The global pet supplements market is big and getting bigger. According to Grand View Research, in 2021 the market was valued at US$1.9 billion, and from 2022 to 2030 it is expected to expand at a compound annual growth rate of 5.9%.
The question for pet supplements brands is this: How can you increase your share of this global market? One answer: Ensure that your product development and marketing efforts are all on point with the latest trends. Here are some of the trends that we’re seeing that you should have your eye on…
Between quarantines and a move towards work-from-home arrangements, the COVID-19 pandemic made more people think, “I want a pet!” In the U.S., for example, the 2021-2022 American Pet Products Association’s (APPA’s) biennial National Pet Owners Survey showed an increase in pet ownership from an estimated 67% of households to an estimated 70% of households. That’s a 4.4% growth in market size.
In the U.S., dog ownership remains more popular than cat ownership. More than half of American households—54%—have dogs, while 35% have cats.
In addition, pet ownership has particularly grown amongst Millennials, who now account for 32% of U.S. pet owners (versus 27% Boomers, 24% Generation X and 14% Generation Z).
Pets are family members
The pet humanization trend, where pets are seen as full-fledged family members, has been ongoing for quite some time. Pet owners don’t just see themselves as “pet parents.” The parents of pet owners see themselves as “pet grandparents”!
There are a few ways that this pet humanization trend is currently playing out in the pet supplements market:
Desire to be a good parent – First, because they see themselves as pet “parents,” pet owners want to be good “parents” and do all they can to ensure their pets’ well-being. This includes seeing to it that their pet consumes the right nutrients for good health.
Assumption that what’s good for me is good for my pet – Second, the pet supplements market has grown in tandem with the big growth in the human supplements market. Consumers who are sold on the benefits of supplements for themselves naturally assume that supplements are beneficial for their pets, too.
Increased demand for specific ingredients – As specific ingredients become popular in human supplements, pet owners begin to want these ingredients in the supplements they give to their pets.
Great examples of this are curcumin, which is one of the compounds found in turmeric, and cannabidiol (CBD). Both of these ingredients are believed to provide health benefits for both humans and pets.
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Millennial pet owners are particularly willing to spend money on their dogs. They out-spend Boomers, and purchase items—such as, perhaps, very high-end supplements—that were once considered too luxurious for pets.
According to the APPA survey, 68% of pet owners say their pets bring them happiness, 62% say that their pet lowers their own stress level, and 80% believe that having their pet in their life is beneficial for their own health. So it’s no wonder they are willing to spend to keep their furry family members healthy!
Another finding of the APPA survey is that 51% of pet owners are willing to pay more for ethically-sourced and eco-friendly pet products. Similarly, Vitamin Retailer reports that one of the major trends in the pet health marketplace is “an increasing demand for the highest quality, natural ingredients that are safe and reliable.”
In general, the market for natural pet supplements is made up of the same people who purchase natural supplements for themselves. These people care deeply about what they put into their own bodies, and this passion spills over into the products they wish to give to their pets. So yes, they read the ingredients panel. They scrutinize the details, looking specifically at a product’s clean label claims. They believe that their pet deserves the best, and they are willing to pay for it.
According to a Euromonitor report, “From Sustainability to Purpose: Mapping the Opportunity in Pet Care,” sustainability represents a major new growth frontier in pet care. Just like the focus on natural ingredients and clean label, the consumers who are driving this demand are the same consumers that are driving the demand for sustainable products in general.
Interestingly, one of the impacts of the COVID-19 pandemic is that it expanded the meaning of “sustainability.” To many people, sustainable now refers to more than just the environment. It is also about supporting local communities. Euromonitor believes that brands can meet this demand by adopting “purpose-driven” positioning that is aimed at bettering society.
With both dogs and cats living longer, many pet owners are looking for supplements to help their aging pets with joint problems, address slowing metabolisms, support ocular, cognitive and heart health, and deal with digestive disorders. Supplements that support overall wellness, longevity and skin/coat health are seen by many pet owners as necessities for dogs and cats of any age.
In addition, supplements are seen as a type of preventive care that can help avoid the need for veterinary visits.
You can have the best pet supplements on the market, but if pet owners cannot get their pets to ingest it, it won’t do anyone any good. That’s why, if your product is encapsulated in gelatin or HPMC capsules, there’s a capsule option that you need to be aware of: PET-CAPS.
PET-CAPS are unique, flavored two-piece gelatin capsules for pets. Designed for use as either Dog-Caps or Cat-Caps, PET-CAPS come in a choice of beef, bacon or chicken flavor. Each PET-CAPS capsule both smells and tastes like the given flavor.
As a result, when you encapsulate your products in PET-CAPS, pets will readily accept these supplements, because they will think the pills are food. Switching to flavored PET-CAPS can be a unique and much-appreciated product differentiator for your brand.
For more information about PET-CAPS or to request samples, visit https://blog.capscanada.com/pet-caps-empty-capsules-for-pets.