Equine Supplement Products Market Latest Trends and Future Growth Study by 2027
Transparency Market Research (TMR) has published a new report titled, “Equine Supplement Products Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”. According to the report, the global equine supplement products market was valued at US$ 75.2 Mn in 2018 and is projected to expand at a CAGR of 3.5 % from 2019 to 2027. Increase in incidence of equine diseases, rise in demand for protein/amino acid supplements, and surge in awareness about preventive care among equine owners are anticipated to augment the global equine supplement products market from 2019 to 2027.
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Growth of Equine Health Industry
Incidence of equine diseases is increasing, with joint infections, bacterial infections, and upper respiratory infections being the most common health concerns. Therefore, demand for equine health products including supplements containing vitamins, minerals, amino acids, and other micro-nutrients is increasing. In case of racing horses, the horse owners and caretakers focus on improving joint & digestive health and performance recovery. They also take consultation from veterinary health care providers to better understand the use of horse feeds & supplements to promote growth and overall health of horses.
Furthermore, rise in trend of gambling, horse racing, and sports provides opportunities for market players in the equine health industry. Horse racing has become a royal sport in developed as well as developing countries. This is likely to boost the growth of the market during the forecast period. Moreover, orthopedic injuries in young horses have a significant economic impact, and hence is crucial to tackle the health concerns of horses and improve their health.
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Increase in Awareness about Preventive Care among Equine Owners
Increase in awareness about preventive care among horse owners and trainers and rise in the use of micronutrient-based equine supplements to improve joint health are anticipated to boost the growth of the market during the forecast period. Moreover, horse owners are aware of high prevalence of equine lameness and metabolic disorders among horses, and hence use equine supplements to improve equine health and avoid alleviation of health conditions.
Strategic Approaches by Market Players to Boost Market Share
The report also provides profiles of leading players operating in the global equine supplement products market. These include Zoetis, Boehringer Ingelheim International GmbH, Bayer AG, Equine Products UK LTD, Purina Animal Nutrition LLC., Vetoquinol S.A., Kentucky Equine Research, Plusvital Limited, Lallemand, Inc., and Virbac. Partnerships, new product launches, and mergers & acquisitions are the key strategies adopted by market players to increase product sales and capture market share.
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For instance, in November 2017, Plusvital Limited launched EnerGene-Q10, nutrigenomic supplement to expand its equine supplements product portfolio and gain market share.
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