PUBLISHER: The Business Research Company | PRODUCT CODE: 1425907
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425907
Veterinary Dietary Supplements Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary dietary supplements market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary dietary supplements? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary dietary supplements market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Veterinary dietary supplements encompass highly nutritious animal products containing one or more nutrients or active elements like vitamins, minerals, botanicals (natural substances), and others. These supplements are designed to complement animal diets and function as complementary and alternative medicine (CAM), promoting health benefits and overall well-being in animals.
Key types of veterinary dietary supplements include omega-3 fatty acids, proteins and peptides, cannabidiol (CBD), multivitamins and minerals, probiotics and prebiotics, as well as other types like antioxidants. Omega-3 fatty acids, essential for bodily functions, offer various health advantages. These supplements are available in diverse dosage forms such as tablets, capsules, gummies, chewables, powders, liquids, and other forms like injectables and pastes. Distribution channels involve both online or e-commerce platforms and offline outlets. They are employed to support joint health, reduce stress or anxiety, improve digestive health, enhance energy and electrolytes, boost immunity, promote skin and coat health, and serve other applications related to kidney, urinary tract, liver, cardiovascular health, and weight management in animals.
The veterinary dietary supplements market research report is one of a series of new reports from The Business Research Company that provides veterinary dietary supplements market statistics, including veterinary dietary supplements industry global market size, regional shares, competitors with a veterinary dietary supplements market share, detailed veterinary dietary supplements market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary dietary supplements industry. The veterinary dietary supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary dietary supplements market size has grown strongly in recent years. It will grow from $2.21 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth observed in the historical period can be attributed to several factors including a rise in pet ownership rates, increased recommendations from veterinarians, the trend of humanizing pets, heightened awareness about pet obesity, the availability of specialized formulations, and advancements in the field of pet nutrition science.
The veterinary dietary supplements market size is expected to see rapid growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. Anticipated growth in the forecast period is expected to stem from several factors, including the adoption of customized nutrition solutions, the continual increase in the pet population, the expanding presence of e-commerce platforms, a concentrated focus on addressing specific health conditions, a rise in spending on preventive healthcare, ongoing innovations in nutraceuticals, and the application of a holistic approach to pet care. Major trends expected in this period encompass the use of natural and organic ingredients, the widening of distribution channels, the development of supplements targeting joint health in aging pets, increased research and development efforts in animal nutrition, compliance with regulatory standards, and a growing number of collaborations and partnerships within the industry.
The projected surge in the population of companion and livestock animals is anticipated to be a key driver for the veterinary dietary supplements market. Companion animals, encompassing easily manageable domesticated animals like dogs and cats, as well as livestock animals like bovines, are increasingly benefiting from veterinary dietary supplements to fulfill their nutritional requirements for optimal growth and development. Notably, in 2021, Eurostat reported that the European Union had approximately 142 million pigs, 76 million bovines, 60 million sheep, and 11 million goats, underlining the substantial livestock population. This growing population of companion and livestock animals is significantly contributing to the expansion of the veterinary dietary supplements market.
The rising number of pet owners is poised to drive the growth of the veterinary dietary supplements market. Pet owners, responsible for the care and well-being of domesticated animals like dogs, cats, and birds, are turning to veterinary dietary supplements to address specific nutritional deficiencies in their pets' diets. As of October 2023, the American Pet Products Association reported that 86.9 million households in the United States, constituting 66% of total households, owned a pet-an increase from 62% in 2022. This increasing pet ownership trend is a major factor propelling the growth of the veterinary dietary supplements market.
Leading companies in the veterinary dietary supplements market are strategically focusing on product innovation, with a particular emphasis on wellness supplements. Wellness Supplements, introduced by Wellness Pet Company in January 2023, represent a range of pet supplements designed to support dogs' health and well-being. These supplements come in five formulations-move health supplements, calm health supplements, shield health supplements, belly health supplements, and shine supplements. Comprising high-quality ingredients and offering diverse tasty flavors, Wellness Supplements promote various aspects of dogs' health, including digestion, immune system, seasonal allergies, skin, and coat. This commitment to product innovation enhances the market position of major companies and provides customers with reliable and advanced solutions.
In a strategic move to enhance customer services, major players in the veterinary dietary supplements market are dedicated to launching innovative products. An illustrative example is Native Pet, a US-based food and nutrition company that, in October 2023, introduced 'The Daily.' Positioned as an all-in-one supplement, The Daily serves as a scientifically-backed, daily solution to support the health and wellness of dogs. Delivered in powder form, this supplement can be easily sprinkled over food, contributing to the enhancement of energy levels, skin and coat health, mobility, and gut health in dogs. The Daily stands out as a comprehensive super supplement, encompassing 11-in-1 dog multivitamin with 12 active ingredients to deliver essential health benefits.
In September 2022, Royal DSM, a Netherlands-based company specializing in veterinary dietary supplements, executed an undisclosed acquisition of Prodap. This strategic move by Royal DSM aims to fortify its product portfolio within the veterinary dietary supplements sector. Additionally, the acquisition positions Royal DSM to pioneer digital solutions, leveraging artificial intelligence and other tools, to engage a more targeted audience. Prodap, a Brazil-based company in the veterinary dietary supplements domain, has thus become a pivotal asset in Royal DSM's pursuit of advancing nutritional decision-making processes.
Major companies operating in the veterinary dietary supplements market report are C H Boehringer Sohn AG & Co KG, Virbac, Ark Naturals, Beaphar, FoodScience LLC, Nutri-Pet Research Inc., CEVA Logistics INDIA PRIVATE LIMITED., Canna Companion, NOW Foods PRIVATE LIMITED, Nestle S.A., Nutramax Laboratories Inc., Orion Corporation, Zydus Animal Health and Investments Limited, Krka d.d. Novo mesto, Animalcare Limited, Ourofino Saude Animal, Eco Animal Health Group PLC, VetriScience Laboratories, Vetoquinol, Kyoritsu Seiyaku Corporation, Nexvet Biopharma PLC, Aratana Therapeutics Inc., Bayer Animal Health, Dechra Pharmaceuticals PLC, Heska Corporation, Kindred Biosciences, Mars Incorporated, Norbrook Laboratories Limited, Zoetis Inc., Bioiberica S.A.U., Bimeda Inc., Eli Lilly and Company, Toray Industries Inc., AB Science
Asia-Pacific was the largest region in the veterinary dietary supplements market in 2023. The regions covered in the veterinary dietary supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the veterinary dietary supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The veterinary dietary supplements market consists of sales of vegetables, cereals, roots, acacia trees, olive seeds, and other types. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.