Veterinary Supplements Market: Introduction
According to the report, the global veterinary supplements market was valued at US$ 6.85 Bn in 2020 and is projected to expand at a CAGR of 6.5% from 2021 to 2031. 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 driven by increase in disposable income and rise in adoption of pets. The number of pet owners has increased significantly across the world in the past few years. According to a study published by the Humane Society of the United States (2016), around 70% of households own, at least, one pet, and 50% of all households own more than one pet in the U.S. There are around 87 million cats and 80 million dogs in homes across the country, and the number is anticipated to rise in future.
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The animal industry has a strong impact on the overall economy of a country. 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 it directly and indirectly contributed around US$ 39 Bn and US$ 63 Bn, respectively, to the U.S. economy in 2016. Moreover, the equine industry generates nearly US$ 122.1 Bn in revenue per year. Hence, strong economic impact of the equine industry is expected to drive the global veterinary supplements market. However, lack of awareness about nutritional diets for pets and availability of low quality supplements for pets are likely to restrain the global veterinary supplements market during the forecast period.
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Surge in Ownership of Companion Animals
The number of pet owners has risen significantly across the world in the past few years. According to a survey published by the Humane Society of the United States (2016), nearly 70% of families in the U.S. own, at least, one pet, with 50% of all households owning several pets. The increase in population of animals creates demand for veterinary supplements. According to a 2018 study by the Canadian Animal Health Institute, there were more than 8.3 million household cats and 8.2 million household dogs in Canada, up from 7.1 million cats and 6.3 million dogs in 2014. The increase in the number of these animals has driven the demand for veterinary supplements, as they are prone to diseases and disorders. According to the American Pet Products Association, general household pet adoption in the U.S. increased to 68% in 2016, up from 54% in 2009. Since 2007, it has increased to 58% in Europe and India. The augmented adoption of pets is likely to increase overall spending on veterinary supplements.
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Companion Animals to Dominate Global Market
In terms of animal type, the global veterinary supplements market has been classified into companion animals, livestock, and others. The companion animals segment has been split into canine and feline. The livestock segment has been segregated into cattle, equine, and sheep. The companion animals segment dominated the global veterinary supplements market in 2020, and the trend is likely to continue during the forecast period. The growth of the segment can be attributed to the rise in initiatives by governments and private sectors to help promote animal health. The One Health Initiative is a collaborative effort undertaken by multiple organizations. These include the World Organization for Animal Health (OIE), Food and Agriculture Organization (FAO), WHO, the American Veterinary Medical Association, and others. It aims to protect public health via the prevention and control of zoonotic pathogens by safeguarding animal health.
Antioxidants to be Preferred Supplement Type
Based on supplement type, the global veterinary supplements market has been categorized into antioxidants, vitamins, proteins/amino acids, enzymes, probiotics, essential fatty acids, and others. The antioxidants segment dominated the global veterinary supplements market in 2020 and the trend is likely to continue during the forecast period. This can be attributed to increase in demand for poultry, changing consumer preferences due to fast-paced lifestyles, and surge in need of natural antioxidants in food products.
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Joint Health/Mobility to be Lucrative Application
In terms of application/benefit area, the global veterinary supplements market has been segregated into immunity, skin/coat, joint health/mobility, and others. The joint health/mobility segment dominated the global veterinary supplements market in 2020. A joint supplement is designed to provide strength & support to the bones and cartilage on animal joints. These products are designed to reduce joint pain, inflammation, and swelling, while also supporting mobility and joint strength.
Retail Channels to be Promising Distribution Channel
Based on distribution channel, the global veterinary supplements market has been divided into veterinary hospitals & clinics, retail channels, online channels, and others. The retail channels segment dominated the market in 2020. The segment is expected to expand at the highest CAGR from 2021 to 2031. Companies focus on increasing product awareness among retailers and customers with the help of multi-colored and layered QR codes and point-of-sale information. These QR codes offer deep knowledge about the ingredients and suitability of the product. Hence, easy availability and detailed information about the products fuel the growth of the retail channels segment.
North America to Lead Veterinary Supplements Market
The global veterinary supplements market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020, followed by Europe. North America accounted for a major share of the global veterinary supplements market in 2020, owing to significant adoption rate of pets per household, rise in interest in pet care, and high animal healthcare expenditure.
The veterinary supplements market in Europe is anticipated to expand at a higher CAGR from 2021 to 2031, owing to rise in pet adoption by households and significant animal healthcare expenditure in Western Europe.
Competition Landscape
The global veterinary supplements market is fragmented due to the presence of a large number of leading players. Key players operating in the global market include Mars, Incorporated, Nestlé Group, J.M. Smucker, Hill's Pet Nutrition, General Mills Inc., Diamond Pet Foods, Spectrum Brands, Inc., Virbac, Amorevet, Garmon Corp, P.S. Healthcare, and NUTRI-VET. Leading companies focus on creating a social impact by offering a selection of cat and dog food items to help animals stay healthy. For instance, Vetoquinol S.A. started the "Green packaging" project in December 2020. This project was part of the company's long-term development strategy, and it aims to improve the veterinary laboratory's palettization plans.
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