Close Attention to Pet Health Boosting Market Growth amid COVID-19 Outbreak
It is being argued whether veterinary supplements help to ward off coronavirus in pets and livestock animals. Nonetheless, manufacturers are witnessing a boom in the sales of veterinary supplements, since pet owners and livestock caretakers are growing conscious about optimum animal health. However, manufacturers in the veterinary supplements market need to address the issue of large unregulated products circulating in stores and retail outlets. Thus, to achieve this, manufacturers are improving their marketing, TV advertising, branding, and packaging strategies to create awareness about unregulated product in the market.
eCommerce and online sales are helping brands in the veterinary supplements market to scale revenue opportunities. There is growing awareness about the need for vitamins and minerals in supplements to improve the health and wellness of pets.
High Quality Vitamin Tonics Help Treat Lameness in Poultry
The veterinary supplements market is expected to reach US$ 13.76 Bn by 2031. Unique formulations of phosphorous, calcium, and organic minerals are being preferred in veterinary feed supplements. Refit Animal Care - a provider of veterinary products in India, is publicizing LamTone tonic in order to treat lameness in poultry. Such tonics induced with high quality vitamins and supplements are in demand.
Manufacturers in the veterinary supplements market are boosting their production capabilities in vitamin tonics that help to enhance egg production in layers. On the other hand, manufacturers are innovating in vitamin A supplements for cows, goats, and sheep. They are increasing production of energy booster tonics that help to improve bone formation and fertility.
Natural Veterinary Supplements Ideal for Pets with Kidney Disease
The veterinary supplements market is anticipated to expand at a CAGR of 6.5% during the forecast period. Ingredient-powered nutritional supplements are bringing about a significant change in the market landscape. Manufacturers are developing dietary supplements for home-prepared diets. Integrative Veterinary Innovations - a specialist in veterinary supplements, is working closely with board-certified medicine veterinarians to tap revenue opportunities in animal nutrition.
There is a burgeoning demand for natural supplements. Manufacturers are designing new supplements that provide natural calcium and low-phosphorous sources of protein for pets. Such supplements are emerging as an alternative to diets that are high in protein or that need restricted phosphorous, owing to issues of kidney disease and other health conditions in pets. Algae innovations in natural supplements involve red algae and maerl that are sustainably harvested from the cool waters of the Icelandic coast.
Vets, Nutritionists Collaborate to Develop Natural Veterinary Supplements
The growing awareness about flexitarian diet, sustainable packaging, and upcycled ingredients is contributing to the growth of the veterinary supplements market. This has led to the popularity of Purina Beyond Nature’s Protein, which combines insect protein and plant protein from fava beans & millet and chicken that helps to meet nutritional preferences of dogs and cats. Vets and nutritionists are teaming up to develop natural veterinary supplements, and this is promoting start-up culture in the global veterinary supplements market.
The trend of sustainable packaging is growing rapidly since pet owners are becoming environmental conscious. Manufacturers are making use of recyclable flexible pouches for the packaging of wet pet food. Families are installing mobile apps to order pet food with dietary supplements.
Apart from maintaining robust supply chains during the COVID-19 pandemic, companies in the veterinary supplements market are improving their services such as 24x7 customer support, cash on delivery, and acceptance of bulk orders. Denamarin is being publicized as a supplement for dogs that require live support. However, potential side effects of denamarin involve vomiting and diarrhea among canines. Hence, manufacturers and veterinarians should create awareness about the dosage for denamarin to prevent side effects in canines. Manufacturers are developing chewable tablets using denamarin for cats and dogs. Startups are focusing on natural veterinary supplements that meet flexitarian diet of pets.
Veterinary Supplements Market: Overview
The global veterinary supplements market is driven by rise in awareness among pet owners about avoiding unhealthy pet food products and inclination toward products with prebiotic content. Easy availability of pet dietary supplements in various retail stores is anticipated to drive demand, which, in turn, is expected to boost market growth.
Governments of various countries are implementing various policies for overall improvement of the animal sector. For instance, the Government of Saudi Arabia implemented various policies that support agriculture and encourage private players, resulting in overall improvement of the agricultural sector.
The private sector has played a major role in the country’s animal health development. This is primarily due to the government programs that offer long-term, interest-free loans, technical & support services, and incentives, low-cost water, fuel & electricity, and duty-free imports of raw materials and machinery. Hence, governments supporting policies for veterinary supplements drive the global veterinary supplements market.
Veterinary Supplements Market: Drivers
Increase in incidence of diseases and disorders in animals drives demand for veterinary supplements. For instance, on January 1, 2010, Canada had 13 million cattle suffering from foot-and-mouth disease. The increase in diseases in animals has boosted demand for veterinary supplements.
Rise in the number of veterinarians and increase in veterinary hospitals & clinics boost the demand for veterinary supplements in Canada. According to the Canadian Veterinary Medical Association, there were around 13,000 veterinarians in Canada.
The most common poultry diseases include Newcastle disease virus (NDV), Gumoro, infectious bronchitis (IB), avian influenza (H9N2 subtype), salmonellosis, Coccidiosis, and other bacterial diseases. Hence, increase in incidence of diseases in animals propels the global veterinary supplements market.
Regional Overview: Veterinary Supplements Market
North America has a robust equine healthcare industry. Healthcare expenditure on animals accounted for 0.4% of GDP in North America in 2020. North America dominated the global veterinary supplements market in 2020 in terms of market share. The market in the region is expected to expand at a high growth rate during the forecast period, owing to significant adoption rate of pets per household, rise in interest in pet care, and robust animal healthcare expenditure.
Europe held major share of the global veterinary supplements market in 2020, due to higher pet adoption by households and significant animal healthcare expenditure in Western Europe. Latin America constituted a prominent market share in 2020. The market in the region is expected to grow at a rapid pace in the near future. This is due to increase in the rate of pet adoption among households, robust animal breeding industry, and high animal healthcare expenditure (particularly in Brazil).
The current and expected market revenue (US$ Mn) of these regional markets and their major countries have been provided in the report from 2021 to 2031, with their CAGRs from 2021 to 2031
The study also offers a list of recommendations, highlights, and useful insights of the global veterinary supplements market, which would help new companies willing to enter the market and existing companies to increase market shares and in the decision-making process
The veterinary supplements market report concludes with the company profiles section, which includes key information about major players in the global veterinary supplements market
Each of these players has been profiled in the veterinary supplements market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments
Key Questions Answered in Veterinary Supplements Market Report
Veterinary Supplements Market – Segmentation