Summary of Market Trends: The global veterinary dietary supplements market reached a value of USD 1.87 Billion in 2022 and is anticipated to grow at a rapid pace with a revenue CAGR of 8% throughout the forecast period. Key drivers for this growth include the increasing necessity to address, alleviate, or prevent diseases among livestock and companion animals, as well as the growing population of pets and their integration into households. Pet owners are increasingly recognizing the importance of pet nutrition and are actively seeking ways to ensure the health and vitality of their animals, resulting in a surge in the use of dietary supplements containing essential vitamins, minerals, and other nutrients.
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Moreover, there is a growing demand for specialized supplements tailored to address specific ailments such as pet obesity and chronic diseases like diabetes, arthritis, and cancer. Concurrently, the awareness of preventive healthcare benefits is growing, leading to an uptick in the usage of supplements aimed at maintaining good health and preventing diseases. The market is also witnessing the emergence of innovative solutions from manufacturers to meet the unique dietary needs of various pet breeds, with a rising preference for natural and organic supplements among pet owners to safeguard their pets’ health.
However, challenges such as the increasing prices of conventional supplements and the premiumization of supplements pose potential constraints on market growth. Additionally, the growing consumer preference for organic products coupled with limited availability of organic supplements presents another hurdle.
Animal Type Analysis: The global veterinary dietary supplements market is segmented into companion animals and livestock animals. Companion animals, including dogs, cats, and horses, dominated the market in 2022, driven by the escalating demand for nutritional supplements to enhance their overall health and longevity. With many households considering companion animals as essential family members, pet owners are increasingly prioritizing the health and well-being of their pets.
On the other hand, the livestock animals segment is poised for significant growth during the forecast period, attributed to the increasing demand for meat and dairy products and the adoption of precision livestock farming practices. Livestock animals such as cows, pigs, and chickens are bred for their meat and dairy output, and thus, ensuring their well-being and productivity through supplemental nutrition is crucial for the industry.
Ingredient Type Analysis: The market is segmented by ingredient type into vitamins, minerals, amino acids, enzymes, and others. Vitamins are projected to hold a substantial revenue share during the forecast period due to the growing awareness of their health benefits. Vitamins play a critical role in various biological processes essential for animals’ overall health and well-being, including immune system function, energy metabolism, and growth and development.
Meanwhile, the minerals segment is anticipated to witness the fastest growth, driven by the increasing prevalence of mineral deficiencies in animals and the recognition of the health benefits associated with minerals. Minerals are indispensable for bone growth, muscle contraction, and nervous system function, and deficiencies can lead to various health issues, spurring the demand for nutritional supplements rich in minerals.
Regional Analysis: North America led the global veterinary dietary supplements market in 2022, propelled by factors such as the growing pet population, high healthcare expenditure on pets, and heightened awareness of the benefits of pet dietary supplements among the public.
The Asia Pacific region is expected to exhibit the highest growth rate during the forecast period, driven by rising pet ownership, increasing awareness of the benefits of pet dietary supplements, and growing disposable incomes. Emerging economies in this region, particularly China and India, are witnessing a rapid rise in pet ownership as the middle class expands and becomes more affluent.
Meanwhile, Europe is anticipated to hold a significant revenue share, owing to the presence of key market players, rising pet ownership rates, and increasing demand from the pet food and pet care industries.
Major Companies and Competitive Landscape: Key players in the global veterinary dietary supplements market include Nestle Purina PetCare, Bayer AG, Zoetis Inc., Nutramax Laboratories Veterinary Sciences, Inc., Virbac, VetriScience Laboratories, VetIQ, Ark Naturals, Only Natural Pet, and Dechra Pharmaceuticals PLC. These companies are engaged in strategic developments such as acquisitions and product expansions to strengthen their market position and meet the evolving needs of consumers.
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