Reportlinker.com has announced the release of the report "United States Pet Veterinary Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)."

The United States Pet Veterinary Supplements Market was Valued at USD 2,262.5 in 2020 and is projected to reach USD 3,334.1 registering a compound annual growth rate (CAGR) of 6.7 percent during the forecast period 2021-2026. Being the largest pet food market in North America, the U.S. pet food market’s growth is attributed to increased pet ownership.

Demand for the pet products segment witnessed a steady growth in many parts of the world as people adopted more pets with the growing desire for companionship during the lockdown. In addition, pet companies coordinated with government representatives and those throughout the industry to ensure the supply chain could continue humming along.

According to the 2018 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), 68 percent of U.S. households (about 85 million families) owned a pet. The expenditure on pets in the country increased from 41.2 percent in 2007 to 69.4 percent in 2018. The increase in pet expenditure will further boost the growth of the market.

Key Market Trends

Growing trend of pet humanization
A study showed that nine out of ten Americans who own pets consider them part of the family. More and more pet owners are concerned about their pet diets. Contrary to the past, pet owners now see food as a source of good nutrition for their pets. The pet humanization trend has led to the increase in the health consciousness of pets and has also generated demand for natural supplements. In addition, the increasing urban constitution of the society, resulting in separation from farm animals and nature, has stimulated the desire to bring pets home.

High Prevalence of Diseases in Pets and Increasing Animal Expenditure
According to the APPA, the U.S. has 89.7 million pet dogs. Pet owners spend an average of USD 49.70 on a dog’s dental care annually. According to the National Pet Owners Survey in 2021, it was observed that around half of the Americans spent the same or more on the healthcare of their pets than they did for themselves. Almost 20 percent have gone into debt caring for their pets, with the average owed amount being USD 1,567.

Competitive Landscape

The U.S. pet veterinary supplements market is consolidated, with the major players accounting for major market share. Mars Inc., Nestle SA (Purina), and Colgate Palmolive (Hill’s Pet Nutrition) are some of the major players operating in this market. Mars Inc. accounts for a major share of the market. The company offers a wide range of products across various segments, including premium and regular, through its multiple brands, such as Pedigree, Royal Canin, Iams and Greenies. Market players have adopted strategies such as mergers and acquisitions, product innovations and expansions to increase their market share.

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