According to our new market research study on “Equine Supplement Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Supplements, Application, Distribution Channel, and Geography,” the market is expected to reach US$ 1,15,932.42 Thousand in 2028 from US$ 89,436.31 Thousand in 2021. The market is estimated to grow with a CAGR of 3.8% from 2021-2028. Key factors that are driving growth of the market are benefits offered by equine supplement products and increase in prevalence of diseases in equines. However, adverse effects exhibited by improper consumption of equine supplements are likely to hinder the market growth.
Based on supplements, the equine supplement products market is segmented into electrolytes/minerals, vitamins, proteins/amino acids, and enzymes. In 2021, the electrolytes/minerals by supplement segment accounted for the highest share of the market. Growth of this segment is attributed to demand for herbal equine supplements, increase in incidence of equine diseases, and surge in government initiatives. The same segment is estimated to register higher CAGR during the forecast period.
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Boehringer Ingelheim International GmbH; EQUINE PRODUCTS UK LTD.; Kentucky Equine Research; Lallemand, Inc.; Plusvital Limited; Purina Animal Nutrition LLC.; Vetoquinol SA; Virbac; Zoetis Inc.; and Cargill, Incorporated are among the leading companies operating in the equine supplement products market.
COVID-19 virus outbreak was first observed in December 2019 in Wuhan (China), and it has spread to more than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. The pandemic is straining animal nutrition industry globally, interrupting and delaying supplies for many kinds of animal feeds and supplements. Due to the pandemic and lockdown, the supply chain of the raw ingredient has impacted the consumption and production patterns worldwide.
The veterinary care industry has been witnessing rapid transformations during the previous years. Countries across the world have preferred advanced solutions and supplements that are simple for use and effective in healthcare. Countries such as China, India, and Australia are likely to be among the major contributors to this growth. The increasing rate of pet ownership, disposable income, and pet health-related awareness are among the factors that are expected to drive the market growth in the coming years.
The key players such as Boehringer Ingelheim International GmbH; EQUINE PRODUCTS UK LTD.; Kentucky Equine Research; Lallemand, Inc.; Plusvital Limited; Purina Animal Nutrition LLC.; Vetoquinol SA; Virbac; Zoetis Inc.; and Cargill, Incorporated adopt several organic and inorganic strategies to enhance their revenue and market standings. For instance, in February 2020, Equine Products UK Ltd has launched No More Bute – a complementary feed supplement for horses containing bioavailable Curcumin. It has up to 185 times more bioavailability than native sourced Turmeric and Curcumin. Moreover, in June 2019, Boehringer Ingelheim partners with Constantia Flexibles to develop packaging solution for equine nutritional supplement, Nutraxin. The product packaged in the innovative CONSTANTIA Interactive packaging solution is currently available in Germany and the Netherlands.
The Report Segments Equine Supplement Products Market as Follows:
By Distribution Channel
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