Many positive factors are at play, the market research firm contends, including Americans’ (and especially Baby Boomers’) receptiveness to supplements in general, the expanding health needs of the aging pet population, the steady influx of new products, growing consumer preference for natural remedies vs. pharmaceuticals, greater availability and exposure at retail (including private labels), increasing acceptance and recommendation of pet supplements by the veterinary community, and the relative affordability of nutraceutical treats as a mode of “functional pampering” during the down economy. As a result, even though formal regulatory status continues to evade pet supplements, sales are expected to reach $1.6 billion by 2015, a 27% increase from 2010.
The report also provides a forward-looking examination of the market from every angle, including breakouts by supplement type and retail channel, analysis of the complex and evolving regulatory situation, competitive structure and marketing trends, new product tracking, and consumer profiling.
A special feature of this new edition is proprietary survey data from Packaged Facts’ fall 2010 pet owner survey, which charts trends in usage of OTC and veterinary-dispensed pet supplements, compared with usage of special-purpose nutritional formula pet foods and treats.