Market Trends of Pet Dietary Supplements Industry
This section covers the major market trends shaping the Pet Dietary Supplements Market according to our research experts:
Pet Humanization to Influence the Purchase Decisions of Pet Dietary Supplement Products
The "pets as a family" trend, in which pet owners treat their animals like children and are extremely receptive to products comparable to those they use for themselves, is a natural expression of pet humanization. Undoubtedly, an increasing number of pet owners treat their animals like family.
In recent years, mainstream media has paid close attention to pet humanization.It is essential to understand the impact of pet humanization on consumer pet food buying behavior. As pets have increasingly become viewed as family members, pet owners are willing to increase their annual spending on pet dietary supplements. According to the survey conducted by the American Pet Products Association (APPA) in 2021, 51% of consumers purchase premium pet food, 33% give their pets vitamins and supplements, 21% cook for their pets, and 18% have some kind of pet medical insurance, illustrating the spending pattern of consumers on pet dietary products.
Furthermore, according to the Pet Food Manufacturers' Association (PFMA), in 2022, 17.4 million households, which constitute 62% of the total population in the United Kingdom, will own a pet, an increase of 2.3% from 2021. Thus, this consumer trend toward pet humanization and increased ownership, coupled with rising health issues in pets, is anticipated to create ample space for pet dietary supplements over the forecast period.
North America to Drive the Pet Dietary Supplements Market
The use of dietary supplements and nutraceuticals for pets and companion animals is booming in the North American market, subjecting the United States to garner more than 75.0% of the North American dietary supplement market. According to the American Pet Product Association (APPA), the United States has 89.7 million pet dogs. Pet owners spend an average of USD 49.70 on a dog's dental care annually and will spend USD 50 billion on pet food and treats in 2021. According to the National Pet Owners Survey in 2021, it was observed that around half of Americans spent the same amount or more on the healthcare of their pets than they did for themselves. North America is responsible for 31.0% of pet food production worldwide, with the huge demand for pet care driving the American pet dietary supplement market.
Further, according to the American Veterinary Dental Society, more than 80% of dogs develop gum disease by the age of three, and over 70% of cats face the same problem at the same age. Additionally, diabetes is also one of the major diseases attacking pets in the country. The rise in awareness of pet health and the increase in veterinary health expenditure are expected to propel market growth during the forecast period in the region.
