MarketLooks, from MarketResearch.com, are concise 15-30 page summaries of popular full-length market research reports published by Packaged Facts. This MarketLooks report has been compiled from the following full-length study:
Title: Pet Supplements and Nutraceutical Treats in the U.S., 2nd Edition
Published: February 2008
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The following is the abstract from the full report:
Although formal regulatory status continues to evade pet supplements, the market is advancing at impressive rates, with sales expected to jump 39% by 2012 to reach $1.7 billion—a forecast that does not factor in the effect of the products’ attaining formal regulatory status, which Packaged Facts predicts will create a huge boom in the market as consumers respond to the bolstered credibility of pet supplements and new products and companies rush to market. Currently driving sales are numerous factors, including growing interest in the products among U.S. pet owners, the aging and overweight pet population, the steady influx of new products, and increased usage and recommendation of clinically proven supplements by the veterinary community.
This greatly expanded second edition of Packaged Facts’ groundbreaking 2005 report segments the market into two categories—supplements and nutraceutical treats—defining the latter as treats containing supplements or novel botanical ingredients addressing specific health conditions, such as glucosamine for joint health or omega fatty acids for skin and coat health. Its primary focus is on products for dogs, cats and horses, with coverage also extending to other types of companion animals including birds, small mammals and herptiles. The report provides a forward-looking analysis of the market from every angle, with key focuses including market breakouts by ingredient type and retail channel, the evolving regulatory situation and efforts of the National Animal Supplement Council (NASC), heightened food safety concerns stemming from the spring 2007 pet food recalls, the influx of natural and organic products, and competition from pet foods making functional claims.
The report also homes in on high-growth segments such as functional treats, customized supplements, veterinary-exclusive products, emerging ingredients (such as probiotics and fresh fruits and veggies) easier-to-administer forms, and untapped consumer demographics—such as the 20 million dog- or cat-owning households who use human supplements but not pet supplements, and who are excellent prospects since they are pet owners who appreciate the benefits of nutritional supplementation. It also provides close-up looks at numerous innovators, including SmartPak, Nutri-Vet, Virbac, Dogswell and Nature’s Answer.