Packaged Facts: CBD and 3 Pet Supplement Trends to Watch in 2021
ROCKVILLE, Md., March 2, 2021 /PRNewswire/ -- Fueled by heightened consumer interest inspired by COVID-19—especially in products targeting immunity, anxiety, and overall wellness—pet supplement sales skyrocketed 21% in 2020 to reach nearly $800 million, following several years of growth in the 3%-5% range, reports Packaged Facts in the market research report Pet Supplements in the U.S., 8th Edition.
Sales increases in 2020 were also partially a result of the flood into the market of CBD supplements, with scores of companies offering pet products featuring the hemp derivative and droves of consumers seeking out the natural remedies to address issues including anxiety, pain management, and inflammation for both themselves and their pets. During the 2015-2020 period, the pet supplements market saw a compound annual growth rate (CAGR) of 7%, bumped upward significantly from periods of the past decade due primarily to the pandemic-related surge in 2020.
Yet the market's momentum isn't purely pandemic- or CBD-driven. Here are three other trends Packaged Facts forecasts will drive growth in the pet supplements market in 2021 and beyond:
- Supplements for Senior Pets: Joint health supplements are already at the top of the list when it comes to consumer purchase patterns, but hip and joint supplements are only part of the senior pet health picture. With pets living longer due to advances in veterinary care and pet owner interest in pet wellness and nutrition at an all-time high, growing numbers of aging dogs and cats are in need of immune response, heart, cognitive support products, in addition to anti-inflammatory and pain management assistance. Based on Packaged Facts' 2020 Survey of Pet Owners, 47% of dog owners have a dog age 7 or older, up from 43% in our 2019 survey, while 43% of cat owners have a cat in that age bracket, up from 39%, clearly illustrating the expansion of this pet demographic. By targeting the senior population with customized products, marketers can leverage already-existing products into a growing pet population segment, with senior-specific products including multifunctional supplements representing another promising route to market growth.
- Omnichannel Marketing Opportunities - Pet owners' own internet research is at the top of the list of ways pet owners choose which pet supplements to purchase, cited by 41% of pet owners in Packaged Facts' 2020 Survey of Pet Owners. This comes as no surprise given the pandemic-driven e-commerce boom across all pet categories, with skyrocketing online sales of most types of pet products putting even more pressure on brick-and-mortar retailers, and with pet supplements among the types of products especially well-suited for fast, low-cost, or free shipping due to their small size and need for regular replenishment. During 2020, the e-commerce channel surged to account for 30% of pet supplement sales, more than double the 14% level of 2018. At the same time, many pet owners still demand and enjoy the experience of in-store shopping and interaction with store employees, in some cases valuing it even more as a result of pandemic-dictated deprivation. Marketers and retailers of pet supplements should therefore embrace even more fervently omnichannel and omnimarket strategies to ensure their products are fully represented and readily available wherever and whenever pet owners expect to find them.
- Transparency Marketing Natural, Organic, and Holistic Supplements - Unlike in the pet food category, where natural products are at or near the point of market saturation, pet supplements harbor much room for natural product growth. Packaged Facts' 2020 Survey of Pet Owners shows that 77% of pet supplement purchasers seek out supplements with natural ingredients, and 68% seek out organic supplements. With only a small percentage of pet supplements meeting Packaged Facts' definition for a natural product, there's an enormous opportunity for marketers to position as natural and holistic, with CBD marketers avidly keying in. More than ever, marketers must cater to pet owners who scrutinize ingredient lists and seek out products that provide the same level of transparency they look for in their own healthcare products. CBD supplement marketers in particular are taking pains to share in great detail where their ingredients come from—sometimes down to the field where the hemp is grown. This level of transparency is raising the bar for other supplement makers and creating an environment in which pet owners are increasingly expecting to have access to in-depth information. At the same time, because the term "natural" is not regulated, pet supplement marketers in the natural space must also emphasize other product features and ingredients to entice purchasers and justify the heightened price tag, including functional ingredients in their purest forms.
About the Report
Building on the analysis presented in the previous editions of this report, this fully updated eighth edition of Pet Supplements in the U.S. covers historical and projected retail sales from 2015 through 2025, competitive strategies of key players, and trends in new product development such as condition-specific formulations, life stage-focused products, feline supplements, natural/organic supplements, and carry-overs from the human supplements market, as well as retail channel trends. The report provides an in-depth examination of the CBD market, following trends in regulation, consumer perceptions, new product development, and marketing. Featuring exclusive data from Packaged Facts' Surveys of Pet Owners, the report details supplement purchasing trends as well as attitudes and demographic characteristics of both conventional and CBD pet supplement purchasers.
To purchase Pet Supplements in the U.S., 8th Edition visit: https://www.packagedfacts.com/Pet-Supplements-Edition-14015218/. Members of the media can contact Packaged Facts' Communications Manager Daniel Granderson at [email protected] to request a complimentary report executive summary.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.
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