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NEW YORK - Sales of pet supplements are expected to jump 39 percent to $1.7 billion by 2012, according to a new report from market research firm Packaged Facts here.
The study, "Pet Supplements and Nutraceutical Treats in the U.S.," forecasts that the market will get an additional boost from consumers in response to bolstered credibility of pet supplements, if the products can attain formal regulatory status.
"Nearly all pet owners value their pets for love and companionship and consider them family members," said 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."
Although pet supplements represent the bulk of sales (74 percent in 2007), nutraceutical treats are increasing their presence in the market, a trend that is expected to continue through 2012, said Packaged Facts. Forces driving 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.
Sales of small animal supplements and nutraceutical treats in pet specialty shops have also contributed to this growth, and account for over 43 percent of sales, Packaged Facts estimates. The remaining 57 percent of sales are through veterinarian offices, health and natural stores, and mass-market outlets, including online retailing.
The study examines the U.S. market for pet supplements and nutraceutical treats with a focus on products for dogs, cats, and horses. The report identifies trends affecting the marketplace, along with trends driving growth, and also profiles major marketers and consumer demographics.