Pet Supplements Are Becoming a Big Business
Fueled by dog and cat parents’ rising concern about the health of their fur babies, pet supplements are becoming a big business. According to Dublin-based Research and Markets, the U.S. pet supplement market was valued at $890.00 million in 2022 and is expected to reach $1,381.21 million by 2028, increasing at a compound annual growth rate of 7.60% during the forecast period.
Further, since the United States is the top country in the world for both dog and cat ownership, as reported by Norwich, U.K.-based NIQ Brandbank in its 2023 spotlight on the state of the pet care industry, that makes the opportunity all the greater in this part of the world. The report goes on to note that “while pet owners may be more cautious with their spending due to the global cost-of-living crisis, an overall increase in awareness of pet wellness sees pet parents willing to pay higher price points for supplements and food toppers that complement the pet food they are purchasing, regardless of the higher average price points those products come in at.”
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The New Soft Chew
Given this heightened consumer interest, major CPG companies are taking notice. One example of this is the recent partnership of EverRoot, a dog supplement brand powered by Purina, and boxing champion Laila Ali (daughter of Muhammad) on EverRoot Dog Supplements Soft Chews. The offering makes the brand’s product available in a new form and targets a range of key health benefit areas, including immunity, hip and joint, skin and coat, and digestion.
“In addition to having unique needs, every dog has their own preferences,” notes Dr. Annie Valuska, a pet behavior scientist at St. Louis-based Purina, part of global nutrition, health and wellness leader Nestlé. “For example, you might notice that your dog prefers soft, meaty treats instead of crunchy biscuits. That’s why I’m so excited that EverRoot is giving dog owners more options with the soft-chew supplement form. It’s another great way to personalize your dog’s supplement plan to their specific tastes.”
To craft the convenient supplements, EverRoot sources high-quality natural ingredients from around the world, including organic chamomile and oils from wild-caught Alaskan salmon and cod raised in Marine Stewardship Council-certified fisheries. The brand’s products can be found at such retailers as Amazon, Meijer and Walmart.
Poised to Grow
Additionally, this past November, Minneapolis-based General Mills Inc. revealed that it had acquired Fera Pets Inc., a veterinarian-founded pet supplement company, in a move that will bring new health-focused offerings to General Mills’ pet portfolio. This represents the CPG powerhouse’s first foray into the pet supplement category, as well as the inaugural acquisition by the company’s newly launched growth equity fund.
Led by Dr. Michelle Dulake and Emily Hsu, lifelong friends turned entrepreneurs, Glendale, Calif.-based Fera is reimagining pet supplement products by creating science-backed supplements to support pet wellness with high-quality clean ingredients, accurate dosages, and a combination of Eastern and Western medicine. Each product is manufactured in the United States and bears the National Animal Supplement Council (NASC) seal. According to Dulake, Fera “was created after recognizing a lack of transparency in the pet supplement category and a gap in the market for a holistic approach to our pets’ well-being.”
General Mills’ growth equity fund is designed to own, scale and incubate strategically aligned businesses, with a goal of future integration into the company’s core portfolio. The CPG manufacturer’s scale will be able to unlock new opportunities for its growth fund portfolio acquisitions by leveraging General Mills’ extensive brand-building know-how, omnichannel expertise and advantaged capabilities. The acquired brands, including Fera, will remain founder-led and independently operated while receiving access to talent and resources to fuel their growth.
