Equine Pharmaceuticals and Supplements Market Size, Share, Growth, and Industry Analysis by Type (Pharmaceuticals, Supplements), by Application (Thoroughbred Horse, Other Types of Horses), Regional Insights and Forecast to 2031

Updated On: 29 April 2024

EQUINE PHARMACEUTICALS AND SUPPLEMENTS MARKET REPORT OVERVIEW

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The global equine pharmaceuticals and supplements market size was USD 1226.9 million in 2020 and the market is projected to touch USD 1597.7 million by 2027, exhibiting a CAGR of 4.5% during the forecast period.

Equine pharmaceuticals and supplements are medicines or supplements explicitly used to treat disease or improve nutrition. These medicines and dietary supplements include vitamins, proteins, electrolytes and energy supplements. Rising incidence of equine diseases, with joint infections, bacterial infections, and upper respiratory infections are the most common health concerns. Therefore, requirement for equine health products including supplements containing vitamins, minerals, amino acids, and other micro-nutrients is increasing. Equine supplement products are important components of well-balanced diets, contributing to faster growth rates, higher feed conversion ratios, and superior reproductive performance in equine. Equine supplements are the ideal means of maintaining equine optimal health and fitness.

Governments and many animal health agencies have raised concerns among several horse industry horse breeders and trainers about the need for good, healthy nutrition and nutritional supplements for the growth and health of horses. As owners and caretakers become more aware of the health needs of horses, the demand for pharmaceuticals and supplements increases. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

EQUINE PHARMACEUTICALS AND SUPPLEMENTS MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into pharmaceuticals, supplements

Pharmaceuticals will capture the maximum market share through forecast period.

Pharmaceuticals – This includes various drugs and medical treatments specifically developed for horses. These can range from vaccines and antibiotics to pain relievers and treatments for specific conditions like arthritis or respiratory issues.

Supplements – Supplements are products designed to provide nutritional or health benefits beyond the basic diet. This includes vitamins, minerals, joint supplements, digestive aids, and performance enhancers.

• By Application Analysis

According to application, the market can be segmented into thoroughbred horse, other types of horses

Equine pharmaceuticals and supplements market players cover segment as thoroughbred horse will dominate the market share during forecast period.

Thoroughbred horse – Thoroughbreds are those used in racing and competitive sports, often require specialized pharmaceuticals and supplements to enhance performance, manage stress, and prevent injuries.

Other types of horses– This contain non-thoroughbred sport horses, leisure horses, and other breeds used for various purposes.

DRIVING FACTORS

"Growing Equine Sports and Leisure Activities To Boost The Market Growth"

The horseracing and equestrian sports industries are driving the need for equine medicines as horses health is essential to the growth of these industries. Healthy horses in specific disciplines give impetus to the betting and gambling industry associated with horse racing. Therefore, most horse trainers and breeders use superior medicines to limit and cure ailments to keep horses in good shape for racing. 

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the equine pharmaceuticals and supplements market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. Innovations and advancements in veterinary medicine can lead to the development of new and more effective pharmaceuticals and supplements.

RESTRAINING FACTOR

"Availability Of Alternative Gaming To Hamper The Market Growth"

The availability of alternative gaming and gambling vehicles impacts the horse-related industry in developed countries. It is intended to slow down the growth of the global equine medicines and nutritional supplements market.

EQUINE PHARMACEUTICALS AND SUPPLEMENTS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Region Due To High Level Of Awareness And Willingness Regarding Equine Health"

"The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa."

Asia Pacific is further expected to witness growth in the equine pharmaceuticals and supplements market share. The region is dominating the market due to high level of awareness and willingness to invest in equine health. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Boehringer Ingelheim (Germany)

• Merck Animal Health (U.S.)

• Bayer Animal Health (Germany)

• Elanco Animal Health (U.S.)

• Dechra Veterinary Products (U.K.)

INDUSTRIAL DEVELOPMENT

February 2020: Equine Products UK Ltd a leading supplement manufacturer launched No More Bute, a complementary feed supplement for horses containing bioavailable cur cumin with no withdrawal period.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.