The report segments the global pet dietary supplements market by product type (joint-health support pet supplements, pet dietary supplements for skin and coat, pet dietary supplements for gastrointestinal tract, and pet dietary supplements for liver and kidney support), by pet type (dog dietary supplements and cat dietary supplements), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global pet dietary supplements market, according to Technavio consumer and retail researchers:
- Pet humanization and increasing focus on health and wellness of pets: a major market driver
- Omnichannel retailing: emerging market trend
- In 2017, the Americas dominated the global pet dietary supplements market and accounted for a revenue share of approximately 42%
- In 2017, the dog dietary supplements sector held the largest share of the market
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Pet humanization and increasing focus on health and wellness of pets: a major market driver
Pet humanization and increasing focus on health and wellness of pets are one of the major factors driving the global pet dietary supplements market. Pet humanization denotes the consideration of the physical and emotional needs of pets and treating them as a part of the family. Several people treat their pets like a family member and are willing to spend a little extra on good quality food, health, and hygiene needs. Besides, it has been found that the level of spending on a pet's diet and healthcare directly correlates to the affection pet owners have for them. Thus, the intent to ensure good health of pets is driving the demand for value-added products such as pet dietary supplements among pet owners.
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Omnichannel retailing: emerging market trend
The players in the global pet dietary supplements market have realized the immense potential of omnichannel retailing and are using it to certify that their product offerings get maximum visibility. Players use a mix of distribution channels such as retail stores and online stores for improving customer engagement through omnichannel retailing. They are also selling products through the medium of e-commerce portals, which has witnessed a major uptick in sales over the last few years.
According to a senior analyst at Technavio for research on pet supplies, “With the growth in e-commerce, brands are concentrating on delivering improved services to their customers by analyzing the buying trends of visitors on their shopping portals and by personalizing their online shopping experiences. The omnichannel retailing trend is expected to grow exponentially during the forecast period. Pet dietary supplement manufacturers will leverage omnichannel retailing to maximize product visibility.”
Global market opportunities
In 2017, the Americas dominated the global pet dietary supplements market and accounted for a revenue share of approximately 42% in terms of value. It was followed by EMEA and APAC. This exponential growth in the region can be attributed to the increasing care and concern for pets, high affordability for pet care products, and rising awareness of the health-promoting benefits of pet dietary supplements among pet owners.
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