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 across the globe. 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. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), approximately 90.5 million or 70% of the households in the US own one or more pets, the majority being dogs and cats.
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. Customers are increasing spending on premium pet food and products that are healthy and nutritious. There is a growing focus on pet health and wellness, sustainable products, and natural and locally-sourced ingredients. Pet owners are also investing in special pet diets and indulgent products, which offer a better quality of life to their pets. Pet supplements help to improve the immune system and reduce the risk of heart disease, inflammation, cancer, and diabetes. In addition, these supplements also help to improve skin health and enhance the ability to reduce common health problems such as itchy skin, environmental allergies, and bacterial infection. Thus, rising number of pet owners globally is boosting the demand for pet supplements.
A few players operating in the global pet supplements market are Zesty Paw LLC, Comfort Click Ltd., Arrowleaf Naturals Ltd., Four Paws Inc., Nutramax Laboratories Consumer Care Inc., FoodScience LLC, Nordic Naturals Inc., Thorne Vet Inc., Dorwest Herbs Ltd., and Pethonesty LLC. among few others.