Veterinary Dietary Supplements Market

According to Stratistics MRC, the Global Veterinary Dietary Supplements Market is accounted for $2.1 billion in 2023 and is expected to reach $4.2 billion by 2030 growing at a CAGR of 10.4% during the forecast period. A veterinary supplement is something that helps keep an animal's health up. Animals may also use it as an antibiotic, immunostimulant, or dietary supplement. Pets need more veterinary vitamins since their systems are more delicate than people's. A meal supplement that contains all essential vitamins, minerals, proteins, and other vital components for good health should always be provided during feeding time. Veterinarian supplements are used to provide essential nutrients to animals whose diets do not adequately provide them or whose bodies are incapable of producing them on their own.

According to a June 2020 study published in the Journal of the American Veterinary Medical Association, the use of joint health supplements may help prevent or slow the progression of osteoarthritis in cats and dogs.



Market Dynamics:

Driver:

Increase in population of companion and livestock animals’

In contrast to livestock animals, which are domesticated animals grown in an agricultural setting to provide labour and produce goods like cattle, companion animals comprise all domesticated animals that meet certain physical, emotional, behavioural, and social needs. Veterinary dietary supplements assist in providing a high-nutrient diet for companion and livestock animals to suit the animal's needs for healthy growth and development. The market for veterinary dietary supplements is anticipated to grow as the population of companion and livestock animals rises.

Restraint:

Lack of knowledge on supplements

One of the main things impeding the market's expansion is the low level of awareness that exists about supplements all over the world. The belief among many pet owners is that if their animals are healthy, they do not require any supplements. Moreover, pet owners frequently believe that "complete and balanced" pet foods provide all of their animals' physiological needs. One of the biggest problems the supplement industry is facing against is this widespread misconception.

Opportunity:

Growing platform for online commerce

The purchase of pet supplies over the internet is one of the most prominent trends currently observed in the industry. As a result, pet supplement vendors now have the chance to enhance their potential revenue by expanding their consumer base by marketing their products online. In order to boost sales of their goods, a number of pet supplement companies are also creating strategic partnerships with e-commerce businesses. There are several opportunities for market expansion as a result of the rising popularity of e-commerce platforms.

Threat:

Lack of regulation

The US Food and Drug Administration (FDA) is not required to assess the product's efficacy, safety, or quality prior to commercialization, unlike with pharmaceuticals. No clinical trials are required by the pet supplement seller to demonstrate the efficacy of their products. The pet supplement companies are mostly responsible for ensuring the safety of their own products and the veracity of their marketing claims. As a result, a lack of rules could limit market expansion during the projection period.

Covid-19 Impact

There was little evidence of COVID-19's effects on veterinary dietary supplements. The Veterinary Dietary Supplements sector grew positively despite the severe hits to nearly all industries. The rise in domestic pet populations brought on by COVID lockdown regulations may be credited with the industry's expansion during the pandemic. To combat the loneliness of being cooped up at home during the epidemic, many people brought new pets home, which increased the pet population. Demand for veterinary dietary supplements has increased as people have begun to take better care of their pets.

The online channels segment is expected to be the largest during the forecast period

The online channels segment is estimated to have a lucrative growth during the forecast period. Online sources have grown in popularity and now make it simple to get animal nutritional supplies, while retail pharmacies make it simple to get over-the-counter items. Animal owners and farmers may now more easily get the supplies they need to maintain their animals healthy and happy since animal nutrition products are widely available through a variety of distribution methods.

The gummies and chewable segment is expected to have the highest CAGR during the forecast period

The gummies and chewable segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increasing efforts on the part of market players in the pet food, treats, and dietary supplement industry to study and improve palatability preferences of pets. Preference studies are primarily based on receptivity, the choice of whether or not to consume a particular dosage form, and preference between dosage forms. These factors are responsible for the growth of the segment.

Region with Largest share:

North America is projected to hold the largest market share during the forecast period owing to increasing trend of pet humanization and premiumization of pet products. The existence of important players and the growing trend of pet humanization are factors contributing to this expansion. This is a result of increased R&D spending, multinational players' local presence, and those players' efforts to establish benchmarks. Key players are putting in place a number of initiatives and health programmes to enhance pet health and expand markets.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the rising pet population and growing awareness about pet health. One element that is promoting the rise of products made especially for animals is pet owners' increased knowledge that food alone might not be able to cover all of their pets' health requirements and that supplements might correct any gaps in their regular diet. Additionally, it is projected that the region's domesticated cat, dog, fish, and bird populations would increase.



Key players in the market

Some of the key players profiled in the Veterinary Dietary Supplements Market include Ark Naturals Company, Nutri-Pet Research, Inc., Garmon Corp, Virbac, Boehringer Ingelheim, Beaphar, NOW Foods, FoodScience, Nutramax Laboratories, Inc., J.M.Smucker, Canna Companion, Nestle Group, Mars, Inc., Ceva, General Mills, Inc., Diamond Pet Foods and Royal DSM.

Key Developments:

In June 2023, More Foods Joins Forces with Osem-Nestlé Group. Prominent Israeli plant-based food-tech company More Foods has announced a strategic partnership with Tivol, a branch of the Osem-Nestlé Group.

In September 2022, Royal DSM, a Netherlands-based company operating in veterinary dietary supplements, acquired Prodap for an undisclosed amount. Through this acquisition, Royal DSM aims to strengthen its portfolio in veterinary dietary supplements and develop digital solutions to reach a more targeted audience with a smarter nutritional decision-making process that uses artificial intelligence and other tools.

Types Covered:
• Multivitamins & Minerals
• Probiotics & Prebiotics
• Proteins & Peptides
• Omega 3 Fatty Acids
• CBD
• Antioxidants
• Other Types

Animal Types Covered:
• Companion Animals
• Livestock Animals
• Other Animal Types

Dosage Forms Covered:
• Gummies & Chewables
• Liquids
• Powders
• Tablets & Capsules
• Injectables

Distribution Channels Covered:
• Online Channels
• Veterinary Hospitals
• Retail Channels
• Pet Specialty Stores
• Other Distribution Channels

Applications Covered:
• Energy and Electrolytes
• Joint Health Support
• Skin & Coat Health
• Immunity Support
• Calming/ Stress/ Anxiety
• Digestive Health
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances