The US pet veterinary supplement market was valued at $2,262. 5 in 2020 expected to reach $3,334. 1 with a compound annual growth rate of 6.7% over the forecast period 2021-2026. Being the largest pet food market in North America, the growth of the pet food market in the United States has been attributed to increased pet ownership.
NEW YORK, Jan 3, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “U.S. Pet Veterinary Supplement Market – Growth, Trends, Impact of COVID-19 and Forecast (2021 – 2026)” – https://www.reportlinker.com /p06190224/? utm_source = GNW
Due to restrictions on the movement of raw materials due to the COVID-19 pandemic, the pet veterinary supplement industry initially struggled in terms of supply and cash flow. On the other hand, the demand for pet products sector has seen a steady growth in many parts of the world as people have adopted more pets with the growing desire for companionship during lockdown. In addition, pet companies have coordinated with government representatives and representatives across the industry to ensure that the supply chain continues. Being the largest pet food market in North America, the growth of the pet food market in the United States has been attributed to increased pet ownership. According to the 2018 National Poll of Pet Owners, conducted by the American Pet Products Association (APPA), 68% of American households (about 85 million households) own a pet. Spending on pets in the country increased from 41.2% in 2007 to 69.4% in 2018. The increase in spending on pets will boost market growth. Pet care brands offer various pet care products that are rich in vitamins, minerals, and probiotic supplements. For example, in 2019, Nestlé launched Purina Pro Plan Veterinary Calming Care, a probiotic supplement containing a strain of beneficial bacteria that has helped dogs maintain calm behavior. The new product solidified the company’s position in the US pet veterinary supplement market. ? The increasing presence of various organizations and rise in awareness of pet health to boost the market is expected to boost the overall market during the forecast period.
Major market trends
The growing trend of humanizing pets
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 diets. This is evident in the trend of demand for pet food which is very similar to the trend of human consumption. There is a growing awareness among pet owners about the ingredients used rather than a decade ago. Unlike in the past, pet owners now see food as a source of good nutrition for their pets. The trend of humanizing pets has led to an increased health awareness for pets, as well as an increased demand for natural supplements. Thus, consumers are looking for locally grown, natural products with digestive benefits. This has led to increased sales of veterinary nutrients and supplements to avoid higher healthcare costs, thus driving the growth of the studied market. The main factor, which has an impact on pet food supplements, is urbanization. The increasingly urban constitution of society, which led to a separation from farm animals and nature, stimulated the desire to bring domestic animals back home. Over the years, pet owners in the United States have shown an increasing tendency to humanize their pets, and have become more concerned about the health and safety of their pets. The trend of pet humanization has been driving the market over the past few years and is expected to remain the most important factor during the forecast period.
High prevalence of diseases in pets and increased expenditure on animals
The pet veterinary supplement market is benefiting greatly, due to the increasing per capita spending on animal healthcare. According to the American Pet Products Association (APPA), there are 89.7 million pet dogs in the United States. Pet owners spend an average of $49.70 on canine dental care per year. According to the 2021 National Pet Owners Survey, it was noted that about half of Americans spent the same amount or more on healthcare for their pets than they did for themselves. Nearly 20% got into debt to care for their pets, and the average amount owed was $1,567. The growing awareness of pet health among pet owners and the increase in spending on pet health are the factors driving the growth of the studied market in the country. With the increasing prevalence of various diseases in pets, the demand for diagnostic imaging procedures and supplements for disease prevention is increasing across the country. Thus, all these factors are expected to drive the growth of the studied market during the forecast period.
The US pet veterinary supplement market has been consolidated, with major players accounting for the major market share. Mars Inc, Nestle SA (Purina) and Colgate-Palmolive (Hills Pet Nutrition) are some of the major players operating in this market. Mars holds a large share of the market. The company offers a wide range of products across various segments, including premium and regular, through its multiple brands, such as Pedigree, Royal Canin, Iams and Greenies. Mars is an important player in the nation’s pet veterinary supplement products. Market players have adopted strategies such as mergers and acquisitions, product innovations, and expansions to increase their market share.
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