Veterinary Supplements Market Size, Share & Analysis Report, 2022-2030
The global Veterinary Supplements market gathered revenue around USD 8.4 billion in 2021 and market is set to grow USD 13.20 billion by the end of 2030 and is estimated to expand at a modest CAGR of 7.2% during the prediction period 2022 to 2030.
Growth Factors:
A supplement is a product that reinforces nutritional balance. Veterinary supplements are products such as capsules and tablets that cover the deficiency in nutrition in animals. The global veterinary supplements market is driven by increase in disposable income and rise in adoption of pets. The number of pet owners has increased significantly across the world in the past few years. According to a study published by the Humane Society of the United States (2016), around 70% of households own, at least, one pet, and 50% of all households own more than one pet in the U.S. There are around 87 million cats and 80 million dogs in homes across the country, and the number is anticipated to rise in future.
The animal industry has a strong impact on the overall economy of a country. For instance, the equine industry involves breeding, keeping, and overall management of horses, and shows a strong impact on the overall economy. The industry creates income opportunities for several veterinary physicians, equestrians, and others.
Additionally, it creates opportunities for the sale of equine healthcare products. According to the American Horse Council, the equine industry estimated that it directly and indirectly contributed around US$ 39 Bn and US$ 63 Bn, respectively, to the U.S. economy in 2016. Moreover, the equine industry generates nearly US$ 122.1 Bn in revenue per year. Hence, strong economic impact of the equine industry is expected to drive the global veterinary supplements market. However, lack of awareness about nutritional diets for pets and availability of low quality supplements for pets are likely to restrain the global veterinary supplements market during the forecast period.
Report Scope of the Veterinary Supplements Market
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Report Coverage |
Details |
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Market Size |
US$ 13.20 Billion by 2030 |
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Growth Rate |
CAGR of 7.2% from 2021 to 2030 |
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Largest Market |
North America |
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Fastest Growing Market |
Asia Pacific |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Supplement Type, Application/Benefit Area, Animal Type, |
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Companies Mentioned |
Mars, Incorporated, Nestlé Group, J.M. Smucker, Hill's Pet Nutrition, General Mills Inc., Diamond Pet Foods, Spectrum Brands, Inc., Virbac, Amorevet, Garmon Corp, P.S. Healthcare, and NUTRI-VET. |
Veterinary Supplements Market: Overview
The global veterinary supplements market is driven by rise in awareness among pet owners about avoiding unhealthy pet food products and inclination toward products with prebiotic content. Easy availability of pet dietary supplements in various retail stores is anticipated to drive demand, which, in turn, is expected to boost market growth.
Governments of various countries are implementing various policies for overall improvement of the animal sector. For instance, the Government of Saudi Arabia implemented various policies that support agriculture and encourage private players, resulting in overall improvement of the agricultural sector.
The private sector has played a major role in the country’s animal health development. This is primarily due to the government programs that offer long-term, interest-free loans, technical & support services, and incentives, low-cost water, fuel & electricity, and duty-free imports of raw materials and machinery. Hence, governments supporting policies for veterinary supplements drive the global veterinary supplements market.
Veterinary Supplements Market: Drivers
Increase in incidence of diseases and disorders in animals drives demand for veterinary supplements. For instance, on January 1, 2010, Canada had 13 million cattle suffering from foot-and-mouth disease. The increase in diseases in animals has boosted demand for veterinary supplements.
Rise in the number of veterinarians and increase in veterinary hospitals & clinics boost the demand for veterinary supplements in Canada. According to the Canadian Veterinary Medical Association, there were around 13,000 veterinarians in Canada.
The most common poultry diseases include Newcastle disease virus (NDV), Gumoro, infectious bronchitis (IB), avian influenza (H9N2 subtype), salmonellosis, Coccidiosis, and other bacterial diseases. Hence, increase in incidence of diseases in animals propels the global veterinary supplements market.
Antioxidants to be Preferred Supplement Type
Based on supplement type, the global veterinary supplements market has been categorized into antioxidants, vitamins, proteins/amino acids, enzymes, probiotics, essential fatty acids, and others. The antioxidants segment dominated the global veterinary supplements market in 2020 and the trend is likely to continue during the forecast period. This can be attributed to increase in demand for poultry, changing consumer preferences due to fast-paced lifestyles, and surge in need of natural antioxidants in food products.
Joint Health/Mobility to be Lucrative Application
In terms of application/benefit area, the global veterinary supplements market has been segregated into immunity, skin/coat, joint health/mobility, and others. The joint health/mobility segment dominated the global veterinary supplements market in 2020. A joint supplement is designed to provide strength & support to the bones and cartilage on animal joints. These products are designed to reduce joint pain, inflammation, and swelling, while also supporting mobility and joint strength.
Retail Channels to be Promising Distribution Channel
Based on distribution channel, the global veterinary supplements market has been divided into veterinary hospitals & clinics, retail channels, online channels, and others. The retail channels segment dominated the market in 2020. The segment is expected to expand at the highest CAGR from 2021 to 2031. Companies focus on increasing product awareness among retailers and customers with the help of multi-colored and layered QR codes and point-of-sale information. These QR codes offer deep knowledge about the ingredients and suitability of the product. Hence, easy availability and detailed information about the products fuel the growth of the retail channels segment.
North America to Lead Veterinary Supplements Market
The global veterinary supplements market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020, followed by Europe. North America accounted for a major share of the global veterinary supplements market in 2020, owing to significant adoption rate of pets per household, rise in interest in pet care, and high animal healthcare expenditure.
The veterinary supplements market in Europe is anticipated to expand at a higher CAGR from 2022 to 2030, owing to rise in pet adoption by households and significant animal healthcare expenditure in Western Europe.
Some of the prominent players in the Veterinary Supplements Market include: Mars, Incorporated, Nestlé Group, J.M. Smucker, Hill's Pet Nutrition, General Mills Inc., Diamond Pet Foods, Spectrum Brands, Inc., Virbac, Amorevet, Garmon Corp, P.S. Healthcare, and NUTRI-VET. Leading companies focus on creating a social impact by offering a selection of cat and dog food items to help animals stay healthy. For instance, Vetoquinol S.A. started the "Green packaging" project in December 2020. This project was part of the company's long-term development strategy, and it aims to improve the veterinary laboratory's palettization plans.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Global Veterinary Supplements Market: Segmentation
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Veterinary Supplements Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers