Veterinary Supplements Market Valuation Set to Hit USD 4.1 Billion by 2033

Introduction

The global veterinary supplements market is poised for substantial growth, projected to expand from USD 2.2 billion in 2023 to approximately USD 4.1 billion by 2033. This translates to a compound annual growth rate (CAGR) of 6.3% over the forecast period from 2024 to 2033. The primary catalysts for this growth are increased awareness among pet owners about animal health and the rising global pet ownership rates.

A key growth driver in the market is the rising demand for supplements that enhance joint health, especially for older pets susceptible to joint issues. Supplements such as omega-3 fatty acids and glucosamine are highly sought after due to their proven benefits in maintaining joint health and mobility. Additionally, the market for calming and stress relief supplements is anticipated to grow significantly, driven by an increasing acknowledgment of the emotional and behavioral health needs of pets.

However, the market faces several challenges that could temper its growth. Stringent regulations and the high costs associated with product development pose significant barriers, potentially slowing the pace of new product introductions. There is also a pressing need for ongoing education for pet owners regarding the appropriate use and benefits of these supplements to ensure their safe and effective use.

Recent strategic initiatives in the industry highlight its dynamic nature. For instance, in June 2023, Purina Pro Plan Veterinary Supplements introduced a new joint care product tailored for dogs of all sizes, aimed at supporting healthy cartilage and joints. Furthermore, collaborations like the 2018 partnership between Vivaldis and Nutramax Laboratories Veterinary Sciences have been instrumental in fostering innovation and enhancing pet healthcare solutions.

Key Takeaways

• The Veterinary Supplements Market is expected to expand at a 6.3% annual growth rate.
• By 2033, market value is anticipated to reach USD 4.1 billion.
• As of 2023, the market’s valuation stood at USD 2.2 billion.
• Over-the-counter supplements dominated the market in 2023, holding an 84.8% share.
• Dog supplements comprised 43.2% of the market in 2023.
• Cat supplements are projected to grow at an annual rate of 6.5% through 2033.
• In 2023, chewable supplements were the most popular, capturing 74.3% of the market.
• Offline sales channels accounted for 85.2% of market sales in 2023.
• Online sales are expected to increase, with an 8.5% growth rate projected from 2023 to 2033.
• North America is the leading market, controlling 43.6% of the global share in 2023.

Veterinary Supplements Statistics

• Pet Ownership Surge: Nearly 23 million American households added a pet during the first year of COVID-19.
• Pet Spending Growth: Americans spent $136.8 billion on pets in 2022, marking a 51% increase from 2018.
• Pet Food and Treats Spending: In 2022, $58.1 billion was spent on pet food and treats.
• Veterinary Care Spending: $35.9 billion was spent on veterinary care in 2022.
• Pet Supplement Market Value: The pet supplements market is estimated at approximately $3 billion.
• Growth Forecast for Pet Supplements: Future compound annual growth rate (CAGR) for dog and cat products is estimated between 3% and 6%.
• CBD Study in Dogs: A 90-day study showed that 5 mg per kg body weight of CBD is safe for dogs.
• Veterinary Spending (2021): Italian pet owners spent €693.16 million on veterinary services.
• Veterinary Influence on Pet Care: 94% of pet owners follow their vet’s health care recommendations for their pets.
• Dietary Advice from Veterinarians: Over 80% of pet owners seek dietary advice from their vets.
• Use of Supplements: 32% of Italian pet parents purchase supplements for their pets.
• Online Purchases: 37% of veterinary supplements are bought online, showing a strong preference for e-commerce.
• Pharmacies: 36% of these supplements are purchased from pharmacies, indicating their role as a trusted source.
• Pet Stores: 17% are bought from pet stores, highlighting their accessibility for pet owners.
• Manufacturer’s Website: 7% of sales occur directly through manufacturer websites, suggesting brand loyalty.
• Vitamin and Supplement Usage (Dogs): 48% of dog owners used vitamins and supplements in 2022, an increase from 34% in 2018.
• Vitamin and Supplement Usage (Cats): 32% of cat owners gave vitamins and supplements to their cats in 2022, up from 20% in 2018.
• Calming Products Usage (Dogs): 21% of dog owners used calming supplements, chews, or treats in 2022, compared to 5% in 2018.
• Calming Products Usage (Cats): 15% of cat owners used calming supplements, chews, or treats in 2022, up from 4% in 2018.
• CBD Treats (Dogs): 26% of dog owners bought CBD treats for their pets in 2022, slightly up from 24% in 2020.
• CBD for Anxiety or Stress (Dogs): In 2022, 25% of dog owners used CBD for their pet’s anxiety or stress, up from 19% in 2020.
• CBD for Arthritis or Joint Pain (Dogs): 15% of dog owners used CBD for arthritis or joint pain in 2022, rising from 14% in 2020.
• CBD for Pain (Dogs): 14% of dog owners used CBD to manage their pet’s pain in 2022, an increase from 13% in 2020.
• CBD for Anxiety or Stress (Cats): 23% of cat owners used CBD for anxiety or stress in their cats in 2022, up from 18% in 2020.
• CBD for Pain (Cats): 16% of cat owners bought CBD products for pain relief in 2022, rising from 13% in 2020.
• CBD for Arthritis or Joint Pain (Cats): 14% of cat owners used CBD for arthritis or joint pain in 2022, an increase from 12% in 2020.

Emerging Trends

• Integration of Artificial Intelligence (AI): Veterinary practices are increasingly adopting Artificial Intelligence (AI) technologies to enhance their service offerings. AI is being utilized to improve diagnostic accuracy, streamline patient management, and optimize service delivery. These advanced tools not only facilitate the automation of mundane tasks but also enhance the capabilities of imaging and data analysis. As a result, veterinarians can offer more precise and efficient care, benefiting both pets and their owners. The adoption of AI in veterinary practices is expected to grow as the technology becomes more accessible and its benefits more widely recognized.
• Expansion of Telemedicine: Telemedicine is rapidly gaining traction in the veterinary sector, spurred by evolving regulations that now permit the establishment of Veterinary-Client-Patient Relationships (VCPR) remotely. This trend responds to the increasing demand from pet owners for more convenient care solutions. The ability to consult with veterinarians online is a significant shift that promises to extend the reach of veterinary services to underserved areas, offering pet owners easier access to advice and treatment options. The expansion of telemedicine in the veterinary field is projected to continue its upward trend through 2024 and beyond.
• Adoption of Cloud-Based Systems: There is a growing shift towards cloud-based practice management systems within the veterinary industry. These systems are revolutionizing the way clinics operate by minimizing the reliance on physical IT infrastructure. Cloud solutions provide numerous advantages, including enhanced data security, scalable storage options, and seamless integration with other digital tools. Features like online appointment scheduling and virtual consultations enhance the overall customer experience by offering greater convenience and flexibility. As more veterinary practices recognize these benefits, the shift to cloud-based systems is likely to accelerate.
• Advanced Monitoring Technologies: The use of wearable devices and smart monitoring systems is on the rise in the realm of pet healthcare. These technologies offer pet owners real-time insights into the health and well-being of their pets. By continuously tracking vital signs and activity levels, these devices allow for a proactive approach to pet care, potentially preventing serious health issues before they develop. The market for pet wearables is expanding as the technology advances, making these devices an integral part of modern preventive veterinary care.
• Consolidation Adjustments: The veterinary industry is experiencing a period of adjustment following a surge in market consolidation. After a boom in mergers and acquisitions, the sector is now focusing on sustainable growth and enhancing operational efficiencies. Veterinary practices are adapting to a new economic environment by reevaluating their investment strategies and business models. This shift is aimed at fostering a more resilient industry that can thrive amid changing market dynamics and economic pressures. The focus on sustainability and efficiency is expected to guide the development of the veterinary sector in the coming years.

Use Cases

• Enhanced Patient Care: Veterinary supplements serve a vital role in elevating the overall well-being of pets, particularly through the supplementation of essential nutrients that may not be sufficiently provided by their regular diet. One notable example is the use of omega-3 fatty acids, which are highly recommended for pets to enhance their coat’s health and sheen while simultaneously helping to alleviate inflammatory conditions. By incorporating such supplements into their daily regimen, pets can enjoy a significant improvement in their life quality, showing vigor and increased activity levels.
• Disease Management: As pets age, they often face degenerative conditions such as arthritis, which can severely impact their mobility and quality of life. In these cases, supplements like glucosamine are invaluable. Glucosamine is renowned for its effectiveness in managing joint health, offering relief from joint pain and enhancing mobility by aiding in the repair of damaged cartilage. Regular use of such supplements can make a noticeable difference in the mobility and comfort of older pets, thus directly contributing to a more active and pain-free existence.
• Preventive Health: Maintaining optimal gut health is crucial for pets, as it not only aids in digestion but also supports a robust immune system. Probiotics and other digestive supplements are frequently used to ensure the gut flora in pets is well-balanced, which plays a critical role in preventing gastrointestinal disorders and enhancing overall health. The preventive use of these supplements can lead to fewer vet visits and a general improvement in the pet’s immune responses, making them less susceptible to common ailments.
• Behavioral Aids: Behavioral issues in pets, such as anxiety, stress, and phobias related to separation or loud noises, can dramatically affect their and their owners’ quality of life. Supplements designed to address these issues often contain natural ingredients like pheromones or tryptophan, which have been proven to help calm pets in stressful situations. By using these supplements, pet owners can significantly reduce the manifestations of anxiety and stress in their pets, leading to a more harmonious and stress-free environment at home.
• Support During Illness Recovery: Recovery from illness or surgery can be a challenging time for pets, requiring additional nutritional support to aid in the healing process. Supplements during this phase are crucial as they provide the necessary vitamins, minerals, and other nutrients that help strengthen the body and speed up recovery. Whether it’s bolstering their immune system or enhancing tissue repair, these supplements ensure pets have the support needed to regain their strength and health more efficiently.

Conclusion

The veterinary supplements market is poised for significant growth, driven by increasing pet ownership and a deeper awareness among owners about pet health. This sector is benefiting from technological advances like AI in diagnostics and cloud-based systems enhancing veterinary practices, making health care more accessible and efficient. Innovations in product forms, particularly chewable and powders, cater to consumer preferences for easy administration. Strategic partnerships and product introductions by key players continue to enrich the market’s diversity and reach, ensuring a steady expansion trajectory driven by both technological innovation and consumer demand.

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