The North America pet supplements market is expected to grow from US$ 893.06 million in 2022 to US$ 1,217.25 million by 2028. It is estimated to grow at a CAGR of 5.3% from 2022 to 2028.
Rising Number of Pet Owners Fuels North America Pet Supplements Market
In recent years, increasing disposable income and growing interest of millennials, especially adults in their early 20s and late 30s, for pet adoption are supporting the pet culture. In addition, due to the onset of the COVID-19 pandemic, people were working from home and self-isolating; this change in lifestyle inspired households to own pets. Since there was no evidence that pets could contribute to the spread of COVID-19, people felt safe with an animal companion that provided mental and emotional support during the pandemic. Along with increasing pet adoption, it has been observed that there is an increasing spending on pets for their wellbeing. Increasing consumer spending on pet care categories is attributed to the growing trend of pet humanization.
North America Pet Supplements Market Overview
The North America Pet Supplements Market is growing significantly, owing to the increasing pet humanization, which is boosting the demand for pet food, treats, and supplements. The rising awareness of the high nutritional benefits of pet supplements influences consumers’ purchasing decisions. Pet owners have been spending significantly on nutrition such as pet supplements to meet the nutritional requirement of their pet’s health. According to the National Pet Owners Survey (2021–2022) conducted by the American Pet Food Association, pet ownership increased from ~67% of US households in 2021 to 70% in 2022. Moreover, millennials were revealed to be the largest group of pet owners, with a share of 32%, followed by baby boomers (27%) and generation X (24%). Further, the rising tendency of these pet owners to improve the immune systems of their pets, strengthen their bones, improve digestion, and treat various skin allergies is also driving the demand for pet supplements in North America.
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North America Pet Supplements Strategic Insights
Strategic insights for the North America Pet Supplements provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
- Arrowleaf Naturals Ltd.
- FoodScience LLC
- Four Paws Inc
- Nordic Naturals Inc
- Nutramax Laboratories Consumer Care Inc
- PetHonesty LLC
- Thorne Vet Inc
- Zesty Paw LLC
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