U.S. Pet Veterinary Supplements Market Growth Forecast (2021-2026): High Prevalence of Disease in Companion Animals and Rising Animal Spending
DUBLIN, December 22, 2021– (BUSINESS WIRE) – The report “US Veterinary Pet Supplements Market – Growth, Trends, COVID-19 Impact, and Forecast (2021 – 2026)” has been added to ResearchAndMarkets.com offer.
The U.S. Pet Veterinary Supplements market was valued at $ 2,262.5 in 2020 and is expected to grow to $ 3,334.1, registering a CAGR of 6.7% during the forecast period 2021-2026.
Due to the restrictions on the movement of raw materials imposed due to the COVID-19 pandemic, the pet veterinary supplement industry initially suffered in terms of supply and cash flow. On the other hand, the demand for the pet products segment has been growing steadily in many parts of the world as people have adopted more pets with a growing desire for companionship during the lockdown.
Additionally, pet companies have been coordinating with government officials and those across the industry to ensure the supply chain could continue to buzz.
Being the largest pet food market in North America, the growth of the pet food market in the United States is attributed to the increase in the number of pet owners. According to the 2018 National Pet Owner Survey, conducted by the American Pet Products Association (APPA), 68% of U.S. households (roughly 85 million families) owned a pet. The spending on pets in the country has increased from 41.2% in 2007 to 69.4% in 2018. The increase in spending on pets is expected to further drive the growth of the market.
Key market trends
Growing trend in the humanization of companion animals
A study shows that nine in ten Americans who own pets consider them to be part of the family. More and more pet owners are concerned about their diet. This is visible in the pet food demand trend which closely resembles the human consumption trend. Pet owners are more and more aware of the ingredients used instead of ten years ago. Unlike in the past, pet owners now view food as a source of good nutrition for their pets. The trend towards the humanization of pets has led to the increase in the health awareness of pets and has also generated a demand for natural supplements. Thus, consumers are looking for locally grown, natural products with digestive benefits. This has led to increased sales of nutraceuticals and veterinary supplements to avoid high health costs, thus propelling the growth of the studied market. The major factor impacting pet supplements is urbanization. The growing urban constitution of society, resulting in the separation of farm animals and nature, spurred the desire to bring home pets. Over the years, pet owners in the United States have shown an increasing tendency to imbue their animals with human characteristics, increasingly concerned with the health and safety of their pets. The trend towards the humanization of pets has driven the market over the past few years and is expected to remain the most important factor during the forecast period.
High prevalence of disease in companion animals and increased animal expenses
The pet veterinary supplement market is benefiting tremendously, owing to the increase in animal health spending per capita. According to the American Pet Product Association (APPA), the United States has 89.7 million companion dogs. Pet owners spend an average of $ 49.70 per year on dog dental care. According to the National Pet Owner Survey in 2021, it was observed that about half of Americans spend as much or more on the health care of their pets than on themselves. Almost 20% have taken on debt to care for their pets, with the average amount owed being $ 1,567. Growing awareness of pet health among pet owners and increasing spending on pet health are the factors driving the growth of the studied market in the country. As the prevalence of various diseases in companion animals increases, the demand for diagnostic imaging procedures and supplements to prevent disease is increasing across the country. Hence, all these factors are expected to drive the growth of the studied market during the forecast period.
Main topics covered:
Colgate-Palmolive (Hill’s Pet Nutrition Inc.)
Nestlé SA (Purina PetCare)
Clearlake Capital Group (WellPet LLC)
General Mills Inc. (Blue Buffalo))
IVet professional formulas
Russo Mangimi SPA (Farmina Pet Food)
Forza10 United States
The Higgins Corp.
MARKET OPPORTUNITIES AND FUTURE TRENDS
AN ASSESSMENT OF THE IMPACT OF COVID-19
For more information on this report, visit https://www.researchandmarkets.com/r/jnt4ko
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