Global Veterinary Supplements Market Forecasts Remarkable Growth, Expected to Surpass US$ 15.2 Bn by 2031 with a 6.9% CAGR from 2023

The global veterinary supplements market, valued at US$ 8.3 billion in 2022, is poised for significant growth. Projections indicate a Compound Annual Growth Rate (CAGR) of 6.9% from 2023 to 2031, reaching over US$ 15.2 billion by the end of 2031.

Market Size and Growth

The surge in pet ownership and a growing focus on pet health and wellness are driving the global demand for veterinary supplements. Pet owners increasingly seek supplements addressing various aspects of animal health, including joint health, digestive health, skin and coat health, and immune support. The rising pet population, especially in developed regions, is a significant contributor to the growth of the global veterinary supplements industry.

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Market Segmentation

By Service Type

The veterinary supplements market is segmented by service type, including vitamins, minerals, herbal supplements, probiotics, and others. This segmentation caters to the diverse needs of different animal species, offering a wide range of supplements for various health conditions.

By Sourcing Type

Sourcing types include synthetic, natural, and semi-synthetic supplements. Understanding the preferences and characteristics of different sourcing types is crucial for market players to meet the growing demand for diverse and high-quality supplements.

By Application

Applications of veterinary supplements span across joint health, digestive health, skin and coat health, immune support, and others. The versatility of supplements in addressing different health aspects enhances their appeal among pet owners.

By Industry Vertical

Key industry verticals using veterinary supplements include companion animals and livestock. The growth of these industries, coupled with the increasing awareness of animal health, is driving the demand for supplements globally.

By Region

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region presents unique opportunities and challenges for market players, with North America anticipated to dominate the market.

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Regional Analysis

North America is expected to lead the veterinary supplements market, driven by a strong focus on pet health, a robust pet care industry, and a high pet ownership rate. Other regions, including Europe and Asia Pacific, are also expected to witness substantial growth, reflecting the global trend of heightened attention to pet well-being.

Market Drivers and Challenges

Drivers:

Growing focus on pet health and wellness
Increasing pet population
Introduction of diverse veterinary products

Challenges:

Stringent regulatory standards
Intense market competition

Market Trends

Innovative Product Offerings

Companies are actively engaged in research and development to introduce innovative and specialized supplements tailored to specific animal species and conditions. This approach aims to capture market share and address the diverse needs of pet owners.

Proactive Joint Health Support

In June 2023, Purina Pro Plan Veterinary Supplements introduced Joint Care, a soft chewable supplement designed to promote mobility and maintain healthy cartilage and joints in dogs and puppies of all sizes and breeds. This innovative offering proactively supports joint health in canines, particularly for breeds more susceptible to joint conditions.

Future Outlook

The global veterinary supplements market is on an upward trajectory, fueled by the growing human-animal bond and increased awareness of pet health. Market players should continue investing in research and development to meet evolving consumer demands and regulatory standards.

Key Market Study Points

Consumer Preferences: Analyzing evolving preferences of pet owners and the factors influencing their choice of veterinary supplements.
Regulatory Compliance: Understanding and adhering to stringent regulatory standards to ensure the safety and efficacy of veterinary supplements.
Market Dynamics: Investigating the dynamics of the companion animal and livestock industries, and their impact on the demand for veterinary supplements.

Competitive Landscape

Leading companies in the veterinary supplements market include 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 Saúde Animal.

Recent Developments

In June 2023, Purina Pro Plan Veterinary Supplements launched Joint Care, a soft chewable supplement designed to support joint health in dogs.
In July 2018, Vivaldis partnered with Nutramax Laboratories Veterinary Sciences, Inc. to introduce innovative pet healthcare products in India, contributing to the growth of the pet healthcare industry in the country.

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