According to a report by Future Market Insights, the market will reach a valuation of $3.78bn (£2.73bn) this year. Its study has also forecast the pet dietary supplements market to rise at a CAGR of 7.1% between 2020 and 2030.
The insights group said these supplements will continue exhibiting strong demand in the North American market, while demand from the UK will remain steady, as it projects it to exhibit 3.8% year-on-year growth this year.
The growing trend of pet humanisation has reportedly been fuelling the demand for pet dietary supplements, as more owners treat their pets as counterparts and want to provide their pets with best nutrition for their wellbeing.
This trend is being mirrored in the high frequency of the launch of innovative formulations in the market. According to Pet Food Processing, 45 new nutritional products for pets were launched in 2020, for example.
Natural and organic pet supplements are also becoming increasingly popular amid the market, while more herbs and superfood are being incorporated into the supplements, aiding the overall market expansion.
Probiotic supplements for dogs are also being used to aid digestive health and regularity in dogs, and facilitate the regulation of the good bacteria in the digestive system that helps to break down dog food so that nutrients can be better extracted. The probiotic supplements can also inhibit the growth of harmful bacteria that can make both humans and dogs sick.
An analyst from Future Market Insights said: “Consumers’ awareness regarding pet health is rising, which in turn is increasing the demand for pet dietary supplements. Moreover, increasing focus of companies on advertisement and promotion of pet dietary supplements is positively aiding expansion of the market.”
The change in consumer buying preference has encouraged pet sector companies to focus on innovation and expand their portfolio, tapping the unexposed segments of the industry.
A few of the “key players” in the pet dietary supplements market include Nestle SA, Mars Incorporated, NOW Foods, Blue Buffalo Co Ltd., Ark Naturals, Virbac, Novotech Nutraceuticals, Inc., Zoetis, PetAG, Inc., VetClassics and GNC, among others.
Companies operating in the market are increasingly investing in product development with an aim to gain a competitive advantage over their competitors.