|Veterinary Dietary Supplements Market 2022 Competitive Analysis And Forecast To 2030 With Massive Cagr Development|
Veterinary Dietary Supplements Industry Overview
The global veterinary dietary supplements market size is anticipated to reach USD 3.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 8.2% from 2021 to 2028. The key factors fueling the market growth include increasing population of companion and livestock animals, pet health concerns, prevalence of chronic disorders, and use of e-commerce channels.
Veterinary Dietary Supplements Market Segmentation
Grand View Research has segmented the global veterinary dietary supplements market on the basis of animal type, application, type, dosage form, distribution channel, and region:
Based on the Animal Type Insights, the market is segmented into Livestock Animals, Companion Animals.
- The companion animals segment dominated the market and held the largest revenue share of over 60.0% in 2020. This can be attributed to growing initiatives by market players, pet population, and humanization. The segment is also expected to witness the highest CAGR of 8.3% from 2021 to 2028.
- The livestock animals segment is also expected to grow significantly over the forecast period. Supplements are added to livestock feed to improve the performance or nutrient balance of the total ratio.
Based on the Application Insights, the market is segmented into Joint Health Support, Calming/ Stress/ Anxiety, Digestive Health, Energy and Electrolytes, Immunity Support, Skin & Coat Health, Others (Kidney, Urinary Tract, Liver, Cardiovascular, Weight Management).
- The joint health support segment dominated the market and accounted for the largest revenue share of 22.0% in 2020. The key factors contributing to the large share include the increasing prevalence of chronic joint disorders in companion as well as livestock animals and awareness about the availability of a variety of joint health supplements that help prevent or slow joint health disorders.
- Omega-3 Fatty Acids, green-lipped mussel, and glucosamine and chondroitin sulfate are commonly used dietary components associated with improvement in clinical signs of osteoarthritis in companion animals.
- The calming/stress/anxiety segment is anticipated to witness the highest CAGR of over 8.5% over the forecast period. This is due to increasing awareness among pet parents regarding their pet’s emotional and behavioral well-being.
Based on the Type Insights, the market is segmented into Omega 3 Fatty Acids, Proteins & Peptides, CBD, Multivitamins & Minerals, Probiotics & Prebiotics, Others (Antioxidants).
- The multivitamins and minerals segment dominated the market and accounted for the largest revenue share of 27.5% in 2020. This can be attributed to the rising use of these veterinary dietary supplements in both companions as well as livestock animals to ensure balanced diets and promote daily bodily functions.
- The CBD segment is estimated to register notable growth of 11.0% in the next few years. This is owing to growing awareness and interest in the emotional, behavioral, and health benefits regarding use of Cannabidiol (CBD) in veterinary dietary supplements, in particular for companion animals.
Based on the Dosage Form Insights, the market is segmented into Tablets & Capsules, Gummies & Chewables, Powders, Liquids, Others (Injectables, Paste).
- The gummies and chewables segment dominated the market and accounted for the largest revenue share of 45.3% in 2020. The powders segment is expected to witness the fastest CAGR of 8.6% over the forecast period.
- This is owing to growing initiatives by market players in the pet food, treats, and supplements market to investigate and improve palatability in animals. Palatability studies are primarily based on the acceptance that is the choice to consume or not consume a particular dosage form and preference between dosage forms.
- According to a 2018 study published in the Open Journal of Veterinary Medicine appealing taste, mouthfeels, and smell were found to increase voluntary uptake of oral chewables in dogs.
Based on the Distribution Channel Insights, the market is segmented into Online/ E-commerce, Offline.
- The offline channel segment dominated the market and accounted for the largest revenue share of 58.9% in 2020. This is owing to a large number of pet owners and livestock farm operators opting for brick-and-mortar purchasing as the channel of choice.
- The COVID-19 pandemic has catalyzed the adoption of online/ e-commerce channels and the segment is expected to register a high CAGR of 9.2% over the forecast period. This is expected to lead to further fragmentation of an already intensely competitive market.
Veterinary Dietary Supplements Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is fragmented with many large and small players. These players implement various strategic initiatives to achieve their growth objectives and increase market share.
Some prominent players in the global veterinary dietary supplements market include
- Boehringer Ingelheim
- Ark Naturals Company
- NOW Foods
- Nutramax Laboratories, Inc.
- Nutri-Pet Research, Inc.
- Canna Companion
Order a free sample PDF of the Veterinary Dietary Supplements Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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