DUBLIN – (BUSINESS WIRE) – Added the report “US Pet Dietary Supplements Market – Growth, Trends, Impact of COVID-19, and Forecasts (2021-2026)” added ResearchAndMarkets.com to offer.
The United States pet food supplement market was valued at $ 2,262.5 in 2020 and is projected to reach $ 3,334.1, which is a CAGR of 6.7% over the forecast period 2021-2026.
Due to restrictions on the movement of raw materials due to the COVID-19 pandemic, the pet food supplement industry suffered initially from supply and cash flow. On the flip side, the demand for the pet products segment has seen steady growth in many parts of the world as people adopted more pets with the growing desire for company during the lockdown.
In addition, pet companies coordinated with government officials and representatives from across the industry to ensure the supply chain kept humming.
As the largest pet food market in North America, the growth of the pet food market in the United States is attributed to the increase in pet ownership. According to the 2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 68% of US households (approximately 85 million families) had a pet. Pet spending in the country rose from 41.2% in 2007 to 69.4% in 2018. The surge in pet spending is set to continue to fuel the growth of the market.
Major market trends
Growing trend towards humanizing pets
One study shows that nine out of ten Americans who own pets consider them part of the family. More and more pet owners are worrying about the diet of their pets. This can be seen in the trend in pet food demand, which is very similar to the trend in human consumption. Pet owners’ awareness of the ingredients used has increased instead of a decade ago. Unlike in the past, pet owners now see food as a good source of nutrition for their pets. The trend towards the humanization of pets has led to increased health awareness of pets and also created the demand for natural nutritional supplements. Hence, consumers look for products that are locally grown, natural, and with digestive properties. This has led to an increase in nutraceutical and veterinary drug sales to avoid high healthcare costs, thus fueling the growth of the market under study. The main factor affecting pet food supplements is urbanization. The increasing urban constitution of society, which results in the separation of farm animals and nature, has created the desire to take pets home with you. Over the years, American pet owners have shown a growing trend towards adding human traits to their pets and are increasingly concerned about the health and safety of their pets. The pet humanization trend has driven the market for the past several years and is expected to remain the most important factor during the forecast period.
High prevalence of diseases in pets and increasing animal spending
The pet food supplement market is benefiting tremendously from rising per capita spending on animal health. There are 89.7 million domestic dogs in the United States, according to the American Pet Product Association (APPA). Pet owners spend an average of $ 49.70 annually on dental care for a dog. According to the National Pet Owners Survey in 2021, it was observed that around half of Americans spend the same or more on their pets’ health care than they do on themselves. Nearly 20% have indebted themselves on taking care of their pets, the average being at $ 1,567. The growing awareness of animal health among pet owners and increasing spending on animal health are the factors driving the growth of the studied market in the country. As the prevalence of various diseases in pets increases, the demand for diagnostic imaging and nutritional supplements to prevent disease increases nationwide. Hence, all of these factors are expected to drive the growth of the researched market over the forecast period.
Key topics covered:
SUMMARY
MARKET DYNAMICS
-
Market overview
-
Market leader
-
Market restrictions
-
Porter’s Five Force Analysis
5 MARKET SEGMENTATION
-
Special type
-
immunity
-
diabetes
-
Skin and fur
-
Joint health / mobility
-
Oral care
-
Gastrointestinal tract
-
Other special types
-
Pet type
-
dog
-
cat
-
Other types of pets
-
Supplementary type
-
Prebiotics and probiotics
-
Protein and amino acids
-
Glucosamine
-
Antioxidants
-
Fish oil
-
Omega-3 fatty acids
-
Multivitamins
-
Other types of supplements
COMPETITIVE LANDSCAPE
-
Mars Incorporated
-
Colgate-Palmolive (Hill’s Pet Nutrition Inc.)
-
Nestlé SA (Purina PetCare)
-
Clearlake Capital Group (WellPet LLC)
-
General Mills Inc. (Blue Buffalo)
-
iVet Professional formulas
-
Russo Mangimi SPA (Farmina pet food)
-
Forza10 USA
-
The Higgins Group Corp.
-
Garmon Corp.
MARKET OPPORTUNITIES AND FUTURE TRENDS
AN EVALUATION OF THE IMPACT OF COVID-19
Please visit https://www.researchandmarkets.com/r/jnt4ko for more information on this report
Via ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.