Europe Pet Supplements Market Growth and Trends
The Europe pet supplements market is projected to grow from US$ 617.43 million in 2022 to US$ 873.49 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.0% during the forecast period.
Key Growth Drivers
Increasing Pet Ownership
The rising number of pet owners in Europe is a primary driver of market growth. Millennials, particularly those in their early 20s to late 30s, are increasingly adopting pets due to rising disposable income and an enhanced interest in pet companionship. The COVID-19 pandemic further accelerated pet ownership as remote work and self-isolation led people to seek comfort and emotional support from pets. Since pets were deemed safe from spreading COVID-19, many households welcomed new animal companions.
Growing Expenditure on Pet Care
As pet humanization trends continue to rise, owners are increasingly spending on premium pet food and health products. The demand for natural, locally sourced, and sustainable ingredients in pet nutrition has grown. Additionally, pet owners are investing in specialized diets and high-quality supplements that promote health and longevity. Pet supplements play a crucial role in:
- Enhancing the immune system
- Reducing the risk of chronic diseases (e.g., heart disease, cancer, and diabetes)
- Improving skin health and alleviating common health issues like allergies and bacterial infections
Regional Overview
The Europe pet supplements market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Pet ownership is significantly increasing across these regions. According to the European Pet Food Industry Federation (FEDIAF):
- Russia has the highest cat population in Europe, followed by Germany and France.
- The UK and Germany lead in dog ownership.
- In 2021, 90 million households (~46% of all households) owned a pet.
- European pet owners spent over US$ 20.3 billion on pet nutrition, supplies, and services in 2021.
- The pet food industry was valued at US$ 28.1 billion in 2021, registering a 3.1% year-over-year growth.
This growing investment in pet care has prompted manufacturers to introduce high-quality nutritional supplements that cater to pet well-being and health maintenance.
Trends in Pet Supplements
- Shift Toward Nutraceuticals: European pet owners are increasingly choosing nutraceutical food products as an alternative to conventional pet food. Supplements enriched with functional ingredients are gaining popularity.
- Therapeutic Benefits: Veterinarians are recommending supplements as alternatives to drugs, making them an essential part of preventive pet healthcare.
- Specialized Health Products: Supplements targeting specific health concerns, such as digestive health, joint support, and immune-boosting properties, are in high demand.
Strategic Insights and Market Positioning
Industry players, including manufacturers and investors, can gain a competitive edge by leveraging data-driven analysis of emerging trends, market demands, and consumer behavior. Strategic insights help stakeholders:
- Identify untapped market segments
- Develop unique value propositions
- Anticipate shifts in pet supplement demand
- Align product offerings with the evolving pet health landscape
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞 – https://www.businessmarketinsights.com/sample/BMIRE00028954
A forward-looking strategy is critical for long-term success in this dynamic market. By embracing innovation and responding to evolving consumer preferences, industry participants can ensure profitability and sustainable growth within the European pet supplements market.
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Author’s Bio:
Akshay
Senior Market Research Expert at Business Market Insights
