Global Equine Supplement Products Market - Snapshot
The global equine supplement products market is driven by rise in demand for herbal equine supplements, increase in incidence of equine diseases, and surge in government initiatives toward equine health. Moreover, increase in demand for equine feeds to boost performance and new product launches by players are likely to boost the growth of the market during the forecast period. For instance, in December 2018, Hagyard Pharmacy launched REVYVE, a pre- and probiotic to maintain gastrointestinal (GI) health, expanding its product portfolio for equine health. In June 2017, Purina Animal Nutrition LLC. launched horse feed product line including Outlast Gastric Support Supplement, Race Ready GT, and Ultium Gastric Care to expand its product portfolio for gastrointestinal health of horses. Additionally, strategic partnerships, acquisitions, and mergers by market players in the past few years are likely to boost the growth of the market during the forecast period. In December 2017, Pyranha acquired Adeptus Nutrition, a company offering equine nutrition supplements, to address the need of supplement products by animal owners.
equine supplement products market
Based on supplement, the global equine supplement products market has been segmented into proteins/amino acids, vitamins, enzymes, electrolytes/minerals, and others. The electrolytes/minerals segment is projected to account for major share of the market during the forecast period, attributed to increase in the availability of electrolyte supplements in the market and rise in awareness about deficiency of mineral nutrients in horses. In terms of application, the market has been classified into performance enhancement/recovery, join disorder prevention, and others. The join disorder prevention segment held the largest market share in 2018. The growth of the segment is attributed to rise in awareness among horse owners to reduce lameness associated with osteoarthritis. Based on distribution channel, the global equine supplement supplements market has been categorized into veterinary hospital pharmacies, retail pharmacies, and others. The veterinary hospital pharmacies segment is expected to expand at the fastest CAGR due to rise in owner preference to get horses treated in hospitals and increase availability of veterinary supplements in hospital pharmacies.
In terms of region, the global equine supplement products market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the global market in 2018. Growth of the market in the region is attributed to increase in the number of market players manufacturing horse feeds and supplements and rise in awareness about safety & efficacy of equine supplements available in the market. The U.K. and Germany held significant shares of the market in Europe in 2018. The market in the regions is driven by increase in the use of horses for sports activities, growing emphasis on overall equine health and wellness, and increase in the use of electrolytes supplements. The market in Asia Pacific is anticipated to grow at a rapid pace due to rise in the use of horse feeds, especially for race horses and increase in the number of horse clubs in China. The equine supplement supplements market in Latin America is expected to be driven by rise in companion animal ownerships, high demand for animal feeds, and increase in geographic expansion of key players.
Major players operating in the global equine supplement products market include Zoetis, Boehringer Ingelheim International GmbH, Bayer AG, Equine Products UK LTD, Purina Animal Nutrition LLC., Vetoquinol S.A., Kentucky Equine Research, Plusvital Limited, Lallemand, Inc., and Virbac.
Equine Supplement Products Market to Gain Impetus on Account of Rising Emphasis on Veterinary Well-being
The worldwide equine supplement products market is driven by ascend popular for natural equine supplements, expansion in frequency of equine sicknesses, and flood in government drives toward equine wellbeing. Additionally, expansion sought after for equine feeds to help execution and new item dispatches by players are probably going to support the development of the market in the years to come.
Frequency of equine illnesses is expanding, with joint diseases, bacterial contaminations, and upper respiratory contaminations being the most widely recognized wellbeing concerns. Subsequently, interest for equine wellbeing products including supplements containing nutrients, minerals, amino acids, and other miniature supplements is expanding. In the event of dashing ponies, the pony proprietors and guardians center around improving joint and stomach related wellbeing and execution recuperation. They additionally take meeting from veterinary medical services suppliers to all the more likely comprehend the utilization of pony takes care of and supplements to advance development and generally wellbeing of ponies.
Moreover, ascend in pattern of betting, horse hustling, and sports gives freedoms to showcase major parts in the equine wellbeing industry. Pony dashing has become a regal game in created just as agricultural nations. This is probably going to help the development of the market during the gauge time frame. Besides, muscular wounds in young ponies have a critical financial effect, and are therefore considered vital to handle the wellbeing worries of ponies and improve their wellbeing.
Geographically, the market is dominated by North America, accountable to the rising awareness about efficacy and safety of equine supplements, coupled with the rising number of market players in the region. Additionally, the rising number of horse supplements and feeds and growing number of horse sports activities such as horse racing, polo, and others are likely to aid in expansion of the regional market. On the other side, the market in Asia Pacific is likely to witness lucrative growth opportunities in the coming years on account of the increasing use of horse feeds, coupled with the rising number of horse clubs in China.
The global equine supplement products market has been segmented as below:
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights