US Pet Supplement Market Valuation is Poised for Strong Growth to Reach USD 1,475.50 Million by 2032 | Astute Analytica

The U.S. pet joint health supplement market is booming. With 52% of dogs and 41% of cats experiencing joint pain, 36% of dog owners and 28% of cat owners buy joint supplements, often based on veterinarian advice. Online retailers like Chewy.com report a 30% sales increase, reflecting rising pet care awareness.

New Delhi, June 17, 2024 (GLOBE NEWSWIRE) -- The US pet supplement market is projected to surpass a valuation of US$ 1,475.50 million by 2032 from US$ 895.91 million in 2023 at a CAGR of 5.7% during the forecast period 2024–2032.

The pet population in the United States represents a robust and dynamic sector, with two-thirds of American households, or an estimated 86.9 million homes, embracing pet ownership. This widespread prevalence underscores a significant market potential for pet supplements, given the sheer volume of pets that could benefit from such products. Dogs lead the pack in popularity, with approximately 65.1 million households owning a canine companion, translating to an estimated total dog population of 83 to 89 million. Cats are the second most common pet, with 46.5 million households providing a home to roughly 60 to 62 million cats. The average number of pets per household stands at 1.46 for dogs and 1.78 for cats, indicating a substantial base of individual animals that could potentially require supplements.

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Financially, the pet industry is a burgeoning economic powerhouse for the US pet supplement market, with total expenditures reaching a staggering $147 billion in 2023, and projections indicating a climb to $150.6 billion in 2024. Within this financial landscape, pet food and treats constitute the largest expenditure segment, with spending at $64.4 billion in 2023 and an expected increase to $66.9 billion in 2024. This trend suggests a growing market for specialized pet food products, including supplements that cater to health and wellness concerns. Veterinary care and product sales, which include wellness products such as supplements, accounted for $38.3 billion in 2023, with a projected rise to $39.1 billion in 2024, further highlighting the potential for growth in the pet supplement sector.

*Millennials are Key Pet Purchasers in the US Pet Supplement Market*

The demographic insights into US pet ownership reveal that millennials currently lead as the primary pet-owning generation, accounting for 33% of pet owners. This is a key demographic for the pet supplement market, as millennials are known for their willingness to spend on health and wellness for their pets, mirroring their personal lifestyle choices. Additionally, households with annual incomes of $100,000 or more are more likely to own pets, with 63% owning dogs and 40% owning cats. This income bracket is particularly significant for the pet supplement industry, as higher-income households may have more disposable income to spend on premium pet products, including health-enhancing supplements.

*Key Findings in US Pet Supplement Market *

Market Forecast (2032) US$ 1,475.50 Million
CAGR 5.7%
By Type Chews & Bites (51.07%*)*
By Product Type Multivitamins (34.27%)
By Specialty   Joint Health (40.92%)
By Application Dogs (48.15%)
By Sales Channel Convenience Stores (44.29%)
Top Trends · Humanization of Pets: Increasingly, pet owners are treating their pets as family members, driving demand for high-quality, premium pet supplements.
· Natural and Organic Ingredients: There is a growing consumer preference for natural, organic, and sustainable ingredients in pet supplements.
· Functional Benefits: Supplements targeting specific health issues such as hip and joint health, skin and coat care, and overall wellness are gaining popularity.

Top Drivers · Aging Pet Population: An increasing number of older pets require supplements to maintain their health and manage age-related conditions.
· Rising Awareness of Pet Health: Pet owners are becoming more aware of the benefits of dietary supplements for enhancing their pets' nutritive balance and overall health.
· Veterinarian Recommendations: Supplements that are recommended or approved by veterinarians are highly trusted and sought after by pet owners.

Top Challenges · Regulatory Hurdles: The market faces challenges with evolving regulations that can impact product formulations and approvals.
· Consumer Misinformation: There is a significant amount of misinformation about pet nutrition and supplements, complicating consumer education efforts.
· Price Sensitivity: Rising costs and inflation can affect consumer purchasing power, making it challenging for premium supplement brands to maintain sales.

*Unleashing Growth: The Booming Pet Food Market in the US, Driving Demand for Pet Supplements *

The US pet food market is witnessing a remarkable surge, with 2024 estimates pegging its size at US$ 58.82 billion, and projections suggesting it will reach US$ 80 billion by 2029. This growth trajectory is driven by increasing pet ownership and a rising demand for premium pet food products, such as organic and natural options. Notably, in 2023, pet food and treats accounted for the highest sales within the pet industry, valued at approximately US$ 58.1 billion. This segment is anticipated to grow further, with expected sales reaching USD 72.7 billion by 2024.

Dogs and cats are the primary consumers of pet food in the US pet supplement market, with dogs holding a market share of 48.9% and cats about 29.0% in 2023. Consumer behavior has shifted towards premium pet food products, with 45% of dog owners and 40% of cat owners purchasing premium foods in 2023. The economic impact is significant, with total expenditure on pets reaching $147 billion in 2023, and pet food and treats accounting for $64.4 billion of this total.

*Rise of Chews & Bites: Dominating the Pet Supplement Market with Over 305.89 Million Revenue Contribution *

In recent years, Chews & Bites have emerged as the most consumed pet supplement across the United States, a trend driven by a combination of consumer preferences, product innovation, and market dynamics. As of 2024, the pet supplement market has seen a remarkable growth, with Chews & Bites accounting for 33.8% of total sales. This surge is primarily attributed to pet owners' increasing awareness of pet health and wellness, evidenced by a 25% rise in pet health-related searches on Google over the past year. Furthermore, 68% of pet owners report prioritizing supplements that offer both health benefits and convenience, a criterion that Chews & Bites meet exceptionally well.

Product innovation has played a crucial role in the popularity of Chews & Bites. The pet supplement industry has seen a 32% increase in new product launches, with Chews & Bites leading the charge due to their palatable and easy-to-administer format. Additionally, 74% of veterinarians recommend Chews & Bites for their efficacy in delivering essential nutrients, which bolsters consumer trust. Market research indicates that 41% of pet owners prefer supplements that double as treats, making Chews & Bites an attractive option. The versatility of these products, which cater to various health needs such as joint support, dental health, and anxiety relief, has also contributed to their widespread adoption.

The market dynamics further illustrate the dominance of Chews & Bites. Retail data from 2024 shows that 60% of pet supplement sales in major retail chains like PetSmart and Petco are attributed to Chews & Bites. Online platforms have also seen a 28% increase in sales of these products, driven by targeted advertising and positive customer reviews, with an average rating of 4.7 stars. Moreover, the subscription model for pet supplements has grown by 35%, with Chews & Bites leading subscriptions due to their perceived value and convenience. As the pet supplement market continues to expand, the combination of consumer preference, product innovation, and strategic marketing positions Chews & Bites as the unrivaled leader in the industry.

*US Pet Owners are Heavily Buying Multivitamins for their Furry Friends, Generates over US$302.44 Million in Revenue*
The surge in pet multivitamin supplement purchases across the United States can be attributed to a combination of increased pet ownership, growing awareness about pet health, and the humanization of pets. In recent years, pet ownership in the U.S. has reached an all-time high, with 67% of households owning at least one pet, as reported by the American Pet Products Association (APPA). This translates to approximately 84.9 million homes. Concurrently, the pet supplement market has seen a significant growth, with a 21% increase in sales in 2023 alone. Pet owners are more informed about the health needs of their pets, with 72% of them considering their pets as part of the family, leading to a greater willingness to invest in their well-being.

Supporting this trend, data from the APPA indicates that 65% of pet owners are concerned about their pets' nutrition and overall health. This concern is reflected in the purchasing behavior where 43% of dog owners and 37% of cat owners regularly buy multivitamin supplements for their pets. Moreover, a study Astute Analytica reported that the pet supplement market in the U.S. was valued at $895.91 million in 2023, with multivitamins being the most popular category, accounting for 33% of the total market share. The rise in multivitamin sales is also driven by the increase in pet aging populations, with 29% of dogs and 25% of cats in the U.S. considered seniors, which often require additional nutritional support.

Furthermore, the influence of veterinarians and pet care professionals cannot be underestimated. According to a survey by the American Veterinary Medical Association (AVMA), 58% of pet owners who purchase multivitamins do so based on veterinarian recommendations. Additionally, the increasing accessibility of information via the internet has led to 74% of pet owners researching pet health online, with many discovering the benefits of multivitamins. The overall trend towards preventive health care, mirrored in the human wellness market, has seen pet owners spending an average of $95 annually on supplements for their pets. This convergence of factors underscores the dominance of multivitamins in the pet care industry, validating the growing market and the commitment of pet owners to enhancing the longevity and quality of life of their furry companions.

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*With Aging Pet Population, Demand for Pet Joint Health Supplements in the U.S. is Skyrocketing, Projected to Contribute Over US$ 375.15 Million *

The increasing emphasis on joint health supplements among U.S. pet owners is largely driven by the aging pet population and rising awareness about the prevention and management of joint-related issues. According to the American Pet Products Association (APPA), approximately 29% of dogs and 25% of cats in the U.S. are classified as senior pets, typically defined as those over the age of seven. As pets age, they become more susceptible to conditions such as arthritis and hip dysplasia. This demographic shift in the pet supplement market has led to a heightened focus on maintaining mobility and reducing discomfort in older pets, with 52% of dog owners and 41% of cat owners reporting that their pets suffer from some form of joint pain, according to a survey by the American Veterinary Medical Association (AVMA).

Data supports this trend, showing a significant rise in the market for joint health supplements. Reports from Astute Analytica reveals that the pet joint supplement market was valued at $375 million in 2023, with an expected CAGR of 6.5% over the next nine years. Glucosamine and chondroitin are among the most popular supplements, often recommended by veterinarians for their efficacy in promoting joint health and reducing inflammation. A survey by Packaged Facts found that 36% of dog owners and 28% of cat owners have purchased joint supplements for their pets in the past year, highlighting the widespread acceptance and reliance on these products.

The role of veterinarians and pet care professionals is pivotal in this trend of the US pet supplement market. According to the AVMA, 65% of pet owners who buy joint supplements do so based on veterinary recommendations. Additionally, the increasing availability of specialized pet supplements through online retailers and pet stores has made it easier for owners to access these products. For example, Chewy.com reported a 30% increase in sales of joint health supplements in 2023. This access, coupled with a growing understanding of the benefits of early intervention and preventive care, underscores the commitment of pet owners to enhancing their pets' quality of life and mobility, thereby driving the demand for joint health supplements.

*US Pet Supplement Market *

· Novotech Nutraceuticals, Inc.
· VetriScience Laboratories
· Virbac Corporation
· Zoetis Inc.
· Ark Naturals
· Kemin Industries, Inc.
· Nestlé Purina Pet Care Company
· NOW Health Group, Inc.
· TruRx LLC
· Hill's Pet Nutrition Inc.
· WellPet LLC
· Blue Buffalo Pet Products Inc.
· iVet Professional Formulas
· Food Science Corporation
· PetAg, Inc.
· Garmon Corp
· GNC Holdings, LLC
· DSM
· Nutramax Laboratories, Inc.
· PetHonesty
· Zesty paws
· Bayer AG
· WoofWell
· Rogue Pet Science
· Other Prominent Players

*Key Segmentation:*

*By Type*

· Chews & Bites
· Powder
· Liquid
· Spray
· Others

*By Product Type*

· Glucosamine
· Probiotics
· Multivitamins
· Omega-3 Fatty Acids
· Others

*By Specialty Type*

· Joint Health
· Digestive Health
· Weight Management
· Skin and Coat Health
· Dental Care
· Others

*By Application*

· Dogs
· Cats
· Horses
· Others

*By Sales Channel*

· Convenience Stores
· Multi-Brand Stores
· Pet Specialty Stores
· Online Retailing

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*About Astute Analytica*

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Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/