Wilmington, Delaware, United States, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The global market for veterinary supplements was estimated to have garnered a global market valuation around US$ 8.3 billion in 2022. The market is anticipated to grow with a robust 6.9% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 15.2 billion.
In order to make sure their animals receive the best nutrition and support for their general health, pet owners are turning more and more to veterinarian supplements, often known as animal wellness products. Similar to how people take dietary supplements for their own wellness, these supplements provide a means to address certain health issues and encourage preventative care.
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The idea of "humanizing" pets has become extremely popular around the world, which has increased demand for premium pet goods and services. This change in consumer behavior has opened up new economic options for veterinary supplements. Pet owners are eager to spend money on supplements that can raise the quality of life, increase vitality, and treat certain health issues in their animals. Factors as these are anticipated to people the market for veterinary supplements market in the coming years.
Key Findings of Market Report
- In terms of animal type, the companion animal market segment held the greatest worldwide market share for veterinary supplements in 2022.
- The antioxidants category accounted for a sizable portion of the worldwide market in 2022 based on supplement type.
- The sector of pills and tablets held the largest market share for veterinary supplements worldwide in 2022 in terms of dosage form.
- In 2022, North America had the greatest share of the worldwide industry.
Market Trends For Veterinary Supplements
- The sector of pills and tablets held a significant market share for veterinary supplements worldwide in 2022 in terms of dosage form. Livestock owners, pet owners, and doctors frequently choose pills and tablets because of their convenience, simplicity of administration, exact dose management, and stability.
- Veterinary supplements can be given to animals in a convenient and regulated manner using pills and tablets. These are frequently made with exact doses, enabling correct administration and guaranteeing that animals get the right amount of active substances. When unique dose needs must be satisfied based on the weight, shape, or state of health of the animal, this type of administration is especially helpful.
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Global Veterinary Supplements Regional Market Outlook
- In 2022, North America had an enormous share of the worldwide industry. The region's market is fueled by the increased demand for animal protein, rising zoonotic disease prevalence, and expanding pet population.
- With such a high demand for dairy products, meat, and eggs, North America has a robust cattle business. Farmers and other producers utilize veterinary supplements to guarantee the health and production of their animals in order to satisfy this demand.
- Increased zoonotic disease occurrence in North America has raised awareness of the significance of animal health. There is a greater need for preventative healthcare practices, such as using veterinary supplements. Supplements may play a significant role in a pet owner's efforts to protect the health and wellbeing of their animals, a concern that is growing.
Global Veterinary Supplements Market: Key Players
With the existence of both well-established businesses and start-ups propelled by technology, the worldwide market for veterinary supplements is consolidated. Leading corporations use merger and acquisition, strategic alliances, and the introduction of novel products to increase their market share.
Zoetis, Ceva Sante Animale, Elanco Animal Health, Vetoquinol S.A., Dechra Pharmaceuticals plc, Merck Animal Health, Virbac S.A., Boehringer Ingelheim, Norbrook Laboratories Limited, Hester Biosciences Limited, Merial Animal Health Limited, Novartis Animal Health, Inc., Nutreco N.V., and Ouro Fino Sade Animal are some of the major players in the market.
Some developments by the key players in the global market for veterinary supplements are:
- Joint Care, a soft chewable supplement created by Purina Pro Plan Veterinary Supplements, will be released in June 2023. It is intended to improve mobility and preserve healthy cartilage as well as joints in dogs and puppies of all shapes, sizes, and breeds. The goal of this new product is to proactively promote canine joint health, which is crucial for their general wellbeing, especially for breeds that are more prone to joint problems.
- The world-famous pioneer in dietary supplements for companion animals, Nutramax Laboratories Veterinary Sciences, Inc. (Nutramax), and Vivaldis joined forces in July 2018. The company's aim to advance the pet healthcare industry by bringing cutting-edge goods in India was carried out by working with Nutramax. Vivaldis was able to play a part to the expansion and success of the nation's pet healthcare sector because to this relationship.
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Global Veterinary Supplements Market Segmentation
- Supplement Type
- Antioxidants
- Vitamins
- Proteins / Amino acids
- Enzymes
- Probiotics
- Essential Fatty Acids
- Others
- Animal Type
- Companion Animals
- Dog
- Cat
- Livestock
- Cattle
- Horse
- Sheep
- Others
- Companion Animals
- Application / Benefit Area
- Joint Health Support
- Calming / Stress / Anxiety
- Digestive Health
- Energy & Electrolytes
- Immunity Support
- Skin & Coat Health
- Others
- Dosage Form
- Pills & Tablets
- Chewables
- Powders
- Others
- Distribution Channel
- Small Animal Veterinary
- Large Animal Veterinary
- Mixed Animal Veterinary
- Retail Stores
- Drug Stores
- Online Sales
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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