Pet Humanization to be the Basis of Extensive Demand for
Veterinary Supplements
WILMINGTON, Del., July 29,
2024 /PRNewswire/ -- As per the latest report
published by Transparency Market Research
(TMR), the global veterinary supplements market is
estimated to reach US$ 15.2
Bn by 2031 at a noticeable CAGR of
6.9% between 2023 and 2031.
Veterinary supplements are amongst the vital components of
modern-day animal husbandry practices. They make provisions for
essential vitamins, minerals, and the other nutrients that
conventional feed sources fail to provide.
As per 2020 report by FONA International Inc.,
millennials are at the forefront regarding propagation of
humanization of pets and premiumization trends in veterinary
dietary supplements.
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As animals age, they tend to lose their ability of efficiently
absorbing nutrients, which, in turn, results in progressive
depletion of essential micronutrients. There are therapeutic
supplements available; which are also called nutraceuticals or
veterinary health supplements. A bigger dosage of nutraceuticals is
recommended in comparison with the same ingredient when used in the
form of a nutrient.
Veterinary Supplements Market Report by TMR
highlights the factors that encourage as well
as restrain the veterinary supplements market
size. The latest
trends and opportunities have also been
captured in the report.
Key Takeaways from Veterinary Supplements Market
Report
- Pet Humanization Spelling Veterinary Supplements Market
Growth
The loneliness quotient across the globe has been on the higher
side since the last few years. This is largely due to reducing
human interaction and partly due to single-child norm penetrating
the developing economies.
Millennials in the U.S. and the U.K. comprise the largest
population of pet owners worldwide. Nevertheless, the
older generation finds respite in pets, as they help it in coming
to terms with empty nest syndrome left by their children who have
moved out to test their fortunes.
Though pet adoption phenomenon is common in the Western
countries, it has gained traction in the Asian countries,
particularly since the onslaught of pandemic. Research states that
60% of Asian citizens have a pet at home and 32% declare their dogs
and cats as their best friends.
The shift to parenthood from ownership as mentioned above is
generating demand for premium products, especially supplements. The
premium brands are adopting human-like dietary labels such as
'locally sourced' or 'organic' to gain a wider consumer
base. In June 2023, Purina
Pro Plan Veterinary Supplements announced launching of Joint
Care, a novel soft chewable supplement that extends support to
mobility, health cartilage, and joint in puppies and dogs of all
breeds.
At times, the demand for veterinary supplements also comes from
pet influencers that have millions of followers on popular social
media platforms. These influencers could facilitate several
partnerships with the brands.
- Need to Combat Pet Diseases Augmenting Veterinary
Supplements Market Size
Veterinary Supplements Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2023-2031
|
Base
Year
|
2017-2022
|
Size in 2022
|
US$ 8.3 Bn
|
Forecast (Value) in
2031
|
US$ 15.2 Bn
|
Growth Rate
(CAGR)
|
6.9 %
|
No. of
Pages
|
260
Pages
|
Segments
covered
|
By Supplement Type, By
Animal Type, By Application/Benefit Area, By Dosage Form, By
Distribution Channel, By Region
|
Pets can contract several health ailments such as arthritis,
obesity, allergies, age-related ailments, and digestive disorders.
Veterinary supplements play an important role in catering to these
health concerns and promulgating preventive care in the pets. They
are formulated such that they can solve the issues pertaining to
joints, digestion, and immune function.
Disease risks for canines in social gathering include canine
distemper, canine influenza, canine parvovirus, external parasites,
fungal infections, heartworms, heatstroke, intestinal parasites,
kennel cough, leptospirosis, and many others. The American
veterinary Dental Society states that over 80% of the dogs and 30%
of the cats contract gum disease by the age of three. Intake of
veterinary supplements strengthening the gums right from infancy is
recommended by the healthcare personnel.
Veterinary supplements, with addition of curcumin/turmeric, have
demonstrated anti-inflammatory and anti-oxidative effects.
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Veterinary Supplements Market Regional Insights
North America – The
Market Leader
North America holds over 30%
of the veterinary supplements market share and would continue with
its dominance between 2023 and 2031 as well. This is due to the
ongoing trend of pet humanization, which is expected to continue
further as well. As per the American Pet Product
Association (APPA), the U.S. population houses 89.7 million pet
dogs. As per the National Pet Owners Survey in 2021, 50% of the
Americans spend the same or more amount on health of pets than for
themselves.
Leading Players in Veterinary Supplements Industry
Zoetics, Ceva Sante Animale, Elanco Animal health, Vetoquinol
S.A., Dechra Pharmaceuticals plc, merck Animal health, Virbac S.A.,
Boehringer Ingelheim, Norbrook Laboratories Limited, hester
Biosciences Limited, Merial Animal Health Limited, Novartis Animal
Health, Inc., Nutreco N.V., and Ouro Fino Saúde Animal
Key Strategies by Prominent Veterinary Supplement
Manufacturers
Leading players encompassing the veterinary supplements market
report scope are engaging in facility expansions, partnerships, new
product launch, and mergers & acquisitions to carve a niche for
themselves. For instance, in June
2023, Zoetis announced that the U.S. FDA had
approved apoquel Chewable to exercise control over
pruritis linked with allergic dermatitis and atopic dermatitis in
dogs aged one.
In March 2023, Mars Petcare
introduced Pedigree Multivitamins. The company's product line
comprises three kinds of soft chews especially designed for meeting
the pets' essential needs.
Market Segmentation
- Supplement Type
- Anti-oxidants
- Vitamins
- Proteins/Amino Acids
- Enzymes
- Probiotics
- Essential Fatty Acids
- Others
- Animal Type
- Companion Animals
- Livestock
- Cattle
- Horse
- Sheep
- Others
- Application/Benefit Area
- Joint Health Support
- Calming/Stress/Anxiety
- Digestive Health
- Energy & Electrolytes
- Immunity Support
- Skin & Coat Health
- Others
- Dosage Form
- Pills & Tablets
- Chewables
- Powders
- Others
- Distribution Channel
- Small Animal Veterinary
- Large Animal Veterinary
- Mixed Animal Veterinary
- Retail Stores
- Drug Stores
- Online Stores
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