NEW YORK Sales of dietary supplements for people’s furry friends is expected to jump some 39 percent by 2012 to a market size of $1.7 billion, according to a new report from Packaged Facts released Wednesday.
Pet supplements represent the bulk of sales, 74 percent through 2007, but nutraceutical treats are expected to increase their presence in the market, Packaged Facts reported. Forces driving that market growth include pet owners’ growing interest in pet products, an aging and overweight pet population, a steady influx of new products and increased usage of clinically proven supplements by the veterinary community.
“Nearly all pet owners value their pets for love and companionship and consider them family members,” noted Tatjana Meerman, publisher of Packaged Facts. “Marketers have been successful in tapping into consumers’ willingness to pamper their pets by providing them with the highest-quality, healthiest products available at almost any cost.”
Current market trends have been sustained through the sales of small animal supplements and nutraceutical treats in pet specialty shops, which account for more than 43 percent of sales, according to Packaged Facts estimates. The remaining 57 percent of sales are through veterinarian offices, health and natural stores and mass-market outlets, including online retailing.