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United States Pet Veterinary Supplements Market Growth Forecasts (2021-2026): High Prevalence of Diseases in Pets and Increasing Animal Expenditure - ResearchAndMarkets.com

·5 min read

DUBLIN, December 22, 2021--(BUSINESS WIRE)--The "United States Pet Veterinary Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The United States Pet Veterinary Supplements Market was Valued at USD 2,262.5 in 2020 is projected to reach USD 3,334.1 registering a CAGR of 6.7% during the forecast period 2021-2026.

Due to the restrictions in the movement of raw materials imposed owing to the COVID-19 pandemic, the pet veterinary supplements industry initially suffered in terms of supply and cash flow. On the other hand, demand for the pet products segment witnessed a steady growth in many parts of the world as people adopted more pets with the growing desire for companionship during the lockdown.

In addition, pet companies coordinated with government representatives and those throughout the industry to ensure the supply chain could continue humming along.

Being the largest pet food market in North America, the United States pet food market's growth 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 United States households (about 85 million families) owned a pet. The expenditure on pets in the country increased from 41.2% in 2007 to 69.4% in 2018. The increase in pet expenditure shall further boost the growth of the market.

Key Market Trends

Growing trend of pet humanization

A study shows that nine out of ten Americans who own pets consider them part of the family. More and more pet owners are concerned about their pet diets. This is visible in the trend of pet food demand that closely resembles the trend of human consumption. There is an increased consciousness among pet owners about the ingredients used instead of a decade ago. Contrary to the past, pet owners now see food as a source of good nutrition for their pets. The pet humanization trend has led to the increase in the health consciousness of pets and has also generated demand for natural supplements. Thus, consumers are looking for products that are locally grown, natural, and with digestive benefits. This has led to an increase in the sales of nutraceuticals and veterinary supplements to avoid high healthcare costs, thus, propelling the growth of the market studied. The major factor, which has an impact on pet supplements, is urbanization. The increasing urban constitution of the society, resulting in separation from farm animals and nature, has stimulated the desire to bring pets home. Over the years, US pet owners have shown a growing trend to imbue their pets with human characteristics, becoming more concerned about their pet's health and safety. The pet humanization trend has been driving the market for the past few years, and it is expected to remain the most important factor during the forecast period.

High Prevalence of Diseases in Pets and Increasing Animal Expenditure

The pet veterinary supplements market is benefiting tremendously, owing to the increasing per capita animal healthcare expenditure. 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. According to the National Pet Owners Survey in 2021, it was observed that around half of the Americans spent the same or more on the healthcare of their pets than they did for themselves. Almost 20% have gone into debt caring for their pets, with the average owed amount being USD 1,567. The increasing awareness of pet health among pet owners and increasing expenditure on pet health are the factors propelling the growth of the market studied in the country. As the prevalence of various diseases in companion animals is increasing, the demand for diagnostic imaging procedures and supplements to prevent diseases is rising across the country. Hence, all these factors are expected to drive the growth of the market studied over the forecast period.

Key Topics Covered:

EXECUTIVE SUMMARY

MARKET DYNAMICS

  • Market Overview

  • Market Drivers

  • Market Restraints

  • Porters Five Force Analysis

5 MARKET SEGMENTATION

  • Specialty Type

  • Immunity

  • Diabetes

  • Skin and Coat

  • Joint Health/Mobility

  • Oral Care

  • Gastrointestinal Tract

  • Other Specialty Types

  • Pet Type

  • Dog

  • Cat

  • Other Pet Types

  • Supplement Type

  • Prebiotics and Probiotics

  • Protein and Amino acids

  • Glucosamine

  • Antioxidants

  • Fish Oil

  • Omega-3 Fatty Acid

  • Multivitamins

  • Other Supplement Types

COMPETITIVE LANDSCAPE

  • Mars Incorporated

  • Colgate-Palmolive (Hill's Pet Nutrition Inc.)

  • Nestle 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 ASSESSMENT OF THE IMPACT OF COVID-19

For more information about this report visit https://www.researchandmarkets.com/r/jnt4ko

About 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, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211222005347/en/

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