On February 14, 2014
Pet supplements roar!
The pet nutraceuticals market has been experiencing rapid growth, showing no signs of slowing down.
The pet market continues to grow as a result of a constant stream of new and innovative products, a steadily growing aging animal population and the expanding role that pets play as family members. Further, the "humanization" of pets is exaggerating consumer demand for products and services that are as good (and sometimes better) as those available for people themselves. And pet product companies are responding to this demand with innovative products that are well formulated and contain ingredients that target the specific physiological (and even psychological) needs of today's pet. Consumers' love affair with their furry friends has produced a strong and growing trend in the care, feeding and well being of pets. According to the American Pet Products Manufacturing Association (APPMA), there are 358.8 million pets in the U.S. (versus only 297 million people). During 2004, Americans spent well over $34 billion on their pets (versus $17 billion in 1994). And the 2005-2006 APPMA National Pet Owners Survey predicts that Americans will spend $14.5 billion on pet food; $8.8 billion on supplies and over-the-counter medications; and $1.6 billion on veterinary care. Pet Age, a pet industry trade publication, predicts that animal supplement sales will reach $1 billion by mid-2006. Why All the Interest in Pet Supplements? The increasing awareness of the benefits of animal supplements comes as no surprise to baby boomers and older people who continue to be among the primary consumers of human dietary supplements, which enhance health, may prevent disease and slow the aging process. Pet ...