Pet supplements to near 7% growth
by Katie Pfaff
The domestic market for veterinary supplements is forecast to increase by a CAGR of 6.7% from 2021 to 2026, according to a recent report by the market analysis company, ReportLinker.com. The 2020 projected value of the US market for pet veterinary supplements was $2,262.5, and is expected to attain a value of $3,334.1 by 2026.
The projections are based on the state of pet adoption and pet humanization, both of which have been seen at increased rates in America is recent years. While the onset of the pandemic presented supply chain challenges at the outset, the market rebounded with increased sales as more homes took in a companion animal. According to a report by the American Pet Products Association (APPA), pet ownership per household increased to 68%. On the heels of that spike, the amount spent on pets has steadily grown (41.2% in 2007 vs 69.4% in 2018).
Coupled with higher rates of pet ownership, pets are increasingly seen as members of the family, according to research, leading to interest in optimizing the health of pets. Subsequently, pet owners are more aware of the ingredients in pet food, and seeking supplements to increase health. This so-called “pet humanization” trend is expected to spur continued growth in pet veterinary supplements.
Backing this trend, monies being spent on pets has increased in recent years. Based on a 2021 report from the National Pet Owners Survey, half of the US residents who responded spent as much on their pet’s healthcare as their own. Some 20% of respondents reported taking on debt (an average of $1,567) to care for their pet(s). Another element adding to growth in pet expenditure is higher rates of pet disease, and use of diagnostic tools.
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