Equine Supplement Products Market Expected To Grow At A CAGR Of 3.8% To Reach US $ 1 15,932.42 Thousand From 2021-2028
NEW YORK, USA, Nov 15, 2021 /EINPresswire.com/ – According to new market research from The Insight Partners on “Equine Supplement Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Supplements, Application, Channel Distribution, and Geography ”, the key factors driving the growth of the market are the benefits offered by equine supplement products and the increase in disease prevalence in equines. However, the unwanted effects of improper consumption of equine supplements are likely to hamper the growth of the market.
Report Coverage Details
Market Size Value in (US $ 89,436.31 thousand in 2021)
Market Size Value Per (US $ 1 15,932.42 thousand in 2028)
Growth rate (3.8% CAGR from 2021 to 2028)
Forecast period (2021-2028)
Baseline year (2021)
Number of pages (166)
Segments covered (by supplements, application, distribution channel and geography)
Regional scope (North America; Europe; Asia-Pacific; Latin America; MEA)
Scope of country (United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report Coverage (Revenue Forecast, Company Rank, Competitive Landscape, Growth Factors & Trends)
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The veterinary care industry has witnessed rapid transformations in previous years. Countries around the world have preferred advanced health solutions and supplements that are easy to use and effective. Countries like China, India and Australia will likely be among the main contributors to this growth. Rising rate of pet ownership, disposable income, and awareness of pet health are among the factors that are expected to drive the market growth in the coming years.
Benefits offered by equine supplement products
Equine supplements are frequently used by horse owners and groomers to add additional nutrition to their horse’s diet. These supplements help prevent deficiencies in electrolytes, vitamins, minerals, as well as improve the overall health of horses, thus balancing their diet to improve their athletic performance. Due to the benefits such as alleviating a health problem, preventing the occurrence of health problems and modifying equine behavior, equine supplements have gained significant importance as a nutritional food.
High performing horses constantly burn their energy and require higher than normal levels of protein, which they cannot receive from common feed. Thus, high quality equine supplements such as equine supplement products allow horses to replenish their reservoirs of adenosine triphosphate (ATP), which are the main molecules stimulating contractions in the muscles of the horse.
Nutrients such as methionine, biotin, and zinc support the health of the equine family by improving digestive health through probiotics. In addition, the consumption of equine supplements improves the quality of the horn, develops a healthier coat and skin in horses by improving the production of collagen and keratin. In addition, equine supplements help horses calm their nervous system. In addition, certain specific types of supplements contribute to better joint health with better synovial fluid support.
The COVID-19 virus outbreak was first observed in December 2019 in Wuhan, China, and it has spread to more than 100 countries around the world, the World Health Organization (WHO) declaring it as a public health emergency. The global impacts of COVID-19 are being felt in several markets. The pandemic is straining the animal nutrition industry around the world, disrupting and delaying the supply of many types of feed and supplements. Due to the pandemic and containment, the raw material supply chain has had an impact on consumption and production patterns around the world.
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On the basis of supplements, the equine supplements market is segmented into electrolytes / minerals, vitamins, protein / amino acids, and enzymes. In 2021, the electrolytes / minerals per supplement segment accounted for the highest market share. The growth of this segment is attributed to the demand for herbal equine supplements, the increased incidence of equine diseases and the increase in government initiatives. The same segment is estimated to register a higher CAGR during the forecast period.
The equine supplements market, by distribution channel, is segmented into veterinary hospital pharmacies, retail pharmacies and others. The veterinary hospital pharmacies and clinics segment held the largest share of the market in 2021, while the online segment is expected to register the highest CAGR of 4.6% in the market during the forecast period.
Equine Supplements Market: Competitive Landscape and Key Developments
Boehringer Ingelheim International GmbH; EQUINE PRODUCTS UK LTD .; Kentucky Equine Research; Lallemand, Inc .; Plusvital Limited; Purina Animal Nutrition LLC .; Vétoquinol SA; Virbac; Zoetis Inc .; and Cargill, Incorporated are among the leading companies operating in the equine supplement market.
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For example, in February 2020, Equine Products UK Ltd launched No More Bute – a complementary feed supplement for horses containing bioavailable curcumin. It has up to 185 times more bioavailability than turmeric and curcumin of indigenous origin. Additionally, in June 2019, Boehringer Ingelheim partnered with Constantia Flexibles to develop a packaging solution for the equine nutritional supplement, Nutraxin. The product packaged in the innovative CONSTANTIA Interactive packaging solution is currently available in Germany and the Netherlands.
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