PET FOOD SUPPLEMENT MARKET IN EUROPE SET FOR RAPID GROWTH OF MORE THAN €180 MILLION

The market for pet food supplements in Europe is set to grow by almost $200 million (€182.62 million) in the coming decade, according to a newly published report.

Analysts have said that the “humanisation” of pets, as they describe it, is one factor driving growth in spending on pet food supplements.

The forecasts have been made in a report released by Future Market Insights, a market research company headquartered in Delaware in the United States.

By 2033 the pet food supplement market in Europe is set to be worth about $441.6 million (€403.31 million) a year, the report indicates.

This reflects a compound annual growth rate (CAGR) of 5.9% between 2023 and 2033, which compares to a CAGR of 4.7% between 2018 and 2022.

“[The] Europe[an] pet food supplements market is likely to be driven by factors such as increasing pet ownership, growing awareness of pet health and nutrition, and humanisation of pets,” Future Market Insights said in a press release accompanying the publication of its report.

The company described pet food supplements as products that complement the regular diet of pets. They include vitamins, minerals, joint support products and probiotics. Other examples include skin and coat supplements, and products that aim to improve the digestive health of pets.

Supplements may take the form of tablets, chews, powders and liquids, according to Future Market Insights.

Photo credit: Kabo / Unsplash

The main players in the market include both well-known pet food manufacturers and companies that specialise in producing supplements. The products are sold in pet speciality stores, in veterinary clinics and by online retailers.

“[The] Europe[an] pet food supplements market is characterised by increasing product innovation and the introduction of natural and organic options,” Future Market Insights said.

“Pet owners are becoming more conscious about the ingredients and quality of products they purchase. It is leading to demand for premium and specialised supplements.”

Among the key companies offering pet food supplements in Europe are Mars Petcare, Nestle Purina, Hill’s Pet Nutrition, Nutramax Laboratories and Vetoquinol.

New formulations are regularly being introduced, with natural and organic options and personalised products among those frequently launched.

Indeed, by 2033 the market in Europe for organic pet food supplements alone is set to be worth $97.4 million (€88.99 million).

Photo credit: M Burke / Unsplash

“Growing pet ownership, [a] focus on pet health and wellness, and the pet humanisation trend are prominent factors contributing to demand for pet food supplements in Europe,” Nandini Roy Choudhury, a client partner at Future Market Insights, said in the statement.

“Manufacturers are working on producing high quality products to meet evolving customer preferences towards premium diets to increase their market foothold.”

The latest report suggests that the United Kingdom will hold the largest share of the European pet food supplement market by 2033, with sales projected to be €113.5 million (€103.68 million).

While pet food supplement sales in Europe are set to grow significantly in the coming decade, the market for them will continue to be dwarfed by that for human food supplements.

According to Statista, the human food supplement market is worth €13.2 billion each year in Europe, although sales vary widely between countries of similar size.

Figures from 2020, the latest year for which Statista has published data, indicate that Italy accounted for 29% of European Union pet food supplement sales, followed by Germany, at 19%. France – a country with a larger population than Italy – had 9% of the market, while Spain accounted for 6% of European sales.

Another set of figures, published by Mordor Intelligence, indicated that the European human food supplement market was worth $20.26 billion (€18.51 billion) in 2023 and will experience a CAGR of 5.92% between 2023 and 2028, by which time it will be valued at $27.01 billion (€24.67 billion).

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