The global pet supplement market was worth AUD $2.8 billion in 2022 and is predicted to grow to AUD $4.6 billion by 2030.
A new report by market research organisation Facts & Factors revealed the numbers and reported that the expected growth is due to the increasing awareness about the health of domesticated animals.
The Asia-Pacific region is said to be important to this growth given the rise in pet adoptions due to changing lifestyle habits and the rising presence of e-commerce segments allowing more people to access pet supplements.
The report also points to the increasing population of older pets and the dependency of these pets to supplements for pain relief or treating specific conditions related to digestion or joints.
Looking at the segments of pet supplements, chewable, given the ease of administration, was the most popular, followed by pills and tablets, and powders.
Dogs were the most likely pets to be given supplements due to the higher adoption rate of canines as compared to other pets and that dogs were more likely to suffer from obvious types of illnesses as they age.
Also examined were possible restraints that would work against the projected growth trajectory.
“One such issue is the price sensitivity of the supplements. Although a large segment of the population is willing to spend extra money on their pets, the supplements may sometimes be viewed as expensive leading to pet owners avoiding including these products in the diet programs of their pets.”