dechra Veterinary Products entered into exclusive marketing, sales, and distribution agreement with I-MED Pharma. Under this agreement, Dechra launched three innovative veterinary hyaluronic acids (HA) ophthalmic products: 0.40% viscoadaptive HA ointment, 0.20% viscoadaptive HA suspension with osmoprotectants and bioprotectants, 0.18% viscoadaptive HA solution. These products would launch under OphtHAvet, a brand of Dechra.
Mar-2021: Elanco Animal Health partnered with Morris Animal Foundation, a leader in advancing animal health. This partnership aimed to better understand the incidence and prevalence of osteoarthritis (OA) in dogs utilizing data produced by the Foundation’s Golden Retriever Lifetime Study.
Feb-2021: ADechra Pharmaceuticals entered into licensing, development, and supply agreements with Akston Biosciences, developer of new classes of biologic therapeutics. This agreement aimed to commercialize AKS-425c, once-a-week insulin therapy for the treatment of diabetes in cats.
Jan-2021: Kemin Industries joined hands with CSS, IT services, and premium tech support Solutions Company. This collaboration aimed to further develop high-quality, sustainable pet food ingredients from up cycled groceries.
Jan-2021: Kemin Industries entered into a partnership with Zhuyi Mall. This partnership aimed to introduce its e-commerce business to millions of pig farmers in China. This initiative would bring develop more customer touch points in the nation and enable Kemin to better deliver to prevailing and potential customers those who want high-quality products and trusted services.
Sep-2020: Honest Paws signed an agreement with Choice Pet Products, a distributor of quality pet brands and products. This agreement aimed to expand the distribution portfolio to independent retailers in Florida.
Jul-2020: Zoetis came into collaboration with Trianni, developer, and provider of a humanized monoclonal antibody platform. This collaboration aimed to improve Zoetis’s internally-developed portfolio of novel monoclonal antibodies and bolster the development of therapeutics, which would transform how veterinarians cure a variety of diseases in animals.
Apr-2020: Kemin Industries entered into an agreement with Pacific GeneTech (PGT), a biologics company. Under this agreement, Kemin focused on developing the Salmonella vaccine and registering it in the US and other nations, starting with the European Union. In addition, Kemin would also start expanding the Salmonella vaccine’s accessibility in Southeast Asia and Africa.
Jan-2020: Dechra Pharmaceuticals came into an agreement with Elanco Animal Health Incorporated. This agreement aimed to divest Osurnia, a treatment for otitis externa in dogs.
Acquisitions and Mergers:
Aug-2021: Zoetis signed an agreement to acquire Jurox, manufacturer of solutions for livestock producers, veterinarians, and pet owners. Through this acquisition, Zoetis would get a range of crucial products primed for better global expansion; a valuable animal health portfolio that includes Alfaxan, an anesthetic product for companion animals; and high-quality, local manufacturing working in Australia.
Aug-2021: Elanco Animal Health took over Kindred Biosciences, a veterinary biopharmaceutical company. This acquisition aimed to support Elanco’s expansion in the attractive pet health market, especially expanding Elanco’s presence in the fast-growing billion-dollar dermatology category.
Aug-2020: Elanco Animal Health acquired Bayer Animal Health. Through this acquisition, Elanco would expand its pet business to approximately 50% of revenues and approx. triples the company’s international pet health business.
Apr-2020: Nestlé Purina took over Lily’s Kitchen, the UK’s leading producer of premium wet and dry natural foods for dogs and cats. This acquisition aimed to support Purina’s prevailing brand portfolio and strengthen Purina’s world-leading pet care insight, expertise, and global resources.
Product Launches and Product Expansions:
May-2021: Elanco Animal Health released ZoaShield in the United States. This product provides poultry producers a proven and flexible zoalene solution, which maintains coccidiosis under control in a simple and manageable way.
Apr-2021: Kemin Nutrisurance released its first fiber ingredient, TEGRAVIA, for the pet food market in Brazil. This launch is in partnership with Fibervita, a food ingredient company in Brazil, in which Kemin Nutrisurance developed TEGRAVIA as a functional fiber for its pet food.
Mar-2021: FoodScience Corporation launched new products under its brands, VetriScience and Pet Naturals. The company launched new formula, Composure Long Lasting and senior supplements, Golden Years under VetriScience, and three latest products at Global Pet Expo: Heartibles heart-healthy treats, Impawsibly Good Treats, and Busy Butter Calming Peanut Butter for Dogs under Pet Naturals.
Nov-2020: Nestlé Purina introduced Purina beyond Nature’s Protein, pet food that is made on alternative proteins to better utilization of the planet’s resources. The product line consists of insects along with plant protein from fava beans and millet. The protein sources are mixed to provide all essential amino acids dogs and cats required, with different levels of insect proteins for each.
Feb-2020: Nutramax Laboratories introduced a veterinary-exclusive soft chew formulated Dermaquin Skin Support Supplement. This product helps in reducing the occurrence of skin issues in dogs.
Scope of the Study
Market Segments covered in the Report:
By Distribution Channel
By Pet Type
• Other types
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Dechra Pharmaceuticals PLC
• Nestle S.A.
• Elanco Animal Health, Inc.
• Zoetis, Inc.
• Nutramax Laboratories, Inc.
• NOW Foods, Inc.
• Ark Naturals
• Kemin Industries, Inc.
• FoodScience Corporation (Wind Point Partners)
• Honest Paws, LLC
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