DUBLIN – (BUSINESS WIRE) – Sep 1, 2021–
According to this report, the market is expected to reach 115.9 million US $ in 2028, compared to 89.4 million US $ in 2021. The market is expected to grow with a CAGR of 3.8% from 2021 to 2028. The main factors that Driving the growth of the market are the benefits offered by equine supplements and the increased prevalence of disease in equines. However, the unwanted effects of improper consumption of equine supplements are likely to hamper the growth of the market.
Equine Supplement Products Market, by Application, is segmented into Performance Enhancement / Recovery, Joint Disorder Prevention, Others. The performance improvement / recovery segment held the largest share of the market in 2021 and joining the disorder prevention segment is expected to register the highest CAGR of the market during the forecast period.
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The equine supplements market is characterized by the presence of various small and large companies. Market players adopt strategies like new product launch, regional expansion, and technological advancement to increase their market share. Market players invest in R&D to develop advanced technologies and gain more revenue share. For example, in June 2020, Cargill Animal Nutrition launched the Empower Digestive Balance supplement to its Nutrena product line. Empower Digestive Balance is a granulated topdress that brings together several nutritional technologies in one product to support the health of the horse’s digestive tract. Likewise, 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. In addition, in September 2019, Purina Animal Nutrition launched the Purina Omolene range for healthy horse nutrition. The Purina Omolene horse feed line contains a gastric support supplement that lasts longer. This feed line provides gastric support at every horse feed. Market players are also likely to engage in strategic ventures to bring new products to market. For example, in August 2020, Plusvital entered into a partnership with Texas-based company EnviroEquine to deliver Plusvital’s line of scientific supplements to the US equine markets.
The COVID-19 outbreak was first observed in December 2019 in Wuhan (China) and has spread to more than 100 countries around the world, with 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.
- Gain and reduce the time it takes to conduct entry-level research by identifying growth, size, leading players and segments in the Equine Supplements market.
- Highlights key business priorities to help companies realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global Equine Supplements Market, thereby enabling value chain players to develop effective long term strategies.
- Develop / modify business expansion plans using a substantial growth offering in developed and emerging markets.
- Take an in-depth look at the global market trends and outlook associated with the factors driving the market, as well as those hindering it.
- Improve the decision-making process by understanding the strategies that underpin security interests with respect to customer products, segmentation, pricing, and distribution.
- Benefits offered by equine supplement products
- Increased prevalence of disease in equines
- Adverse reactions presented by inappropriate consumption of equine supplements
- Market growth in untapped economies
- Consistent launch of new equine supplement products
- Boehringer Ingelheim International GmbH
- EQUINE PRODUCTS UK LTD.
- Kentucky Equine Research
- Lallemand, Inc.
- Plusvital Limited
- Purina Animal Nutrition LLC.
- Vétoquinol SA
- Zoetis Inc.
- Cargill, incorporated
Laura Wood, Senior Press Director
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INDUSTRY KEYWORD: HEALTH CONSUMPTION AGRICULTURE PACKAGING AND NUTRITION NATURAL RESOURCES VETERINARY ANIMALS
SOURCE: Research and markets
Copyright Business Wire 2021.
PUB: 09/01/2021 11:59 a.m. / DISC: 09/01/2021 11:59 a.m.