Veterinary Supplements Market: Rise in the adoption of pets is expected to drive the market
A supplement is a product that reinforces nutritional balance. Veterinary supplements are products such as capsules and tablets that cover the deficiency in nutrition in animals.
The global veterinary supplements market is primarily driven by an increase in disposable income and a rise in the adoption of pets. In recent times, the number of pet owners has been increasing significantly across the world. According to a study published by the Humane Society of the United States (2016), almost 70% of households own at least one pet, and 50% of all households own more than one pets in the U.S. Altogether, there are almost 87.0 million cats and 80 million dogs in homes across the U.S., and the number is anticipated to rise in the future.
In addition, the animal industry has a strong impact on the overall economy. For instance, the equine industry involves breeding, keeping, and overall management of horses and shows a strong impact on the overall economy. The industry creates income opportunities for several veterinary physicians, equestrians, and others. Additionally, it creates opportunities for the sale of equine healthcare products. According to the American Horse Council, the equine industry estimated that the same industry directly and indirectly contributed approximately US$ 39 Bn and US$ 63 Bn, respectively, to the U.S. economy in 2016. On the other hand, the equine industry generates almost US$ 122.1 Bn per year. Hence, a strong economic impact of equine industry is expected to drive the global equine health care market. However, lack of awareness about nutritional diets for pets and availability of low quality supplements for pets are likely to restrain the growth of the global veterinary supplements market during the forecast period.
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A rise in the incidence of animal diseases across the globe has prompted pet owners to take measures to keep their pets secure. Pets require frequent health checkups, diagnosis, and treatment in order to avoid medical conditions. Increase in the cost of modern medicines and supplements has become a concern for pet owners. Therefore, a rise in the availability of health insurance policies for pets is expected to present expansion opportunities for the global veterinary supplements market in the coming years.
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In terms of supplement, the global veterinary supplements market can be segmented into minerals, vitamins, proteins or amino acids, enzymes, and others. In addition, the global veterinary supplements market is classified into companion segment and livestock segment, in terms of animal type. The companion segment can be further divided into canine, feline, equine, and others. The livestock segment can be further categorized into bovine, ovine, porcine, poultry, and others. Based on distribution channel, the global veterinary supplements market can be classified into veterinary hospitals and clinics, retail pharmacies and drug stores, and others.
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In terms of region, the global veterinary supplements market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America has a robust equine health care industry. Health care expenditure on animals accounted for almost 0.4% of GDP in North America in 2017. North America dominated the global veterinary supplements market in 2017 in terms of market share. The market in the region is expected to expand at a prominent growth rate during the forecast period, owing to a significant adoption rate of pets per household, rise in interest in pet care, and robust animal health care expenditure. Europe held a key share of the veterinary supplements market in 2017, due to higher pet adoption by households and significant animal health care expenditure in Western Europe. Latin America constituted a prominent market share in 2017, and the market in the region is expected to expand at a rapid growth rate in the near future. This is due to an increase in the rate of pet adoption among households, a robust animal breeding industry in the region, and high animal health care expenditure (particularly in Brazil).
Key players operating in the global veterinary supplements market are Amorvet, P.S. Healthcare, The Daniel Baum Company, Nutri-Vet, Equine Products U.K. Ltd., Vetoquinol, Dechra, Ceva Sante Animale, Purina, and others.
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