Equine Supplement Products Market Set for Rapid Growth, to reach Value around US$ 109.97 Million forecast period
Zion Market Research has published a new report titled “Equine Supplement Products Market by Supplement (Proteins/ Amino Acids, Vitamins, Enzymes, Electrolytes/ Minerals, and Others), by Application (Performance Enhancement, Joint Disorder Prevention, and Others), and by Distribution Channel (Veterinary Hospital Pharmacies, Retail Pharmacies, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast.
According to the report, global demand for Equine Supplement Products Market value is projected to reach US$ 109.97 Mn at the end of the forecast period and it is expected to grow at the CAGR of 3.56%.
Equine infection is rare or almost absent in some of the countries including Japan and Iceland. However, equine anemia is found globally. Equines are not often provided by sufficient feed required of them. The most common type of deficiency seen is lack of adequate calories. Lactation and exercise all these requires lot of calories however, talking about supplements, most of the veterinarian and horse owner never think of calories due to lack of awareness about its importance due to which animals or equines lack enough nutrition. Supplemental vitamins or minerals are the only solution which can help in these cases.
Increasing investments and popularity in alternative forms of gambling like horse racing, online gaming, high return on investment, betting, competitive riding, and leisure are likely to drive the market for equine supplements product. Equine practice is likely to be a high overhead due to rising diseases like encephalomyelitis herpes virus, influenza virus, and West Nile virus where the cost for vaccination is estimated to be around 35 Mn USD as per Euro Surveillance Journal, 2016. Moreover, growing demand for pet insurance has also opened new avenues and has attracted participants in the market that is leading to market expansion.
The equine supplement products market is bifurcated based on distribution channel, supplement, application, and regions. Based on supplement the market is segmented into enzymes, vitamins, electrolytes/ minerals, proteins/ amino acids, and others. The segment for electrolytes/ minerals accounted for major share of the market in 2018. Increasing awareness related to deficiency of mineral nutrients, growth in the availability of electrolyte supplements, is attributing to segmental growth in market. On the basis of application the market is segmented into performance enhancement, joint disorder prevention, and others. The segment for joint disorder prevention held major share of the market. The awareness among the horse owners to reduce the lameness associated with osteoarthritis is attributing to the segmental growth of the market.
On the basis of distribution channel the market is segmented into retail, and veterinary hospital pharmacies, and others. The segment for veterinary hospital pharmacies is likely to grow at high CAGR in the forecast period owing to the preference given by horse owners to treat horses in the hospitals and rise in the availability of veterinary supplements in the hospital pharmacies.
Regional segmentation includes the current and forecast demand for Asia Pacific, North America, Latin America, Europe, and Middle East & Africa with its further bifurcation into major countries. North America and Europe regions are likely to showcase high growth rate owing to the high interest in equine care, strong business operation of the brand companies in these two regions, impressive animal healthcare expenditure, and the substantial adoption rate of horses per households.
Some of the players included in equine supplement products market are -
- Purina Animal Nutrition LLC.
- Equine Products U.K. Ltd.
- Kentucky Equine Research
- Bayer AG
- Boehringer Ingelheim International GmbH
- Plusvital Ltd.
- Virbac
- Zoetis
- Vetoquinol S.A.
- Lallemand
The report segments the equine supplement products market as follows:
Global Equine Supplement Products Market: Supplement Segment Analysis
- Proteins/ Amino Acids
- Vitamins
- Enzymes
- Electrolytes/ Minerals
- Others
Global Equine Supplement Products Market: Application Segment Analysis
- Performance Enhancement
- Joint Disorder Prevention
- Others
Global Equine Supplement Products Market: Distribution Channel Segment Analysis
- Veterinary Hospital Pharmacies
- Retail Pharmacies
- Others
Global Equine Supplement Products Market: Regional Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East and Africa
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