Consistent Launch of New Equine Supplement Products tbecome Prevalent Trend in Equine Supplement Products Market during 2021–2028
According tour new market research study on “Equine Supplement Products Market Forecast t2028 – COVID-19 Impact and Global Analysis – by Supplements, Application, Distribution Channel, and Geography,” the market is expected treach US$ 1,15,932.42 Thousand in 2028 from US$ 89,436.31 Thousand in 2021. The market is estimated tgrow with a CAGR of 3.8% from 2021–2028. Key factors that are driving growth of the market are benefits offered by equine supplement products and increase in prevalence of diseases in equines. However, adverse effects exhibited by improper consumption of equine supplements are likely thinder the market growth.
The Equine Supplement Products market, by application, is segmented intPerformance Enhancement/Recovery, Join Disorder Prevention, Others. The performance enhancement/recovery segment held the largest share of the market in 2021 and join disorder prevention segment is anticipated tregister the highest CAGR in the market during the forecast period.
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The equine supplement products market is characterized by the presence of various small and big companies. The market players are adopting the strategies such as new product launch, regional expansion, and technological advancements tincrease their market share. Market players are investing in R&D tdevelop advanced technologies and gain more revenue share. For instance, in June 2020, Cargill Animal Nutrition has launched Empower Digestive Balance supplement tits Nutrena product lineup. Empower Digestive Balance is a pelleted topdress that brings multiple nutritional technologies intone product tsupport the health of the digestive tract of horse. Similarly, in February 2020, Equine Products UK Ltd launched NMore Bute—a complementary feed supplement for horses containing bioavailable Curcumin. It has up t185 times more bioavailability than native sourced turmeric and curcumin. Further, in September 2019, Purina Animal Nutrition has launched Purina Omolene line for wholesome nutrition in horse. Purina Omolene horse feed line contains outlast gastric support supplement. This feed line provides gastric support in every meal of horse. The market players are alslikely tenter strategic ventures for bringing in new products tthe market. For instance, in August 2020, Plusvital entered intpartnership with Texas-based EnviroEquine company tsupply Plusvital’s scientifically based range of supplements in US equine markets.
COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread tmore than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. The pandemic is straining animal nutrition industry globally, interrupting and delaying supplies for many kinds of animal feeds and supplements. Due tthe pandemic and lockdown, the supply chain of the raw ingredient has impacted the consumption and production patterns worldwide.
Boehringer Ingelheim International GmbH; EQUINE PRODUCTS UK LTD.; Kentucky Equine Research; Lallemand, Inc.; Plusvital Limited; Purina Animal Nutrition LLC.; Vetoquinol SA; Virbac; Zoetis Inc.; and Cargill, Incorporated are among the leading companies operating in the equine supplement products market.
The report segments global equine supplement products market as follows:
- Performance Enhancement/Recovery
- Join Disorder Prevention
By Distribution Channel
- Veterinary Hospital Pharmacies and Clinics
- Retail Pharmacies and Drug store
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- North America
- Asia Pacific (APAC)
- South Korea
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- South and Central America (SCAM)