Pet Supplements Global Market Opportunities and Strategies to 2033

This report describes and explains the pet supplements market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global pet supplements market reached a value of nearly $2.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.46% since 2018. The market is expected to grow from $2.2 billion in 2023 to $3.1 billion in 2028 at a rate of 7.68%. The market is then expected to grow at a CAGR of 8.31% from 2028 and reach $4.6 billion in 2033.

Growth in the historic period resulted from increased pet population, strategic marketing and advertising campaigns promoting pet supplements and emerging markets growth. Factors that negatively affected growth in the historic period were high costs associated with pet supplements and pet bills.

Going forward, the increase in adoption of dogs, cats and other pets, increased spending on pet care, rising disposable incomes per capita and surge in e-commerce and retail sales will drive the growth. Factor that could hinder the growth of the pet supplements market in the future include potential side effects or adverse reactions associated with certain supplement formulations.

The pet supplements market is segmented by supplement type into essential fatty acids, probiotics, antioxidants, multivitamins, enzymes and other supplements. The probiotics market was the largest segment of the pet supplements market segmented by supplement type, accounting for 28.5% or $602.7 million of the total in 2023. Going forward, the multivitamins segment is expected to be the fastest growing segment in the pet supplements market segmented by supplement type, at a CAGR of 8.52% during 2023-2028.

The pet supplements market is segmented by product form into chewable, powder, capsules/tablets and other forms. The chewable market was the largest segment of the pet supplements market segmented by product form, accounting for 45.9% or $972.69 million of the total in 2023. Going forward, the powders segment is expected to be the fastest growing segment in the pet supplements market segmented by product form, at a CAGR of 8.92% during 2023-2028.

The pet supplements market is segmented by pet type into dogs, cats and other pets. The dogs market was the largest segment of the pet supplements market segmented by pet type, accounting for 48.3% or $1 billion of the total in 2023. Going forward, the cats segment is expected to be the fastest growing segment in the pet supplements market segmented by pet type, at a CAGR of 8.44% during 2023-2028.

The pet supplements market is segmented by distribution channel into online e-commerce and retail stores. The retail stores market was the largest segment of the pet supplements market segmented by distribution channel, accounting for 74.6% or $1.6 billion of the total in 2023. Going forward, the online e-commerce segment is expected to be the fastest growing segment in the pet supplements market segmented by distribution channel, at a CAGR of 8.71% during 2023-2028.

The pet supplements market is segmented by application into skin and coat, hip and joint, digestive health and other applications. The hip and joint market was the largest segment of the pet supplements market segmented by application, accounting for 37.7% or $797.5 million of the total in 2023. Going forward, the skin and coat segment is expected to be the fastest growing segment in pet supplements market segmented by application, at a CAGR of 8.71% during 2023-2028.

North America was the largest region in the pet supplements market, accounting for 38% or $803.8 million of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the pet supplements market will be Asia-Pacific and North America where growth will be at CAGRs of 8% and 7.84% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 7.78% and 7.5% respectively.

The global pet supplements market is concentrated, with a few players operating in the market. The top ten competitors in the market made up 46.69% of the total market in 2022. Nestlé S.A. was the largest competitor with a 15.94% share of the market, followed by Mars Inc. with 11.38%, Virbac with 10.71%, Nutramax Laboratories, Inc. with 2.67%, Zoetis Inc. with 2.25%, NOW Foods with 1.16%, Hill's Pet Nutrition Inc. with 1.11%, Zesty Paws with 0.95%, FoodScience LLC with 0.40% and Pet Honesty with 0.12%.

The top opportunities in the pet supplements market segmented by supplement type will arise in the probiotics segment, which will gain $291 million of global annual sales by 2028. The top opportunities in the pet supplements market segmented by product form will arise in the chewable segment, which will gain $440.3 million of global annual sales by 2028. The top opportunities in the pet supplements market segmented by pet type will arise in the dogs segment, which will gain $446 million of global annual sales by 2028. The top opportunities in the pet supplements market segmented by distribution channel will arise in the retail stores segment, which will gain $670.1 million of global annual sales by 2028. The top opportunities in the pet supplements market segmented by application will arise in the hip and joint segment, which will gain $357.5 million of global annual sales by 2028. The pet supplements market size will gain the most in the USA at $295 million.

Market-trend-based strategies for the pet supplements market include innovative product developments with focus on natural sources, strategic collaborations and partnerships to expand reach and capabilities and launch of innovative plant-based and vegan supplements.

Player-adopted strategies in the pet supplements market include focus on strengthening its operational capabilities through acquisitions, strengthening its operational capabilities through new product developments and its operational capabilities through new facility expansion.

To take advantage of the opportunities, the analyst recommends the pet supplements companies to focus on natural treat products, focus on plant-based supplements, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, provide competitively priced offerings, participate in trade shows and events, focus on integrated promotional strategies and focus on tailored solutions for end-users.