The pet food industry, particularly the market for cats and dogs, is among the fastest developing sectors of the global food industry. As per the annual report published by Global Industry Analysts, Inc., the sector is expected to reach almost $35 billion by 2024. Let’s explore the dynamics of this industry.
Popularity of Pet Dietary Supplements
According to the data, dog owners between the ages of 25 and 34 are the most common buyers of pet supplements, spending up to four times as much as compared to cat owners. With an increasing number of aging and overweight dogs, the pet dietary supplement market was anticipated to increase by 37% in 2012 alone, reaching $1.7 billion.
Moreover, the pet dietary supplement market for other less common pets, such as horses, rabbits, and hamsters, is also expected to grow moderately.
Talking about the U.S., as many as a third of the dogs and cats are expected to be given some form of vitamins or supplements. According to a study published in the Journal of the American Veterinary Medical Association, the most common pet supplements are multivitamins, fatty acids (which reduce shedding and enhance coat’s shine), and supplements to maintain arthritic joints.
Additionally, owners are also interested in probiotics for their pets to ease gastrointestinal difficulties, and antioxidants to counter the adverse effects of aging, such as cognitive impairment.
Key Players in the Market
Key players in the pet dietary supplement market include:
• Ark Naturals Co.
• Boehringer Ingelheim International GmbH
• Kemin Industries, Inc.
• Novotech Nutraceuticals, Inc.
• NOW Health Group Inc.
• Nutramax Laboratories Inc.
• Nutri-Pet Research Inc.
• Virbac Corporate
• Zoetis Inc.
Pet Dietary Supplements – Prominent Regions
The top two regions that hold the major share of the pet supplements market are North America and Europe. This is mainly due to the rapid increase in the number of pets in many of their countries, including the U.S. and UK, Canada, Germany, France, Spain Italy, and many others.
The third region in terms of pet supplement popularity is Asia Pacific, where the market share is estimated to rise at a significant rate in the near future, similar to other prominent regions. The latter can mainly be attributed to the rapidly increasing awareness among pet owners about pet care products, etc., especially in countries including China, Japan, India, Australia, and New Zealand.
And, the pet supplement markets in South America and Middle East and Africa are expected to grow moderately as well, and Brazil and Argentina are forecasted to hold major market shares for pet dietary supplements in the near future.
Future Prospects – All Eyes on Brazil
Brazil is home to more than 132 million pets, which includes 77 million dogs and cats. This makes it the fourth largest pet population in the world, just behind China, the U.S., and the UK. Contributing to Brazil’s strength is the fact that two global leaders head the Brazilian pet food market – with Mars (Mars Brasil Alimentos Ltda) and Nestlé (Nestle Brasil Ltda).
As the second largest manufacturer of dry pet food globally, and also a huge exporter, Brazil holds many significant opportunities for the pet food manufacturers and marketers.
Pet owners in the country are mostly highly educated regarding the needs of their pets, and are willing to invest heavily in health-focused products so that their furry friends can stay around for as long as possible. This indicates an additional opportunity for the marketers to sell customers on premium-priced products, especially those targeting weight, life stage, digestive care, hair and skin care, and specialized diets for cats, such as hairball and post-neutering.
China – Potential for Immense Growth
In terms of the pet market growth, no country has more potential than China, which has continued to steadily climb the global pet food market share ladder, placing it among the fastest growing pet-care markets along with the likes of Brazil, Mexico, and Russia, with a rise in massive annual growth rates especially in the past few years. This is primarily because pet ownership has gradually been spreading from rural to urban areas.
There has been a sharp increase in the population of dog owners in the country, but especially cats, which makes sense since cats are more easily adapted to modern, urban lifestyles.
Similar to Brazil, there is immense opportunity to upscale Chinese pet owners to premium pet products. Since most marketers follow the trends of global markets, there has already been an increase in the advancement of premium products in Chinese pet-care categories, including smart feeders, better-quality cat litter, and other tech-based products.