The global veterinary supplements market is projected to reach USD15.2 billion by 2031, according to a report published by Transparency Market Research (TMR).
The market is expected to grow at a compound annual growth rate (CAGR) of 6.9% between 2023 and 2031.
Veterinary supplements have become essential in modern animal husbandry, providing vital vitamins, minerals, and other nutrients that conventional feed often lacks. The trend of pet humanisation and premiumisation in veterinary dietary supplements, particularly among millennials, is a significant driver of market growth.
Pet Humanisation and Market Growth
Increasing loneliness and the prevalence of single-child norms in developing economies have contributed to higher pet ownership rates. Millennials in the U.S. and the U.K. are the largest demographic of pet owners, while older generations find comfort in pets to cope with empty nest syndrome.
While pet adoption has traditionally been more common in Western countries, it has seen a significant rise in Asian countries, especially since the pandemic. Research indicates that 60% of Asian households have pets, with 32% of pet owners considering their dogs and cats as their best friends.
This shift from pet ownership to parenthood is driving demand for premium products, including supplements. Premium brands are adopting human-like dietary labels, such as ‘locally sourced’ or ‘organic’, to attract a broader consumer base. For instance, in June 2023, Purina Pro Plan Veterinary Supplements launched Joint Care, a new soft chewable supplement supporting mobility, healthy cartilage, and joints in puppies and dogs of all breeds.
Role of Pet Influencers
Pet influencers with millions of followers on social media platforms are also boosting demand for veterinary supplements. These influencers often collaborate with brands, promoting various products to their large audiences.
Pets are susceptible to various health issues, including arthritis, obesity, allergies, age-related ailments, and digestive disorders. Veterinary supplements play a crucial role in addressing these concerns and promoting preventive care. They are specially formulated to address issues related to joints, digestion, and immune function.
Common canine health risks in social settings include distemper, influenza, parvovirus, external parasites, fungal infections, heartworms, heatstroke, intestinal parasites, kennel cough, and leptospirosis. According to the American Veterinary Dental Society, over 80% of dogs and 30% of cats develop gum disease by age three. Healthcare professionals recommend the intake of veterinary supplements to strengthen gums from a young age.
Future Trends and Market Growth
Veterinary supplements containing curcumin or turmeric have shown anti-inflammatory and antioxidative effects. These supplements can significantly improve pets’ overall health and well-being, providing essential support for various health concerns.
As the trend of pet humanisation continues to rise, the demand for high-quality veterinary supplements is expected to grow. The market is likely to see further innovations in supplement formulations, targeting specific health issues and enhancing the quality of life for pets worldwide.
In summary, the veterinary supplements market is set for significant growth, driven by increased pet ownership, the humanisation trend, and a rising focus on pet health and wellness. The ongoing innovations and premiumisation of products will likely continue to fuel market expansion in the coming years.
